 | trendingnewsinsights Apr 20 |
Tracheostomy Products Market Growth & Trends The global tracheostomy products marketsize is expected to reach USD 278.8 million by 2030, registering a CAGR of 4.2% over the forecast period, according to a new report by Grand View Research, Inc. The volume of surgical operations has increased with the rising incidence of chronic respiratory illnesses, such as Cardiovascular Diseases (CVDs), diabetes, respiratory diseases, cancer, or other respiratory injuries. As the number of surgeries conducted worldwide continues to rise, the demand for tracheostomy products is growing at a rapid pace. During the COVID-19 pandemic, the FDA had undertaken steps to ensure prompt access to high-quality medical devices for healthcare providers and patients to respond effectively to a public health emergency. Tracheostomy Products Market Segmentation Grand View Research has segmented the global tracheostomy products market based on type, technique, demographics, end-use, and region: Based on the Type Insights, the market is segmented into Tracheostomy Tubes, Ventilation Accessories, Clean & Care Kits, Others. - In 2021, the tracheostomy tubes segment dominated the market with a share of more than 45% as these tubes are extensively used in tracheostomy procedures for anaphylactic, chronic respiratory illness, coma, esophageal cancer, laryngectomy, sleep apnea, vocal cord paralysis, and diaphragm malfunction, among others. Tracheostomy tubes provide substantial advantages, such as accurate precision, reduced threat of emissions and aspiration, elimination of intubations and laryngoscopies, and improved ventilation.
- These tubes also offer end-tidal carbon dioxide monitoring as well as accurate tidal volume. The tracheostomy ventilation accessories segment is likely to grow at the fastest CAGR over the forecast period. Tracheostomy ventilation accessories include a respiratory mask, breathing circuit, filter and connector, expiratory valve, ECH and sensor, and test lung, among others. The rising demand for ventilation accessories is driven by the increased sales of portable mechanical ventilators. In addition, the increasing number of hospitals and academic medical institutes is contributing to the demand for ventilation systems, propelling the segment growth.
Based on the Technique Insights, the market is segmented into Percutaneous Dilatational Tracheostomy and Surgical Tracheostomy. - In 2021, the percutaneous dilatational tracheostomy segment dominated the market, in terms of revenue share, and is likely to expand further at the fastest growth rate of 4.6% over the forecast period. The percutaneous dilatational tracheostomy technique is considered more effective and safer than surgical procedures. It is less prone to developing any complications and can be performed in lesser time.
- In addition, in severely ill patients, percutaneous dilatational tracheostomy is performed more frequently. The most common reason for percutaneous tracheostomy in critically ill patients is a prolonged ventilator-dependent hospital stay. The percutaneous dilatational tracheostomy technique has almost completely replaced surgical tracheostomy in the ICU in recent years on account of cost-effectiveness. In addition, it can be performed with ease at the patient's bedside, eliminating the needless, and often risky, patient transfers to the Operating Rooms (ORs).
Based on the Demographics Insights, the market is segmented into Adult Patients and Pediatric/Neonatal Patients. - In 2021, the adult patients segment dominated the global market and accounted for the largest share of more than 83.00% of the overall revenue. The growth was attributed to the rapid population growth and increased incidence of various chronic diseases among the adult population that require prolonged hospital stays. One of the most prevalent ailments in adults admitted to the ICUs is respiratory failure with Invasive Mechanical Ventilation (IMV), with over 90% of adult patients requiring ICU treatment.
- Patients with respiratory failure who need prolonged invasive mechanical ventilation with an endotracheal tube are offered a tracheostomy to relieve some of the uneasiness and risks associated with endotracheal tube The pediatric/neonatal patients segment is also estimated to grow at a considerable CAGR from 2022 to 2030.
Based on the End-use Insights, the market is segmented into Hospitals & Surgery Centers, Ambulatory Care Centers, Home Care Settings, Others. - In 2021, the hospitals & surgery centers segment dominated the global market and accounted for the largest revenue share of more than 70%. This growth was attributed to hospitals' financial capacity to acquire expensive products and equipment. Furthermore, tracheostomy products are widely employed in operating theatres, emergency care, and critical care settings. On the other hand, the home care settings segment is anticipated to register the fastest growth rate over the forecast period.
- Home care is an important aspect of geriatric care. The underlying medical issues that are leading to the rising number of long-term tracheostomy patients requiring care in home settings are several. Patients having upper airway deformity or blockage requiring enhanced airway management, patients undergoing prolonged invasive ventilator support, and patients suffering from various disorders compromising the integrity of the upper airway management are responsible for the increasing demand for tracheostomy products and accessories in homecare settings.
Tracheostomy Products Regional Outlook - North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
Market Share Insights - November 2021: ConvaTec renewed its Advanced Wound Care Products partnership with Vizient, Inc. This new partnership includes wound formulary standardization and savings initiatives, which are projected to benefit Vizient members both clinically and financially, as well as increase ConvaTec's market potential development.
- January 2021: Cook Medical launched the blue rhino g2-multi percutaneous tracheostomy introducer kits with trays in the U.S. and Canada.
Key Companies Profile & Market Share Insights Technological advancements are boosting the demand for at-home services for critically ill patients. Key market players are focusing on enhancing their distribution capacities, particularly in emerging economies. Some of the prominent players operating in the global tracheostomy products market include, - Pulmodyne, Inc.
- Smiths Group plc
- Medtronic
- TRACOE Medical GmbH
- Teleflex, Inc.
- Cook Group
- ConvaTec Group
- Boston Medical
- Fisher & Paykel Healthcare Ltd.
- Angiplast
Order a free sample PDF of the Tracheostomy Products Market Intelligence Study, published by Grand View Research. |
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