Tracheostomy Products Market Size Throw Innovation-Based Surprises From 2022-2031
The tracheostomy products market is projected to register a CAGR of 6.2% over the forecast period. The major factor attributing to the growth of the market is the increase in the prevalence of respiratory diseases, such as asthma, exercise-induced bronchospasm, allergic rhinitis, primary dysmenorrhea, and urticaria.
– According to the World Health Organization, around 235 million people have been living with asthma. Over 80% of asthma-related deaths occur in low-and middle-income countries.
– As the number of patients has been increasing, the market is growing. Furthermore, the rising patient demand for home care services and favorable reimbursement scenario is boosting the market growth.
– However, the high cost of the tracheostomy procedures restrains the market growth.
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Key Market Trends
The Tracheostomy Tubes Segment is Expected to Record the Highest CAGR During the Forecast Period
The commonly used tracheostomy tube is made up of three parts, namely inner cannula, an outer cannula with flange, and an obturator. Tracheostomy tubes are utilized in the tracheostomy procedures, which are performed in the case of indications, such as anaphylaxis, throat cancer, chronic lung disease, coma, diaphragm dysfunction, laryngectomy, obstructive sleep apnea, and vocal cord paralysis. The high growth of the tracheostomy tubes segment can be attributed to the significant benefits offered, such as high accurateness, reduced air pollution, risk of aspiration, avoids multiple laryngoscopies and intubations, improved ventilation and accurate tidal volume, and end-tidal carbon dioxide monitoring.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to the factors, such as the presence of key players, high prevalence of respiratory diseases in the region, established healthcare infrastructure. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase market growth. In this region, the United States has the maximum share due to its supportive healthcare policies, the high number of patients, and a developed healthcare market. According to the Centers for Disease Control and Prevention, 9 million adults had been diagnosed with chronic bronchitis in 2017, in the United States only. As per the statistics, the increasing patient pool and increasing disposable revenue in this country have been boosting the market growth of the region.
Competitive Landscape
The tracheostomy products market is moderately competitive and consists of several major players. Some of the companies that are currently dominating the market are Medtronic PLC, Smiths Group PLC, Teleflex Incorporated, Boston Medical Products Inc., TRACOE medical GmbH, Cook Group, Fuji Systems Corporation, Fisher & Paykel Healthcare Ltd, Troge Medical GmbH, and Pulmodyne.
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1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Respiratory Diseases and Disorders
4.2.2 Rising Patient Demand for Home Care Services and Favorable Reimbursement Scenario
4.3 Market Restraints
4.3.1 High Cost of Tracheostomy Procedures
4.4 Porter’s Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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