Tracheostomy Products Market Synopsis
The global tracheostomy products market is estimated to record a CAGR of 3.50% and hold a substantial value of USD 203,080.97 by the end of 2024. The increasing respiratory disorders is projected to be the most significant factor driving the global tracheostomy products market 2020. Besides, the favorable reimbursement policy is an essential factor expanding the market. In addition, the growing healthcare infrastructure is another crucial factor leading to market expansion. Also, the technological development in tracheostomy procedures is further likely to propel the market.
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Further, increasing awareness about the product, along with the growing popularity of medical tourism are other essential factors escalating the market. However, lack of awareness about such treatment options and the associated expenses with tracheostomy products is likely to hinder the market growth. Besides, the complication in procedure which are accompanied by tracheostomy such as narrowing of trachea, damage to the food pipe and trachea, and others are likely to further hinder the market growth. In addition, the disruption of COVID-19 is likely to affect the medical device industry. The spread of disease has caused a halt in the medical device industry due to the lockdown imposed. The lockdown has resulted caused disturbance in the supply chains. The halt has severely affect the global tracheostomy products market.
Impact of Covid-19 Outbreak on Tracheostomy Products Market
Several product and service industries have come to a pause due to the COVID-19 pandemic. One such industry that has faced the wrath of COVID-19 is the medical device industry. The pandemic has caused disruptions not only in the production of medical devices but has also caused disruptions in supply chains.
COVID-19, also known as novel coronavirus, has affected millions of people and is continuing to spread across the 215 countries or territories or areas. It has not only affected humanity but also has caused economic devastation around the world. This pandemic is likely to have caused devastating effects on the global economy and is certainly more intense than that was handled during the 2008-2009 global financial crisis.
As of 30th April 2020, the total coronavirus cases topped 3.3 million as more than 86,037 more people contracted the infection in a single day. The death toll worldwide as of April 30 stands at 233,830 and the number of recoveries at 1,039,061. Nearly 80% of the positive cases are from the US and countries in Europe. The US accounts for more than 33%, while Europe is the most affected continent.
Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Tracheostomy Products Market and demographic challenges, showed how it could move forward in the coming years.
Considering this pandemic situation, the US FDA changed its regulatory process and introduced the Emergency Use Authorization (EUA) for medical devices, such as personal protective equipment (PPE), in-vitro diagnostic (IVD) tests, ventilators, and respirators, which are used for treating COVID-19 patients. The Emergency Use Authorization (EUA) can speed up the premarket approvals process and helps manufacturers to launch its medical device in the market quickly.
The changing process of premarket approvals is expected to boost the growth of the emergency used medical device market. This EUA regulatory policy helps many companies to expand the availability of respiratory products and accessories during the COVID-19 pandemic situation. Recently, in January 2020, Smiths Medical (US) launched Portex tracheostomy tubes and kits. This launch helped healthcare professionals provide the best patient care in the emergency care department. According to MRFR analysis, the demand for tracheostomy products is expected to increase in July 2020.
Tracheostomy Products Market Regional Analysis
The global market for the tracheostomy products market is projected to grow significantly during the review period. Regions such as Asia-Pacific, Europe, North Americas, and the Middle East and Africa have been evaluated thoroughly. Among all regions, North America is projected to dominate the market. The region is likely to acquire the largest market share during the assessment period. Among all nations, the US and Canada are estimated to make the most valuable contribution in expanding the market. Also, the presence of established key players is another important factor leading to regional expansion.
Europe is projected to exhibit substantial growth during the review period. The region is experiencing an increasing geriatric population leading to a rise in respiratory diseases. Also, the developing healthcare infrastructure in the region is another factor leading to market growth. On the other side, the APAC region is estimated to expand at the swiftest rate. The most significant factor responsible for regional growth is a large number of the patient population, and the increasing construction of hospitals is projected to drive the regional market further. India held a market share of 17.87% in the APAC region in 2018. The MEA region is projected to expand because of the availability of treatment facilities, and the awareness about limited access.
Tracheostomy Products Market Segmentation
The global tracheostomy market can be segmented into product type, product material, end-user, and region.
On the basis of product type, the global tracheostomy market can be segmented into tracheostomy tubes, and tracheostomy clean & care kits.
On the basis of product material, the global tracheostomy market can be segmented into polyvinyl chloride, silicone, and others.
On the basis of end-user, the global tracheostomy market can be segmented into Ambulatory Surgery centers, hospitals and clinics, and others.
On the basis of region, the global tracheostomy market can be segmented into Asia-Pacific, Europe, North Americas, and the Middle East and Africa.
Tracheostomy Products Market Key Players
The established players of the global tracheostomy products market are TRACOE Medical GmbH (Germany), Troge Medical GmbH (Germany), Medtronic Plc (Dublin, Ireland), Smiths Group PLC (United Kingdom), Cook (US), Teleflex Incorporated (US), Fisher & Paykel Healthcare Limited (New Zealand), Stening SRL (Argentina), Fuji Systems Corp (Japan), Henan Tuoren Medical Device Co., Ltd (China), and a few others.
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