Growth Influencing Factors:
The major factors driving the growth of the tracheostomy products market are the availability of clinical evidence for their safety & efficacy and increasing adoption of tracheostomy procedures among medical professionals owing to procedural benefits offered by tracheostomy products. Moreover, the rising demand for home care services is expected to play a significant role in fueling market growth.
Expected Revenue Growth:
The tracheostomy products market size is projected to reach USD 220 million by 2024 from USD 179 million in 2019, at a CAGR of 4.2% during the forecast period.
Tracheostomy tubes segment accounted for the largest share of the tracheostomy products market, by type, in 2018
The tracheostomy tubes segment held the largest share of the tracheostomy products industry in 2018. The large share of this segment can be attributed to the procedural and technical benefits offered, such as the ability to pass suctioning catheters or fiberoptic devices into the collapsed area, rapid placement, fast lung isolation, and non-requirement for bronchoscopy in placement.
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Ciaglia blue rhino tracheostomy segment to register the highest growth in the tracheostomy products market, by technique, during the forecast period
The ciaglia blue rhino tracheostomy segment is expected to grow at the highest CAGR during the forecast period. Growth in this market can primarily be attributed to procedural benefits offered, such as the low risk of damage to the membranous tracheal wall and rapid insertion (owing to the passage of a single dilator). Furthermore, the market growth is driven by favorable reimbursement scenario & medical insurance coverage and the availability of clinical evidence for their safety & efficacy.
Hospitals & surgical centers segment accounted for the largest share of the tracheostomy products market, by the end-user, in 2018
Hospitals & surgical centers were the largest application segment of the tracheostomy products industry, and this trend is expected to continue during the forecast period. A large number of private enterprises are taking steps to cater to the needs of modern, which has resulted in the large share of this segment. Other significant factors include well-equipped state-run healthcare facilities in these regions and growing healthcare consolidation to improve access to healthcare services.
North America dominates the tracheostomy products market
The market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the market in 2018. Factors such as the presence of a highly developed healthcare system, an increasing number of emergency department visits, high adoption of innovative tracheostomy devices among medical professionals, and wide availability of advanced tracheostomy devices are driving the market for tracheostomy products in North America.
Key Players:
The major players operating in the tracheostomy products market are Medtronic plc (Ireland), Smiths Group plc (UK), TRACOE Medical GmbH (Germany), Teleflex Incorporated (US), and Fisher & Paykel Healthcare Ltd. (New Zealand). Other prominent players operating in this market include ConvaTec Group (US), Cook Group (US), Troge Medical GmbH (Germany), Well Lead Medical Co., Ltd. (US), Fuji Systems Corporation (Japan), Andreas Fahl Medizintechnik-Vertrieb GmbH (Germany), Xinxiang Huaxi Sanitary Materials Co., Ltd. (China), Medis Medical (Tianjin) Co. Ltd. (China), Boston Medical (US), and Pulmodyne (US).
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The analysis of market developments between 2015 and 2019 revealed that several growth strategies such as collaborations and market expansions were adopted by players to strengthen their product portfolio and maintain a competitive position in the tracheostomy products market.
