Global Tracheostomy Products Market is Expected to Witness Prolific Demand: Projected - PDF document

Global Tracheostomy Products Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period Global Tracheostomy Products Market - Industry Trends & Forecast Report 2027 Global Tracheostomy Products Market, By Type (Tracheostomy Tubes, Tracheostomy Ventilation Accessories, Tracheostomy Cleaning Kits, Other Accessories), By Technique (Percutaneous Dilatational Tracheostomy, Surgical Tracheostomy), By End User (Hospitals & S urgical Centers, Ambulatory Care Centers, Home Care Settings, Research Laboratories & Academic Institutes), By Region (North America, Europe, Asia - Pacific (APAC), Latin America (LATAM), Middle - East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017 - 2027 Summary A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global tracheostomy products market was worth USD 188.2 million in the year 2020. The market is estimated to grow at a CAGR of 4.5%, earning revenue of around USD 254.5 million by the end of 2027. The increasing prevalen ce of various chronic respiratory diseases like asthma, COPD, chronic bronchitis, etc. and the surging demand for the tracheostomy procedure is the major factor propelling the growth of the tracheostomy products market. However, the high cost of tracheosto my products may hamper the market growth. View report Press release Sample report Global Tracheostomy Products Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period Report Overview The global tracheostomy products market is growing substantially due to factors such as the increasing number of patients with respiratory diseases such as asthma, COPD, lung cancer, chronic bronchitis, etc., along with technical advancements in the tracheostomy procedure. The global tracheostomy products market was worth USD 188.2 million in 2020 and is further projected to reach USD 254.5 million by the year 2027, growing at the CAGR of 4.5% during the forecast period. With the rising patient pool suffering from various types of respiratory diseases, such as asthma, COPD, lung cancer, chronic bronchitis, etc., the demand for tracheostomy is also flourishing. According to the WHO, asthma alone affects 235 million people worldwide. Furthermore, the demand for home - care healthcare services is also propelling the demand for tracheostomy products. Source: BlueWeave Consulting Global Tracheostomy Products Market - Overview Tracheostomy is a surgical procedure that involves making an incision on the anterior aspect of the neck and opening a direct airway through that incision. The incision is made to insert a tube directly into the windpipe or trachea. The tube can be then connected to the oxygen supp ly or breathing machine. Whenever a person is facing a blockage in their trachea, this allows them to breathe normally. The supplies used in tracheostomy include humidifiers, tubes, obturator, and tracheal masts. Global Tracheostomy Products Market Forecast and Trends Growth Drivers Global Tracheostomy Products Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period Growing Prevalence of Chronic Respiratory and Various Infectious Diseases In view of the growth of chronic respiratory diseases in both young adults and the aging population, the demand for tracheostomy products is expected to boom in the coming years. According to the WHO, there are 334 million people worldwide suffering from asthma, of which 14% are children. Additionally, COPD is also the third most common cause of death worldwide, affecting around 65 million peop le and killing 3 million people annually. Because of this, people are getting themselves diagnosed and receiving the required treatment. As a result, the market for tracheostomy products is also gaining traction. Advancements in The Tracheostomy Procedure One of the major factors driving the global tracheostomy procedure market is the extensive research surrounding the advancements in tracheostomy procedures and tracheostomy products. In order to provide the best level of specialized care for the diverse pa tient population who need tracheostomy, researchers are tasked with improving the monitoring and prevention of risk. For instance, researchers are experimenting with substituting the open tracheostomy procedure with percutaneous dilatational tracheostomy ( PDT).Patients suffering from critical illness have seen improved results from PDT. Such advancements are anticipated to fuel the demand for tracheostomy products in the forecast period. Restraints High Cost of Tracheostomy Procedure and The Complications I nvolved withit The high cost of the tracheostomy procedure acts as a major hindrance to the growth of the global tracheostomy products market. The procedure can cost around USD 10,000 to USD 150,000 or more to the person without health insurance. This cost varies on the condition of the patient and how severe their disease is. Due to this, the demand for tracheostomy procedures is very limited especially in developing countries with no structured healthcare reimbursement policies. Impact of COVID - 19 on Glob al Tracheostomy Products Market As a result of the high number of COVID - 19 patients that have emerged following the outbreak, the healthcare facilities have been experiencing an unprecedented burden. Therefore, all elective procedures, including a tracheos tomy, were delayed in order to ensure the adequate availability of hospital resources such as ventilators, gloves, and masks. Tracheostomy is an open surgery which means the risk of spread of the SARS - CoV - 2 increases because it is an aerosol - generating pro cedure.These factors led to a decline in tracheostomy products, adversely affecting the global market. Global Tracheostomy Products Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period Global Tracheostomy Products Market - By Type Based on types, the global tracheostomy products market is segmented into tracheostomy tubes, tracheostomy ventilation accessories, tracheostomy cleaning kits, and other accessories. Among these, the tracheostomy tubes segment accounted for the largest market share. It is one of the major components in the tracheostomy procedure since it is directly inserted in to the windpipe to help the patient breathe.People who are ventilated or who suffer from conditions that block their windpipe typically need tracheostomy tubes. Global Tracheostomy Products Market - By Technique Based on techniques, the global tracheostomy products market is categorized into percutaneous dilatational tracheostomy and surgical tracheostomy. The percutaneous dilatational tracheostomy segment held the largest market share in 2020. This segment can further be classified into ciaglia blue rhino tracheostomy, Ciaglia tracheostomy, Schachner/Rapitrac tracheostomy, Griggs tracheostomy, Fantonitranslaryngeal tracheostomy, and percutwist tracheostomy. As compared to other techniques, Ciaglia Blue Rhino Tracheostomy boasts the largest market share due to the ease of use and lower risk of tracheal wall damage. Global Tracheostomy Products Market - Regional Insights Geographically, the global tracheostomy products market is segmented into North America, Europe, Asia - Pacific, Latin America, Middle - East & A frica. Among all the regions, North America dominates the global tracheostomy products market. The high concentration of several major industry players makes tracheostomy products more accessible due to which the tracheostomy productsmarket is flourishing in this region. According to American Lung Association, an estimated 37 million Americans suffer from chronic lung diseases. The increasing prevalence of respiratory diseases, along with the developed healthcare infrastructure is also driving the market gr owth of tracheostomy products in North America. Source: BlueWeave Consulting Global Tracheostomy Products Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period Competitive Landscape The leading players in the global tracheostomy products market are Medtronic PLC, Xinxiang Huaxi Sanitary Materials Co., Ltd., Pulmodyne, Stening SRL, Smiths Group PLC, Bicakcilar AS, Troge Medical GmbH, Xinxiang Tuoren Medical Devices Co., Ltd., Teleflex Incorporated, Tuoren Medical, Fisher & Paykel Healthcare Ltd, Andreas FahlMedizintechnik - Vertrieb GmbH, Cook Group, and other prominent players. The industry players focus on offering a wide range of products and have strong distribution networks. Moreover, the companies adopt growth strategies like mergers, acquisitions, partnerships, collaborations, etc., to strengthen their position. Furthermore ,to stay competitive, they invest significantly in research & development activities for product development launches and to enhance their products with advancements and innovations. Recent Developments  In July 2021, Health Enterprise East, a UK - based tech nology advisory and innovation management company, announced to have received an exclusive license for the marketing of Handytrac, a cost - effective device for the percutaneous dilational tracheostomies (PDTs).  In March 2021, AmericanMedical Technologies, a wound care company that supplies ostomy supplies, urology supplies, and tracheostomy supplies, and RestorixHealth, a wound care management company, announced a merger that for developing a leading wound care platform. Scope of the Report A ttributes Details Years Considered Historical data – 2017 - 2020 Base Year – 2020 Forecast – 2021 – 2027 Facts Covered Revenue in USD Million Global Tracheostomy Products Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia Product Service/Segmentation By Type, By Technique, By End User, By Region Key Players Medtronic PLC, Xinxiang Huaxi Sanitary Materials Co., Ltd., Pulmodyne, Stening SRL, Smiths Group PLC, Bicakcilar AS, Troge Medical GmbH, Xinxiang Tuoren Medical Devices Co., Ltd., Teleflex Incorporated, Tuoren Medical, Fisher & Paykel Healthcare Ltd, Andreas FahlMedizintechnik - Vertrieb GmbH, Boston Medical Products Inc., ConvaTec Group PLC, Fuji Systems Corporation, Well Lead Medical Co., Ltd., TRACOE medical GmbH, Medis Medical (Tianjin) Co. Ltd., Cook Group, and other prominent players. By Type  Tracheostomy Tubes Double - Lumen Tubes Cuffed Tubes Uncuffed Tubes Single - Lumen Tubes Fenestrated Tubes Adjustable - Flange Tubes  Tracheostomy Ventilation Accessories  Tracheostomy Cleaning Kits  Other Accessories Global Tracheostomy Products Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period By Technique  Percutaneous Dilatational Tracheostomy Ciaglia Blue Rhino Tracheostomy Ciaglia Tracheostomy Schachner/Rapitrac Tracheostomy Griggs Tracheostomy FantoniTranslar yngeal Tracheostomy Percutwist Tracheostomy  Surgical Tracheostomy By End - User  Hospitals & Surgical Centers  Ambulatory Care Centers  Home Care Settings  Research Laboratories & Academic Institutes By Region  North America  Europe  Asia - Pacific (APAC)  Latin America (LATAM)  Middle - East & Africa (MEA) FAQs: 1. What is the current size of the global tracheostomy products market? Answer: The global tracheostomy products market reached USD 188.2 million in 2020. 2. What are the major factors driving the growth of the global tracheostomy products market? Answer: The major factors driving the growth of the global tracheostomy products market are the growing prevalence of chronic respiratory and various infectious diseases, as well as advancements in the tracheostomy procedure. 3. Who are the key players in the global tracheostomy products market? Answer: The key players in the global tracheostomy products market are: Medtronic PLC, Xinxiang Huaxi Sanitary Materials Co., Ltd., Pulmodyne, Stening SRL, Smiths Group PLC, Bicakcilar AS, Troge Medical GmbH, Xinxiang Tuoren Medical Devices Co., Ltd., Teleflex Incorporated, Tuoren Medical, Fisher & Paykel Global Tracheostomy Products Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period Healthcare Ltd, Andreas FahlMedizintechnik - Vertrieb GmbH, Boston Medical Products Inc., ConvaTec Group PLC, Fuji Systems Co rporation, Well Lead Medical Co., Ltd., TRACOE medical GmbH, Medis Medical (Tianjin) Co. Ltd., Cook Group, and other prominent players. 4. Which end - user segment accounted for the largest share in the global tracheostomy products market? Answer: Based on e nd - user, the hospital segment accounted for the largest share in the global tracheostomy products market. 5. Which region is at the highest growth rate in the global tracheostomy products market? Answer: North America holds the largest share in the global tracheostomy products market. Global Tracheostomy Products Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and tim ely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us info@blueweaveconsulting.com Global Tracheostomy Products Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period