Market Highlights
The Global Tracheostomy Products Market is estimated to be valued at USD 203,080.97 Thousand by 2024 and is projected to register a CAGR of 3.50% during the forecast period.
Tracheostomy is a surgical procedure to treat breathing-related diseases where a stoma (hole) is created via the neck into the trachea (windpipe). Generally, tracheostomy is performed when the route of breathing is blocked or impaired, to provide an air passage to help to breathe. Tracheostomy is needed when the long-term use of ventilators is required for artificial breathing, but in some instances, emergency tracheotomy is also performed. There are generally two types of tracheostomies, namely, surgical tracheostomy and minimally invasive tracheostomy. In both types, the stoma can be surgically closed once the tracheostomy is no longer needed.
The high prevalence of respiratory disorders and favorable reimbursement policy are anticipated to drive the market growth. However, a product recall is projected to hamper the market growth.
Segment Analysis
The global tracheostomy products market has been segmented on the basis of product type, material and end user, and region. On the basis of product type, the market has been divided into tracheostomy tubes, tracheostomy clean care kits, cannula, and other accessories. Furthermore, tracheostomy tubes segment has been sub-segmented into adult tracheostomy tube and pediatric tracheostomy tube. On the basis of material, the tracheostomy products market has been divided into polyvinyl chloride, silicone, and others. On the basis of end user, the tracheostomy products market has been divided into hospitals and clinics, ambulatory surgery centers, and others.
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Market Players
Market Research Future (MRFR) recognizes Medtronic Plc (Dublin, Ireland), Troge Medical GmbH (Germany), Smiths Group PLC (United Kingdom), Teleflex Incorporated (US), Cook (US), Fisher Paykel Healthcare Limited (New Zealand), Fuji Systems Corp (Japan), Stening SRL (Argentina), Henan Tuoren Medical Device Co., Ltd (China), and TRACOE medical GmbH (Germany) as the key players in the global tracheostomy products market.
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Regional Analysis
The global tracheostomy products market, based on region, is divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
The Americas is expected to hold the largest share of the global tracheostomy products market. This is owing to the presence of key market players, favorable reimbursement policy, and the high prevalence of respiratory disorders in the US and Canada.
Europe market demonstrated substantial growth in the market due to well-developed healthcare infrastructure and growing geriatric population coupled with rising cases of respiratory disorder. In the UK, around 585,000 diagnosed with respiratory disease annually. Similarly, in the UK, about 700,000 were hospitalized due to respiratory disease annually.
Asia-Pacific is estimated to be the fastest growing region in the global tracheostomy products market due to the presence of a huge patient population and an increasing number of hospitals. According to a report published by the Indian Central Bureau of Health Intelligence, in March 2017, there were around 23,582 government hospitals in the county, of which 19,810 were located in rural areas and 3,772 in urban areas.
Also, the tracheostomy products market in the Middle East and Africa region is likely to exhibit the lowest growth due to factors such as limited access to and availability of treatment facilities.
Key Findings of the Study
- The Global Tracheostomy Products Market was valued at USD 165,206.50 thousand in 2018, is estimated to grow at USD 203,080.97 Thousand by 2024 at a CAGR of 3.50% during the assessment period
- The Americas accounted for the largest share of the global market due to the presence of key market players and an increasing patient population in the US and Canada
- Based on product type, the tracheostomy tubes segment accounted for the largest market share of 69% in 2018
- Based on material, the silicone segment held a major market value of USD 80,883.13 thousand in 2018
- On the basis of end user, the hospitals and clinics segment dominated the market and projected to register the highest CAGR of 3.64% during the forecast period
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