Tracheostomy Products MarketFavourable Reimbursement Policy Along With the Increasing Government Funding Regarding the Awareness Among the Population Is Set To Further Enhance the Overall Market Development of the Tracheostomy Products Market
Tracheostomy Products Market size is forecast to reach $287.3 million by 2026, growing at a CAGR of 4.6% during the forecast period 2021-2026. Tracheostomy is used to treat breathing related diseases via the neck into the trachea and is carried out to provide oxygen to the lungs when a person is unable to breather owing to an accident or injury. Tracheostomy products including ciaglia blue rhino are used for tracheostomy procedures. A tracheostomy tube consists of outer cannula, inner cannula, and an obturator. It is considered as one of the most frequently carried out procedures in ICUs. Rising healthcare infrastructure and increasing prevalence of respiratory disorders are the major factors driving the growth of the market. Favourable reimbursement policy along with the increasing government funding regarding the awareness among the population is set to further enhance the overall market development of the Tracheostomy Products Market for the period 2021-2026.
Tracheostomy Products Market Segment Analysis – By Product Type
Tracheostomy Tube held the largest share in the Tracheostomy Products Market in 2020 and is estimated to grow at a CAGR 4.1% during the forecast period 2021-2026. Tracheostomy tube is inserted into a tracheostomy stoma in the neck and trachea. It consists of outer cannula, inner cannula, and an obturator that holds the tracheostomy open. It has holes to attach cloth ties around the neck and inner cannula fits inside the outer cannula as it has a lock to keep it from being coughed out. It guides the tracheostomy tube when it's being inserted by providing it a smooth surface. The demand for tracheostomy tube is rising owing to the high prevalence of respiratory disorders. Cannula are estimated to register the highest CAGR over the period 2021-2026.
Tracheostomy Products Market Segment Analysis – By End User
Hospitals held the largest share in the Tracheostomy Products Market in 2020 and is estimated to grow at a CAGR of 4.8% during the forecast period 2021-2026. Tracheostomy involves opening into the trachea in the front of the neck and doctor inserts a tube into the opening to create a temporary or permanent surgical airway. Doctors need to connect the tracheostomy tube to a ventilator or breathing machine, in case patients are unable to breathe on their own through the tube. Tracheostomy products are necessary for people who have damage in the windpipe owing to blockages or radiation, massive heart attack, severe stroke, and pneumonia among others. Hospitals are estimated to register the highest CAGR over the period 2021-2026.
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Tracheostomy Products Market Segment Analysis – By Geography
North America dominated the Tracheostomy Market with a major share of 34.9% in 2020. This is attributed to the increasing prevalence of respiratory diseases and established healthcare infrastructure. Increasing government initiatives and increase in the research partnerships along with the presence of key players is increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the rising favorable scenario associated with medical reimbursement and surging demand for home care services.
Tracheostomy Products Market Drivers
High Prevalence of Respiratory Disorders
High prevalence of respiratory disorders is increasing the growth of the Tracheostomy Products Market. This is attributed to the fact that tracheostomy offers sustainable respiratory aid amongst the patients. It gains adoption among the patients who are poised to undergo extended mechanical ventilation. According to WHO, around 3.17 million people die owing to chronic obstructive pulmonary diseases and amounts to around 5% of the total global deaths. The higher the rate of pollution and use of tobacco, there will be the risk of respiration diseases occurrences. Tracheostomy procedure is mainly performed among pediatric patients who are prolonged of ventilations. Thus, increasing the growth of the market during the forecast period 2021-2026.
Favorable Reimbursement Policies
Favorable reimbursement policies is increasing the growth of the Tracheostomy Market. This is attributed to the new developments in surgical reimbursement rates, and broad range of services that take place during and after the tracheostomy procedures. The periodic protocol alterations tangibly affect tracheostomy products. The favorable reimbursement policies facilitate the seamless adoption of tracheostomy among patients. Thus, increasing the growth of the market during the forecast period 2021-2026.
Tracheostomy Products Market Challenges
Lack of Awareness Among People Regarding the Availability of Such Novel Treatment Devices and High Cost of Tracheostomy Surgical Interventions
Some of the factors that are set to impede the growth of the Tracheostomy Products Market are lack of awareness among people regarding the availability of such novel treatment devices and high cost of tracheostomy surgical interventions. However, lack of knowledge of such modern treatment technologies and several health complications are set to hinder the growth of the Tracheostomy Products Market during the forecast period.
Tracheostomy Products Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Tracheostomy Products Market. In 2020, the Tracheostomy Products Market share is consolidated by the top ten players present in the market. Tracheostomy Products Market, top 10 companies are Smiths Group Plc., Teleflex Incorporated, Cook Medical Inc., Xinxiang Tuoren Medical Devices Co., Fisher & Paykel, and Fuji Systems Corporation among others
Key Takeaways
North America dominated the Tracheostomy Products Market in 2020 owing to rising cases of respiratory diseases and rising healthcare infrastructure. The Tracheostomy Products Market scope for different regions will be provided in the final report.
Increasing incidences of laryngeal cancer and rise in demand for homecare services are likely to aid the market growth of the Tracheostomy Products Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Tracheostomy Products Market report.
Lack of awareness among people regarding the availability of such novel treatment devices and high cost of tracheostomy surgical interventions is poised to create hurdles for the Tracheostomy Products Market.
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