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Global Tracheostomy Products Market to Spur Demand from Emerging Economies
Tracheostomy is a surgical procedure of creating an incision on the neck for direct access to the trachea so that a tub can be inserted into the windpipe to aid breathing. The tube is sometimes inserted to remove any built-up fluid in the throat and windpipe and connected to a ventilator. Tracheostomy is one of the most commonly performed procedures in ICUs. It is performed on patients with neck injuries, chronic lung diseases, neck cancer, vocal cord paralysis, etc. Tracheostomy is also used in the treatment of severe obstructive sleep apnea, patients suffering from long-term coma or unconscious patients. Tracheostomy products are used to allow the administration of positive pressure ventilation and to provide a palpable airway to patients suffering from airway obstruction.
Considering all these factors, the global Tracheostomy Products Market Share is expected to expand at a CAGR of 2.3% and reach USD 3 Billion by the end of the forecast period 2017-2023, reveals a study by Market Research Future (MRFR).
Rising incidences of throat cancer, laryngeal and hypopharyngeal cancer, severe facial trauma, tumors of the head and neck is driving the market for tracheostomy products. Sedentary lifestyle, increased consumption of tobacco and alcohol, a diet rich in sugar and fat contribute to the incidences of cancer and other chronic disease which spur the market for tracheostomy products. The market for tracheostomy products is further propelled by the rise in number of bed-ridden geriatric population, patients in ventilator care and ICU patients. Additionally, technological advancement in tracheostomy procedures, the overall growth of the healthcare sector, R&D activities, rise in demand for home care services rising adoption of tracheostomy procedures in the healthcare sector is expected to boost the market. Growing product awareness, the rise in popularity of medical tourism are other factors. Development of advanced polymer tracheostomy tubes, which require less care and have fewer chances of infections have also aided in market expansion.
However, the market growth may be restrained by procedural complications which are accompanied by tracheostomy such as bleeding, damage to the food pipe and trachea, narrowing of the trachea, formation of abnormal tissue in the trachea, displacement of the tracheostomy tube, etc. Lack of awareness regarding such treatment options and high costs associated with tracheostomy too are likely to restrict the market growth.
The global market for tracheostomy products is highly competitive and organized. The entry of new players has been accompanied by product innovation and addition and volume-driven growth. The market participants are aiming at consolidating their market position by implementing various strategies such as product launches, innovations, mergers, etc. The eminent players of the global tracheostomy products market include Medtronic, Teleflex, Fisher & Paykel Healthcare, Tuoren Medical, Biçakcilar, Smiths Medical, Cook Medical, TROGE Medical, TRACOE Medical, Fuji Systems and others.
The global tracheostomy products market is segmented based on product type, material, and end-users. By product type, the market has been segmented into tracheostomy tubes, cannula, tracheostomy ventilation accessories, tracheostomy clean and care kits and others. By material, the market has been segmented into polymer, silicone and others. By end-users, the market has been segmented into hospitals and home.
The key markets of the global tracheostomy products market include North America, Europe, Asia-Pacific and the Middle East & Africa. North America is the largest market for tracheostomy products market; US is the major contributor in the region owing to robust healthcare sector, increased expenditure on medical facilities and favorable medical reimbursement policies. Europe is the second largest market for tracheostomy products; large disposable income, advanced healthcare sector are responsible for this growth and the Europe market is expected to grow moderately over the forecast period. Europe is followed by Asia-Pacific which is slated to emerge as the fastest growing region due to unmet medical needs of the developing countries such as India and China. The Middle East & Africa market is led by the Gulf economies of Saudi Arabia and UAE; however, owing to weak economic conditions, the Africa market is foreseen to exhibit sluggish growth.
Ella Ava is a financial expert and a renowned blogger. She has more than 5 years of experience in writing as well as in working for various loan companies. Currently, she is working at Finance.