Market Synopsis
The global tracheostomy products market is estimated to record a CAGR of 3.50% and hold a substantial value of USD 203,080.97 by the end of 2024. The increasing respiratory disorders is projected to be the most significant factor driving the global tracheostomy products market 2020. Besides, the favorable reimbursement policy is an essential factor expanding the market. In addition, the growing healthcare infrastructure is another crucial factor leading to market expansion. Also, the technological development in tracheostomy procedures is further likely to propel the market.
Further, increasing awareness about the product, along with the growing popularity of medical tourism are other essential factors escalating the market. However, lack of awareness about such treatment options and the associated expenses with tracheostomy products is likely to hinder the market growth. Besides, the complication in procedure which are accompanied by tracheostomy such as narrowing of trachea, damage to the food pipe and trachea, and others are likely to further hinder the market growth. In addition, the disruption of COVID-19 is likely to affect the medical device industry. The spread of disease has caused a halt in the medical device industry due to the lockdown imposed. The lockdown has resulted caused disturbance in the supply chains. The halt has severely affect the global tracheostomy products market.
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Market Segmentation
The global tracheostomy market can be segmented into product type, product material, end-user, and region.
On the basis of product type, the global tracheostomy market can be segmented into tracheostomy tubes, and tracheostomy clean & care kits.
On the basis of product material, the global tracheostomy market can be segmented into polyvinyl chloride, silicone, and others.
On the basis of end-user, the global tracheostomy market can be segmented into Ambulatory Surgery centers, hospitals and clinics, and others.
On the basis of region, the global tracheostomy market can be segmented into Asia-Pacific, Europe, North Americas, and the Middle East and Africa.
Regional Analysis
The global market for the tracheostomy market is projected to grow significantly during the review period. Regions such as Asia-Pacific, Europe, North Americas, and the Middle East and Africa have been evaluated thoroughly. Among all regions, North America is projected to dominate the market. The region is likely to acquire the largest market share during the assessment period. Among all nations, the US and Canada are estimated to make the most valuable contribution in expanding the market. Also, the presence of established key players is another important factor leading to regional expansion.
Europe is projected to exhibit substantial growth during the review period. The region is experiencing an increasing geriatric population leading to a rise in respiratory diseases. Also, the developing healthcare infrastructure in the region is another factor leading to market growth. On the other side, the APAC region is estimated to expand at the swiftest rate. The most significant factor responsible for regional growth is a large number of the patient population, and the increasing construction of hospitals is projected to drive the regional market further. India held a market share of 17.87% in the APAC region in 2018. The MEA region is projected to expand because of the availability of treatment facilities, and the awareness about limited access.
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Key Players
The established players of the global tracheostomy products market are TRACOE Medical GmbH (Germany), Troge Medical GmbH (Germany), Medtronic Plc (Dublin, Ireland), Smiths Group PLC (United Kingdom), Cook (US), Teleflex Incorporated (US), Fisher & Paykel Healthcare Limited (New Zealand), Stening SRL (Argentina), Fuji Systems Corp (Japan), Henan Tuoren Medical Device Co., Ltd (China), and a few others.