Wilmington, Delaware, United States, , Jan. 31, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc.The global Tracheostomy Devices Market is projected to expand at a CAGR of 4.1% during the forecast period from 2022 to 2031, according to the market outlook by Transparency Market Research (TMR).

The rise in the number of people addicted to smoking is likely to increase the cases of lung cancer across the globe. According to the Indian Council of Medical Research, or ICMR, lung cancer is the most common cancer type responsible for deaths in India. An estimated 180,000 deaths were caused due to this disease in 2021. According to the statistics by the Brazilian National Cancer Institute, lung cancer is the second most common cancer type in males and the third most common cancer in females in the country. Around 34,000 deaths were caused in this country due to lung cancer in 2018. An increase in cases of lung cancer is expected to bolster market growth during the forecast period.

Growth Drivers

  • An increase in cases of respiratory diseases is likely to present significant opportunities for manufacturers of tracheostomy devices
  • A rise in cases of lung cancer is anticipated to accelerate market development during the forecast period

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Key Findings

  • Chronic obstructive pulmonary disease (COPD) is a health condition in which a patient experiences difficulty in breathing. Smoking and consistent exposure to pollution is the key factors causing COPD, such as emphysema and chronic bronchitis. According to the statistics by the World Health Organization (WHO), an estimated 251 million individuals are infected by COPD globally. This number is anticipated to reach 900 million by the end of 2030. A rise in the application of tracheostomy devices in the treatment of COPD is likely to present significant business opportunities for manufacturers in the next few years.
  • The prevalence of asthma, a chronic lung disease, has increased in the past few years. According to World Health Organization statistics, about 339 million individuals are suffering from asthma, and the number is expected to increase by approximately 100 million by the end of 2025. An increase in cases of asthma is anticipated to propel the demand for advanced treatment solutions, which, in turn, is projected to fuel industry growth during the forecast period.
  • Home care has been increasingly adopted across the globe for patients suffering from asthma, sleep apnea, and COPD in the past few years. This is ascribed to the advantages of home care, such as better patient outcomes, cost-effectiveness, the lesser possibility of hospital readmissions, and improved quality of life. Home care is also known for reducing stress levels and improving the quality of a patient. These factors are projected to bolster the tracheostomy devices market.

Regional Analysis

  • North America held a 35.0% share of the global industry in 2021. Market growth in the region can be ascribed to an increase in cases of respiratory disorders and a rise in the number of R&D projects focused on the development of advanced tracheostomy devices.
  • The market in Asia Pacific is projected to grow at a significant pace during the forecast period owing to a rise in population and an increase in cases of respiratory disorders

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Tracheostomy devises Market: Competition Landscape

  • Companies are adopting business strategies such as product launches, mergers, and acquisitions so as to stay ahead of the competition
  • They are focusing on R&D activities in order to develop technologically advanced products

Tracheostomy devises Market: Key Players

  • Smiths Group plc
  • Pulmodyne, Inc.
  • TRACOE Medical GmbH
  • Medtronic
  • Cook Group
  • Teleflex, Inc.
  • Boston Medical
  • ConvaTec Group
  • Fisher & Paykel Healthcare Ltd.

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Tracheostomy devises Market Segmentation

  • Type
    • Tracheostomy Tubes
    • Ventilation Accessories
    • Clean & Care Kits
    • Others
  • Tube Material
  • Technique
    • Percutaneous Dilatational Tracheostomy
    • Surgical Tracheostomy
  • End-user
    • Hospitals & Surgery Centers
    • Ambulatory Care Centers
    • Home Care Settings
    • Others

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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