Tracheostomy Devices Market Size to Cross USD 291.3 Mn Revenue by 2031 Due to the Rise in Demand for Homecare Services | TMR Study

Wilmington, Delaware, United States, April 05, 2023 (GLOBE NEWSWIRE) — According to Transparency Market Research, the global tracheostomy devices market size was valued at USD 203.7 Mn in 2021 and the global market is expected to exceed USD 291.3 Mn by 2031. The market is anticipated to grow at a CAGR of 4.1% between 2022 and 2031.

Patients with breathing difficulties use tracheostomy devices, which are essential for their survival in the event of disorders such as COPD, sleep apnea, or severe neck injury. An increase in prevalence of respiratory illnesses is expected to fuel the global tracheostomy devices market.

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Lung cancer caused around 180,000 fatalities in India as of 2021. It is the most prevalent cause of cancer mortality, as reported by the Indian Council of Medical Research (ICMR). Lung cancer is the second most prevalent cancer in males and the third-most prevalent cancer type in women in Brazil, according to the Brazilian National Cancer Institute, with an estimated 34,000 fatalities in 2018. Rise in incidence of respiratory diseases and number of patients is projected to fuel market development.

Rise in trend of home healthcare is also anticipated to fuel market expansion. Manufacturers are expected to have numerous opportunities as tracheostomy tube technology improves in terms of comfort, affordability, and security. Improved tracheostomy devices that are appropriate for home usage and portable are the focus of major players.

Patients with long-term respiratory issues are now receiving more home care with tracheostomy devices. In the past, people with chronic respiratory illnesses including asthma, sleep apnea, and COPD received care in long-term care facilities or hospitals. Patients can now get therapy at home due to advancements in technology as well as a wider range of choices for home-based care.

Key Findings of Market Report

• Based on type, the tracheostomy tubes segment held a significant share in the tracheostomy devices industry in 2021. The segment is projected to be driven by an upward trend in the incidence of respiratory disorders. A crucial part of tracheostomy devices is the tracheostomy tube. It is utilized to keep the airway open in people suffering from breathing disorders such as chronic obstructive pulmonary disease (COPD), obstructive sleep apnea, and breathing-related neurological diseases.
• Based on tube material, it is anticipated that the silicone segment would hold a sizable market share from 2022 to 2031. Given the increase in demand for silicone across a range of tracheostomy speech device applications, the segment is anticipated to expand rapidly in the near future. More mobility and comfort are provided with silicone tracheostomy tubes, which is also resistant to germs.

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Global Tracheostomy Devices Market: Growth Drivers

• Rise in respiratory issues including lung cancer, asthma, COPD, and sleep apnea, is likely to drive business opportunities in the global tracheostomy devices market. COPD is a progressive lung condition that impairs breathing and comprises emphysema and chronic bronchitis. It is largely spurred by smoking, although it is also influenced by other environmental variables such as pollution and toxic exposure. The World Health Organization (WHO) estimates that 251 million people worldwide suffer with COPD, and that figure is expected to rise to nearly 900 million by 2030. This factor is estimated to drive the market during the forecast period.
• Compared to those who get treatment in hospitals or long-term care institutions, patients who obtain care at home report improved results, such as better health-related life quality and fewer hospital readmissions. Increase in emphasis on home care for patients suffering from chronic respiratory disorders is likely to drive market demand.

Global Tracheostomy Devices Market: Regional Landscape

• In 2021, North America held highest share of the global industry at 35%. The region is anticipated to be a very profitable market between 2022 and 2031. Increase in prevalence of respiratory illnesses is projected to drive dominance of the North America market. The U.S. led the market in the region. Growth of the U.S market is attributed to the presence of major manufacturers and rise in R&D efforts related to tracheostomy devices.
• The market in Asia Pacific is expected to develop at the fastest pace during the forecast period. Rise in prevalence of respiratory disorders and population growth is expected to accelerate business growth in Asia Pacific between 2022 and 2031.

Global Tracheostomy Devices Market: Key Players

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

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Global Tracheostomy Devices 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

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

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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