Tracheostomy Products Market: Prolonged Instances of Mechanical Ventilation in Critically Ill Patients Encourages Tracheostomy
Essentially, tracheostomy is a surgical procedure which enables a surgical airway into the cervical trachea to aid respiration amongst patients citing various respiratory concerns. It is a commonplace event amongst patients who have been on ventilators as well as amongst those who have suffered a massive trauma, affecting their normal airway functions. Therefore, in tracheostomy, an incision is made into the neck to connect to the trachea. Eventually, a tube is inserted through this incision to establish an airway passage and also to expel various lung secretions. The tube is known as tracheostomy tube.
It’s being expected that by 2030, the Tracheostomy Products market cap will hit USD 203,080.97 thousand at a CAGR growth of about 5.4%.
There are some prominent concerns that encourage adoption of tracheostomy. Such as a blocked airway that resists airflow into the lungs. It is also helpful in removing various secretions from the airways. One of the most dominating factors triggering tracheostomy is in mechanical ventilation. When patients are subjected to continuous ventilation support owing to diverse diseases, tracheostomy is highly recommended to aid patients in recovering their natural breathing capacity without ventilation support, thereby allowing rapid and swift oxygen delivery into the lungs. These prevailing conditions offer rife growth opportunities for tracheostomy products market.
High Prevalence of Respiratory Conditions such as COPD and Asthma to Propel Tracheostomy Products Adoption
Tracheostomy is a highly reliable medical procedure to offer sustainable respiratory aid amongst patients on mechanical ventilation. Instances of respiratory glitches amongst patients complaining of insufficient breathing capabilities. Tracheostomy gains greater adoption amongst patients who are poised to undergo extended mechanical ventilation. Backed by numerous benefits such as patient comfort and ease, hassle-free removal of secretions and speedy healing time, especially amongst patients in intensive care unit remain key factors driving adoption and concomitant growth in tracheostomy products market.
High prevalence of respiratory ailments such as COPD (Chronic Obstructive Pulmonary Disease) and Asthma amongst others regularly lead to frequent adoption of tracheostomy, thereby propelling high growth potential in global tracheostomy products market. Going by WHO fact sheets, a whopping 3.17 million deaths approximately are attributed to COPD which amounted to around 5% of total global deaths in 2015. Mid and low income economies continue to remain worst affected by respiratory diseases. Therefore, according to WHO, higher the rate of pollution and tobacco use, greater will be the risk of respiratory diseases in forthcoming years, thereby pushing growth in respiratory devices such as tracheostomy products market.
Pediatric tracheostomy is an emerging field and children undergoing long term ventilation are later subjected to pediatric tracheostomy. The procedure is mainly performed amongst pediatric cased below the age of one year as opposed to prolonged ventilation. Owing to such factors, tracheostomy products are likely to undergo massive transformation to suit need specifications, allowing the tracheostomy products market to witness magnificent growth.
R&D Expeditions Suggest Efficiency of Go-Bags in Aversion of TRAE amongst Pediatric Tracheostomy Cases
Novel R&D expeditions are underway to facilitate improved tracheostomy aids for convenient management and care. To site an instance, travelling can become highly challenging for pediatric tracheostomy cases, especially with elaborate equipment and devices. Therefore, several market participants are investing substantially towards development of novel packaging aids such as go bags for convenient mobility amongst pediatric tracheostomy cases. Several studies are suggesting standardization of tracheostomy go-bags to ensure optimal patient care during both in and out of hospital events. With these tracheostomy go-bags, care givers and nurses can provide superlative care, curbing risks of tracheostomy-related adverse event (TRAE).
Favorable Reimbursement Protocols and Regular Up-gradation to Boost Seamless Adoption of Tracheostomy Products
Centers for Medicare & Medicaid Services (CMS) an offshoot of the US Health and Human Services has recently released a set of protocols to avert instances of denials during tracheostomy product billing. These periodic protocol alterations are estimated to tangibly affect tracheostomy product market growth trajectory in more than one ways.
Additionally according to new developments in global surgical reimbursement rates, broad range of services during and after procedures are necessary for adequate applications of tracheostomy products as well as subsequent discharge planning.
Post-Surgical Complications and Scope for Infections to Promote Tracheostomy Alternatives, Deterring Market Growth
Despite high efficiency and sustained adoption of tracheostomy products to ease respiratory concerns, tracheostomy continues to be under the scanner owing to its prevalent downsides such as high risks of internal injury and infections. Some of the most common complications and side effects of tracheostomy products include, damage of the larynx, scarring of the lungs and neck as well as high risks of infections. Additionally, tracheostomy products are most often highly priced. Therefore, their regular adoption is largely affected owing to high pricing brackets.
Additionally, insufficient technical knowledge and lack of skilled labor further result in complications. Therefore, of-late, several advanced devices have emerged as potential substitutes to tracheostomy products. These aforementioned developments are likely to limit steady growth spurt in global tracheostomy products market in the coming years.
Favorable reimbursement policies even for unlisted enteral supplies without adequate documentation and codes for speedy therapeutics also includes surgical devices such as tracheostomy care and products without documentation. These convenient reimbursement attributes are likely to facilitate seamless adoption of tracheostomy amongst patients, allowing the tracheostomy products market to remain flourishing in the coming years.
Home Respiratory Therapy for Accurate Disease Management Expedites Tachometry Products Needs
In present times, improved care delivery amongst respiratory diseases patients are adequately channelized through Home Respiratory Therapy (HRT). Besides hospital and ambulatory applications, tracheostomy products are witnessing novel applications in home care services across age groups. Besides growing burden of respiratory diseases amongst aging populace, pediatric and juvenile respiratory cases are gaining exponential spike in the recent years. This further harnesses greater scope for home respiratory therapies, thereby manifesting better returns in global tracheostomy products market.
Diseases such as COPD require routine disease management system to improve quality of life amongst patients. Therefore, home based respiratory diseases management is growing exponentially, further creating favorable growth opportunities for tachometry products market.
Companies Invest In Eco-friendly Tracheostomy Product Development to Encourage Sustainable Healing and Improved Patient Outcome
In the light of rapid adoption of tracheostomy device products, market participants are entering into novel business partnerships to enhance disease management and patient care. In this light, Ireland based Medtronic, best known for its range of medical devices has partnered with MUSC (Medical University of South Carolina) for improved tracheostomy product development as well as holistic patient care encompassing diverse health conditions. The deal has been struck for a five year term and is envisioned to improve patient outcome and cost reduction in respiratory disease management, respiratory assistance and tracheostomy product management.
Further, to optimize tracheostomy products portfolio with sustainable product development, Intersurgical EcoLite has recently introduced its refurbished range of masks to suit diverse health conditions such as tracheostomy, aerosol and oxygen masks. These masks are touted to offer sustainable health benefits as these do not contain PVC, thereby having no ecological impact. The products under the brand, EcoLite is expected to enhance patient comfort with its improved product portfolio as well as light weight built. These recent developments are anticipated to leverage million dollar growth opportunities in global tracheostomy product market in the coming decades.
Further in developing novel tracheostomy product line, medical device veteran, Biovo Technologies has announced the launch of its range of tracheostomy tubes, laryngeal masks, as well as tracheal tubes to enhance patient recovery and disease management. The new product line mainly focuses on sealing cuff design technology as well as incorporating novel building components with improved capabilities to suit diverse patient needs. These aforementioned developments are anticipated to bolster exponential adoption and concomitant growth in global tracheostomy products market.
Some of the key players operating in the competitive edge of global Tracheostomy Products Market include : Medtronic plc (Ireland), Smiths Group plc (UK), TRACOE Medical GmbH (Germany), Teleflex Incorporated (US), and Fisher & Paykel Healthcare Ltd. (New Zealand) were the top five players in the global tracheostomy products market. Other prominent players operating in this market include ConvaTec Group (US), Cook Group (US), Troge Medical GmbH (Germany), Well Lead Medical Co., Ltd. (US), Fuji Systems Corporation (Japan), Andreas Fahl Medizintechnik-Vertrieb GmbH (Germany), Xinxiang Huaxi Sanitary Materials Co., Ltd. (China), Medis Medical (Tianjin) Co. Ltd. (China), Boston Medical (US), and Pulmodyne (US)
Major Market Movements
• Growing burden of critically ill patients across age groups are likely to bolster adoption
• Need to restrict reliance on mechanical ventilation encourages tracheostomy
• Market participants divert substantial investments towards portfolio diversification to attain breakthroughs in terms of material, functional improvements as well as environmental sustenance
• Studies underway to encourage convenient and hassle free management amongst pediatric tracheostomy patients with novel Go-Bags
• Respiratory disease severity across the globe to remain a chief growth propellant for tracheostomy products
Key Study Deliverables
• Market valuation in terms of value and volume of the global tracheostomy products market through the forecast span, 2019-25
• Comprehensive market evaluation across major regions based on market segmentation
• A thorough rundown on market dynamics such as drivers, threats, challenges, opportunities
• A clear analytical review of competition spectrum, highlighting industry forerunners, company as well as product portfolios
• Major highlights on winning marketing strategies adopted by leading players
Segment Overview of Global Tracheostomy Products Market
Single Lumen Tubes
Double Lumen Tubes
Adjustable Flange Tubes
Tracheostomy Ventilation Accessories
Tracheostomy Clean & Care Kits
Percutaneous Dilatational Tracheostomy
Ciaglia Blue Rhino Tracheostomy
Hospitals and Surgery Centers
Ambulatory Care Centers
Home Care Settings
Research Laboratories and Academic Institutes
Rest of Latin America
Middle East & Africa