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(Health-NewsWire.Net, May 13, 2021 ) The airway management devices market is projected to reach USD 2.5 billion by 2026 from USD 1.9 billion in 2021, at a CAGR of 5.8% during the forecast period.
Factors Driving the market:
Increasing admissions across emergency & intensive care units, increasing prevalence of chronic respiratory diseases such as asthma and COPD, rise in geriatric population, growing investments in healthcare infrastructure, favorable reimbursement coverage across developed countries, and the high incidence of pre-term births are driving the significant revenue growth in the market. The adoption of single-use airway management devices have increased considerably, which is offering significant growth opportunities to the vendors. Moreover, rising demand for airway management devices across emerging countries, due to rise in surgical procedures is also presenting a significant growth opportunities for the vendors in the market.
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The laryngoscopes segment is expected to grow at the highest CAGR during the forecast period
Based on the type of airway management devices, the laryngoscopes segment accounted to be the fastest growing segment in the global airway management devices market in 2020. The growth of this segment can be attributed to the growing advancements in the laryngoscopes, specifically video laryngoscopes and increasing demand to effectively visualize airways during intubation procedures. Advances in video laryngoscopes—including complementary metal-oxide semiconductors (CMOS), video chips, and the use of LED light sources—have made intubation easier for both experienced and inexperienced anesthesiologists.
The anesthesia segment is expected to account for the largest share of the airway management devices market by application
Based on applications, the anesthesia segment commanded the largest share in 2019. Airway management devices are widely used in anesthesia for maintaining unobstructed breathing during and after the surgical procedure. Increase in surgical procedures and increasing need for maintaining a safe breathing passage to lower the risk of anesthesia-related complications during surgery is driving the demand for airway management devices in the anesthesia segment.
The paediatric patient segment is expected to grow at the highest rate during the forecast period
The airway management devices market is segmented into adult patients and paediatric/neonatal patients based on patient age. The paediatric/neonatal patients segment is expected to show rapid growth in the patient age segment during the forecast period. Airway management is primarily required during pre-term birth events where the newborn is affected by low lung compliance and breathing difficulty. The increasing cases of pre-term births globally are accelerating the demand for airway management across pediatric/neonatal patients. Breathing difficulties often result in the death of newborns, and a majority of such deaths occur in developing countries that lack the necessary devices to assist breathing. The increasing healthcare expenditure and the improving healthcare infrastructure in these countries are contributing to the rapidly increasing demand for infant/neonatal airway management devices.
Hospitals in end-user segment is expected to account for the largest share of the airway management devices market
The airway management devices market, by end-user, is segmented into hospitals, ambulatory care settings, home care settings and others. Hospitals have been further segment into operating rooms, emergency care departments, and intensive care units. The hospital segment accounted for the largest market share in 2020. The large share of this segment can be attributed to the rising number of hospitals and infrastructural & economic development, especially in emerging countries. Additionally, the rising surgical procedures performed across operating rooms—where airway management devices are used for ventilation, oxygenation, and the administration of anesthesia—also supports high growth in the hospitals segment.
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Asia Pacific is expected to account for the highest CAGR for players operating in the airway management devices market
The Asia Pacific airway management devices market is expected to grow at the highest CAGR from 2021 to 2026. This can be attributed to the presence of high-growth markets such as India, China, and Japan; rapid growth in the geriatric population; increasing demand for critical care units; the implementation of favorable government initiatives; growing per capita income; increasing investments in the healthcare industry; the rising demand for cutting-edge technologies; and the expansion of private-sector hospitals to rural areas. In addition, the Asia Pacific is becoming a medical tourism hub and is considered one of the fastest-growing markets for medical procedures and devices. Low infrastructure and treatment costs and the availability of highly educated physicians have driven medical tourists to APAC countries, particularly to India, Malaysia, and China.
The prominent players in this market are Medtronic plc (Ireland), Smiths Medical (UK), Teleflex Inc. (US), and Ambu A/S (Denmark), ConvaTec Group plc (UK), KARL STORZ (Germany), Flexicare (US), Intersurgical Ltd. (UK), SunMed LLC (US), Vyaire Medical (US), and VBM Medizintechnik (Germany).
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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