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(Health-NewsWire.Net, May 13, 2021 ) The tracheostomy products market size is projected to reach USD 220 million by 2024 from USD 179 million in 2019, at a CAGR of 4.2% during the forecast period.
Factors such as the increasing prevalence of respiratory diseases & disorders, technological advancements, rising patient demand for home care services, favorable reimbursement scenario, and the availability of clinical evidence for their safety & efficacy are driving the growth of the tracheostomy products industry.
However, the high cost of tracheostomy procedures and a dearth of skilled surgeons to conduct tracheostomy procedures are expected to restrain the growth of this market to a certain extent during the forecast period.
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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 industry. 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).
The analysis of market developments between 2015 and 2019 revealed that several growth strategies such as collaborations and market expansions were adopted by players to strengthen their product portfolio and maintain a competitive position in the tracheostomy products market.
Medtronic plc dominated the market in 2018. The company has a strong product portfolio for tracheostomy procedures. The company is focused on inorganic business growth strategies such as partnerships, acquisitions, and expansions to strengthen its current position in the tracheostomy products market. The company is also focusing on expanding its R&D capabilities to aid product development and commercialization across major and emerging markets. Medtronic is investing significantly in strengthening its localized product development capabilities, particularly in emerging markets. The company recently established R&D centers in Brazil and South Korea to enhance its research capabilities and presence in the Asian & Latin American markets, respectively.
Smiths Group held the second position in the global tracheostomy products market in 2018. The company has a broad range of tracheostomy products, including tubes, cleaning kits, and accessories. The company is focused on the digitization of medical devices to enable remote care and support smart hospitals in efforts toward high-efficiency automation. The company has a strong & sustained R&D initiative focused on product innovation to enhance its revenue and customer base. For instance, it commercialized more than 20 products in this market in 2018. These factors will ensure that the company will continue to hold a significant market share during the forecast period. The company has prioritized R&D investment and shown a focus on strengthening its product portfolio and acquisition to enhance its capabilities. Smiths Group is also exploring markets in emerging countries such as India and China.
TRACOE medical GmbH (US) held the third position in the global tracheostomy products market in 2018. It is specialized in the manufacturing of tracheostomy and laryngectomy products. The company focuses on innovation and technological advancement, particularly in its product line that encompasses the silcosoft, vario, modular, and technic brands. The company has also moved to expand its presence in recent years, as evidenced by its establishments in Bahrain and Germany. This is expected to increase its overall sales and production volume, which will go a long way in ensuring its continued market leadership.
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