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Tracheostomy Products Market - Growth, Trends, and Forecasts (2023-2028)

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  • 110 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 5012641
UP TO OFF until Dec 31st 2023

Quick Summary:

Navigating the intricacies of the healthcare sector requires effective decision-making backed by robust data, insights, and market trends. Our comprehensive market research report on the rapidly expanding tracheostomy products market aims to be the very tool you need to capitalize on untapped growth opportunities in this sphere.

The forthcoming years promise an increasing demand for tracheostomy products, attributable to rise in respiratory disorders and other chronic conditions that make tracheostomy necessary. In addition, overall market growth is bolstered by factors such as technological advancements and favorable reimbursement policies. With this report, not only do you access a wealth of meticulously compiled data, but also gain the ability to align your business decisions with industry trends, technological breakthroughs, and regulatory developments paving the future of the tracheostomy products market.

Over the next few years, the market for tracheostomy products is expected to grow at a CAGR of 6.2%.

The pandemic impacted the market for tracheostomy products. Many surgical interventions, including cardiovascular surgeries, were postponed or canceled during the pandemic, which reduced the demand for tracheostomy products. For instance, according to the WHO report published in June 2021, since the COVID-19 pandemic started, prevention and treatment services for noncommunicable diseases (NCDs) have been badly interrupted. The survey was completed by 155 countries over three weeks in May. The same source also reported that 31.0% of the countries had partially or entirely disrupted services for cardiovascular emergencies. Thus, owing to the reduction of surgical interventions during the pandemic, the demand for tracheostomy products slightly decreased, thereby creating a slight negative impact on the market during the initial days of the pandemic. However, as the COVID-19 cases declined, surgical procedures associated with various diseases started to resume. For instance, in April 2021, the world's first human tracheal transplant was carried out by a group of Mount Sinai surgeons in New York. Therefore, with the positive developments in the later times of the pandemic, the market started to gain momentum and is expected to maintain an upward trend over the forecast period.

The increasing prevalence of respiratory and other chronic disorders, technological advancements, favorable reimbursement scenarios, and favorable reimbursement scenarios are the major factors driving market growth. In addition, technological advancements and favorable reimbursement scenarios are also positively impacting market growth. The major factor attributing to the growth of the market is the increase in the prevalence of respiratory diseases, such as asthma, exercise-induced bronchospasm, emphysema, allergic rhinitis, primary dysmenorrhea, pneumonia, and lung cancer. For instance, according to the Global Initiative for Chronic Obstructive Lung Disease 2021 report, the prevalence of COPD was higher in smokers as compared to nonsmokers, and most of the national data suggested that COPD was diagnosed in approximately 6.0% of the adult population across the globe. Furthermore, according to the WHO 2022 update, more than 262.0 million people suffered from asthma in 2021. The tracheostomy products provide an air passage that helps in breathing when the usual route for breathing is blocked or reduced. It is highly recommended for patients suffering from asthma and other respiratory diseases. Therefore, increasing cases of respiratory diseases are anticipated to propel the demand for tracheostomy products, thereby propelling market growth.

Furthermore, tracheostomies are most often used when treating patients with head and neck cancers, including tongue cancer, oral cancer, and thyroid cancer. For instance, according to the World Cancer Research Fund International 2022 report, there were more than 2.2 million new cases of lung cancer in 2021. Cancers of the lip, oral cavity, hypopharynx, oropharynx, and larynx are collectively known as mouth and oral cancers. The same source also reported that the most prevalent of them are cancers of the lip and oral cavity, with more than 377,700 new cases worldwide in 2021. Therefore, the high prevalence of oral and lung cancer is anticipated to augment market growth over the forecast period.

However, the high cost of tracheostomy procedures and the risk of infection during procedures are likely to impede market growth over the forecast period.

Tracheostomy Products Market Trends

Tracheostomy Tubes Segment is Expected to Witness Considerable Growth Over the Forecast Period

Tracheostomy tubes are utilized in the tracheostomy procedures, which are performed in the case of indications such as anaphylaxis, throat cancer, chronic lung disease, coma, diaphragm dysfunction, laryngectomy, obstructive sleep apnea, and vocal cord paralysis. The high growth of the tracheostomy tube segment can be attributed to the significant benefits offered, such as high accuracy, reduced air pollution, a reduced risk of aspiration, the avoidance of multiple laryngoscopies and intubations, improved ventilation, an accurate tidal volume, and end-tidal carbon dioxide monitoring.

Tracheostomy is a surgery that is sometimes used to treat obstructive sleep apnea (OSA). The high burden of OSA is likely to augment the demand for tracheostomy tubes. For instance, according to a research article published in the American Journal of Respiratory and Critical Care Medicine in December 2021, more than 11.6 million nights of data were collected and analyzed, which indicated the worldwide prevalence of OSA was 22.6%. The high prevalence of OSA is projected to fuel the segment's growth over the forecast period. Furthermore, the advancements in technology and increasing product approvals, along with partnerships and collaborations by key players, are helping in the market's growth. Smiths Medical, for example, introduced Portex, a new Polyvinyl Chloride (PVC) tracheostomy tube portfolio to its line of tracheostomy tubes, in January 2020. As a result of product launches and rising cases of obstructive sleep apnea (OSA), demand for tracheostomy tubes is expected to rise, propelling segment growth over the forecast period.

North America is Expected to Witness Significant Growth Over the Forecast Period

North America is expected to witness significant growth over the forecast period owing to factors such as the high prevalence of respiratory diseases in the region, the strong presence of industry players in the area, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in North America. For instance, according to the Asthma and Allergy Foundation of America's April 2022 report, approximately 25.0 million people in the United States have asthma. This represents about 1 in 13 people. It was also reported that around 20.0 million adults in the United States aged 18 and older have asthma. Thus, the high prevalence of these diseases whose treatment requires tracheostomy is likely to augment market growth in the North American region.

Key product launches, a high concentration of market players or manufacturers' presence, acquisitions and partnerships among major players, and increasing cases of chronic and respiratory diseases in the United States are some of the factors driving the growth of the tracheostomy products market in the country. For instance, the American Cancer Society’s 2022 estimates for oral cavity and oropharyngeal cancers in the United States stated that about 54,000 new cases of oral cavity or oropharyngeal cancer are estimated in 2022. Furthermore, beneficial government initiatives and an increase in research and development activities are some of the drivers expected to increase market growth. For instance, in May 2022, Amylyx Pharmaceuticals published the Phase 2 CENTAUR trial results, including tracheostomy, permanent assisted ventilation (PAV), and first hospitalization. The involvement of key players in clinical trials and research activities related to tracheostomy is expected to augment market growth in the region. Therefore, owing to the increasing cases of diseases and product launches, the growth of the studied market is anticipated in the country.

Tracheostomy Products Market Competitor Analysis

The tracheostomy products market is slightly consolidated in nature due to the presence of a few companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies that hold dominant market shares and are well known. Some of the companies are Medtronic PLC, Smiths Group PLC, Teleflex Incorporated, Boston Medical Products Inc., TRACOE Medical GmbH, Cook Group, Fuji Systems Corporation, Fisher & Paykel Healthcare Ltd., Troge Medical GmbH, and Pulmodyne, among others.

Additional benefits of purchasing the report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Respiratory and Other Chronic Disorders
4.2.2 Technological Advancements and Favorable Reimbursement Scenario
4.2.3 Favorable Reimbursement Scenario
4.3 Market Restraints
4.3.1 High Cost of Tracheostomy Procedures
4.3.2 Risk of Infection during Procedures
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Product Type
5.1.1 Tracheostomy Tubes
5.1.2 Tracheostomy Ventilation Accessories
5.1.3 Tracheostomy Cleaning Kits
5.1.4 Other Product Types
5.2 By Material
5.2.1 Polyvinyl Chloride and Polyurethane
5.2.2 Silicone
5.2.3 Other Materials
5.3 By End User
5.3.1 Hospitals
5.3.2 Ambulatory Care Centers
5.3.3 Other End Users
5.4 Geography
5.4.1 North America United States Canada Mexico
5.4.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.4.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.4.4 Middle East and Africa GCC South Africa Rest of Middle East and Africa
5.4.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Medtronic PLC
6.1.2 Smiths Group PLC
6.1.3 Teleflex Incorporated
6.1.4 Boston Medical Products Inc.
6.1.5 TRACOE medical GmbH
6.1.6 Cook Group
6.1.7 Fuji Systems Corporation
6.1.8 Fisher & Paykel Healthcare Ltd
6.1.9 Troge Medical GmbH
6.1.10 Pulmodyne

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Medtronic PLC
  • Smiths Group PLC
  • Teleflex Incorporated
  • Boston Medical Products Inc.
  • TRACOE medical GmbH
  • Cook Group
  • Fuji Systems Corporation
  • Fisher & Paykel Healthcare Ltd
  • Troge Medical GmbH
  • Pulmodyne