Market Trends of Tracheostomy Products Industry
This section covers the major market trends shaping the Tracheostomy Products Market according to our research experts:
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.
