According to the new market research report, "Tracheostomy Products Market by Product (Tracheostomy Tube (Double Lumen, Cuffed, Fenestrated), Accessories), Technique (Ciaglia Blue Rhino, Translaryngeal, Percutwist, Shachner/Rapitrac, Translaryngeal/Fantoni), End-User, Region - Global Forecast to 2024", MarketsandMarkets: 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%.

Global Industry Growth Boosting Factors:

The major factors driving the growth of the tracheostomy products market are the availability of clinical evidence for their safety & efficacy and increasing adoption of tracheostomy procedures among medical professionals owing to procedural benefits offered by tracheostomy products. Moreover, the rising demand for home care services is expected to play a significant role in fueling market growth.

Overview:

The study involved four major activities in estimating the current size of the tracheostomy products market. Exhaustive secondary research was carried out to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.

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The tracheostomy tubes segment is expected to register the highest CAGR during the forecast period

Tracheostomy tubes are utilized in the tracheostomy procedures that are performed in the case of conditions 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 tubes segment can be attributed to the significant benefits offered such as high accuracy, reduced air pollution & risk of aspiration, avoids multiple laryngoscopies & intubations, improved ventilation & accurate tidal volume, and end-tidal carbon dioxide monitoring.

By technique, the ciaglia blue rhino tracheostomy segment accounted for the largest share of the tracheostomy products market in 2018

Ciaglia blue rhino tracheostomy works in one-step dilation instead of the typically used sequential dilators. The large share of this segment is attributed to the ease of operation (owing to its slippery coating), low risk of damaging the membranous tracheal wall, rapid insertion (owing to the passage of a single dilator), limited hazard of bleeding at the lower level, low risk of cardiac dysrhythmias, and lack of damage of the curved dilator tip & kinking of the guiding catheter.

Hospitals & surgical centers will continue to dominate the tracheostomy products market during the forecast period

Hospitals & surgical centers formed the largest end-users of tracheostomy devices in 2018. This segment is also expected to grow at the highest rate during the forecast period. The growth of this market segment is attributed to the financial capabilities of hospitals to purchase expensive equipment and the availability of trained professionals to operate tracheostomy devices. The increase in this market is attributed to a large number of private enterprises are taking steps to cater to the needs of modern, well-equipped state-run healthcare facilities, and rapid developments in healthcare infrastructure & improving access to healthcare services.

North America is the largest regional market for tracheostomy products

North America is one of the major revenue-generating regions in the market. The presence of a highly developed healthcare system, increasing number of emergency department visits, high adoption of innovative tracheostomy devices among medical professionals, wide availability of advanced tracheostomy devices, the large number of tracheostomy devices manufacturing companies that have an established base, and the rising prevalence of chronic respiratory diseases are driving the growth of the tracheostomy products industry in North America.

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Key Market Players

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), among others.