Global Industry Growth Boosting Factors:
# Increasing Prevalence of Respiratory Diseases & Disorders
# Technological Advancements
# Favorable Reimbursement Scenario
# Rising Patient Demand for Home Care Services
# Clinical Evidence for the Safety and EffiCACy of Tracheostomy Devices
Overview of This Study:
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.
Key Questions Addressed by the Report:
# Emerging countries are offering immense opportunities for the growth and adoption of market. Will this scenario continue in the coming years?
# Where will all the advancements in products offered by various companies take the industry in the mid-to-long term?
# What are the various research institutes where tracheostomy products find a high adoption rate?
# What are the new trends and advancements in the market?
# How is the shift in dynamics shaping the future of the market?
Expected Growth Rate:
The tracheostomy products market size is projected to be growing at a healthy rate of 4.2% during the forecast period.
Major Objectives of This Study:
# To define, describe, and forecast the tracheostomy market based on product, technique, end user, region, and country.
# To provide detailed information on the major factors influencing market growth (such as drivers, restraints, opportunities, and industry-specific challenges).
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and their contributions to the overall tracheostomy market.
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
# To forecast the market value of various segments and sub-segments with respect to five regions—North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
# To profile the key players in the tracheostomy market and comprehensively analyze their global revenue shares and core competencies.
# To track and analyze competitive market-specific developments such as product launches, partnerships, expansions, and acquisitions.
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.
Geographical Growth Dynamics:
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.
Key Developments, Globally:
# In February 2019, Medtronic Plc entered into a partnership with Medical University of South Carolina (US) for the development of better and affordable healthcare solutions (including tracheostomy procedure for breathing assistance) for patients.
# In October 2017, Medtronic Plc established the Chengdu Innovation Center at Singapore for cross-disciplinary clinical training and R&D.
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