Thoracic Drainage Devices Market: Key Findings
Transparency Market Research has published a new report on the global thoracic drainage devices market. According to the report, the global thoracic drainage devices market was valued at ~US$ 615 Mn in 2018, and is projected to expand at a CAGR of ~5% from 2019 to 2027.
Chest tube thoracostomy or chest tube placement is a minimally-invasive procedure carried out to drain air, fluid, or blood from the thoracic space to prevent the lungs from collapsing. A chest tube is also called a thoracic catheter, chest drain, or intercostal drain. This thoracic catheter is inserted into the pleural space. This procedure includes the use of different devices such as thoracic drainage systems, trocar drains, unsecured needles, secured needles, pleural drainage catheters, and thoracic drainage kits. Thoracic drainage devices are used primarily for pleural effusion, pneumothorax, traumatic pneumothorax (gunshot or stab wound), and cardiac surgery procedures.
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Patient preference for minimally-invasive surgeries, high prevalence of cardiovascular diseases, and increase in the burden of spontaneous pneumothorax are factors driving the thoracic drainage devices market. Moreover, surge in thoracic surgeries, cardiothoracic surgeries, and cardiovascular surgeries contributes to the growth of the thoracic drainage devices market.
In terms of product, the thoracic drainage systems segment held a major share of the thoracic drainage devices market in 2018. The segment is likely to continue to dominate the market during the forecast period, owing to an increase in the adoption of thoracic drainage systems in hospitals due to a rise in the demand for surgical procedures. A thoracic drainage system also offers advanced technological benefits such as portability and new generation of smaller user-friendly digital systems and additional safety features.
In terms of application, the thoracic surgery & pulmonology segment is anticipated to account for a major share of the global thoracic drainage devices market. The segment is expected to grow at a rapid pace during the forecast period. Thoracic and pulmonological disorders are quite common, and the prevalence of these disorders is increasing. Thoracic drainage devices are used in the treatment of pneumothorax, pleural effusions, and empyema disorders. Spontaneous pneumothorax is one of the major health problems across the globe. It is caused due to collection of air in the chest cavity, which gets resolved on its own; however, most often, it requires hospital admission and urgent medical care.
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Rise in product recalls owing to improper packaging and malfunction, shortage of physicians, and challenges in maintaining chest tube patency are expected to hamper the growth of the global thoracic drainage devices market during the forecast period.
Global Thoracic Drainage Devices Market: Prominent Regions
North America held a major share of the global thoracic drainage devices market in 2018. The market in the region is estimated to expand at a high CAGR during the forecast period. The thoracic drainage devices market in North America is driven by a highly structured healthcare industry and availability of well-defined reimbursement policies from private and public health insurance firms. Additionally, R&D activities being carried out to introduce new thoracic drainage devices with improved design and technology by a large number of market players in North America are driving the thoracic drainage devices market in the region.
Europe held a significant market share in 2018, after North America. Well-developed healthcare infrastructure and increase in incidence of pneumothorax, pleural effusion, and hemothorax are factors propelling the thoracic drainage devices market in the region.
Asia Pacific is a significant market for thoracic drainage devices. The region is a relatively untapped market. Hence, the region presents immense opportunities for market players. Major factors such as high prevalence of respiratory diseases, increase in number of surgeries, rise in patient population, growth of healthcare industry, and surge in awareness propel the thoracic drainage devices market in the region.
The markets in the Middle East & Africa and Latin America are projected to experience moderate growth in the near future.
Global Thoracic Drainage Devices Market: Key Players
Prominent players operating in the thoracic drainage devices market are C. R. Bard, Inc. (BD), MAQUET Holding B.V. & Co. KG (Getinge AB), Smiths Medical (Smiths Group plc), Teleflex Incorporated, Vygon SA, Medtronic, Cook Medical, Utah Medical Products, Inc., ATMOS MedizinTechnik GmbH & Co. KG, Sinapi Biomedical, Medela AG, and Rocket Medical plc.
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Key players strive to strengthen their positions in the global thoracic drainage devices market. Developing economies, due to increase in government initiatives and rise in patient population, offer lucrative opportunities for these players to increase their share in the thoracic drainage devices market. Leading manufacturers engage in new product developments, collaborations, acquisitions, and distribution agreements. For instance, in 2015, Medtronic acquired Covidien plc. This has enabled the company to merge the innovative capabilities of the two companies, offer benefits of enhanced access to patients, improve clinical outcomes, and lower costs.
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