The global tracheostomy tube accessories market is expected to reach at a value of US$ 400.5 Mn by 2028 end at a CAGR of 6.1%
Reports and Insights has published a new report titled, “Tracheostomy Tube Accessories Market: Opportunity Analysis and Future Assessment 2020-2028”
Global Tracheostomy Tube Accessories Market, By Product (Tracheostomy Spacer, Evac Tracheostomy Tube, Tracheostomy Neck Tape, Tracheostomy Tube Holders), By Indication (Asthma, Other Respiratory Conditions), By Age (Neonate, Pediatric, Adult), By End User (Hospital (OR, ER, ICU), Ambulatory Surgical Centers, Homecare Settings) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global tracheostomy tube accessories market is expected to reach at a value of US$ 400.5 Mn by 2028 end at a CAGR of 6.1%.
A tracheostomy basically refers to an aperture created by an incision through the neck into the trachea or windpipe. A tracheostomy unlocks the air passages and helps in breathing. A tracheostomy could be performed in an emergency, in an operating room or at the patient’s bedside. Depending on the condition of the patient, anesthesia may be used prior to the procedure, and also the tracheostomy could be temporary or life-long based on the patient's state.
The primary reason which is majorly responsible for the tracheostomy tube market growth is the increased prevalence of chronic respiratory disease among the population. Few of the significant chronic respiratory illnesses account for asthma, allergic rhinitis, exercise-induced bronchospasm, urticaria, and primary dysmenorrhea. As per the statistics by the Centers for Disease Control and Prevention (CDC), 1 in 13 people suffer from asthma, and notably, women are considered more prone to this condition in comparison to men. Such growing count of chronic medical conditions is essentially projected to elevate the tracheostomy tube accessories market in the forthcoming years.
One the prime factor favoring the growth of the tracheostomy tube accessories market accounts for the growing frequency of respiratory disorders across the globe. Some of the major respiratory diseases account for asthma, exercise-induced bronchospasm, allergic rhinitis, primary dysmenorrhea, and urticaria. According to the Centers for Disease Control and Prevention (CDC), 1 in 13 people has asthma, and women are more prone to this condition compared to men. Thus, the growing count of patients is directly proportional to the growth of the market.
Furthermore, the rising occurrence of chronic obstructive pulmonary disease (COPD) also aids in propelling business growth. According to the Global Initiative for Chronic Obstructive Lung Disease (GOLD), 65 million people are reported to be suffering from chronic obstructive pulmonary disease, among which 3 million patients die from it each year. This further resulted in making it the third leading cause of death worldwide and boosting the applications of tracheostomy tubes.
Moreover, factors like rising investments by governments and authorities for enhancing healthcare infrastructure as well as favorable reimbursement policies across the world is also estimated to contribute positively to the accelerated market growth of tracheostomy tube & accessories in the following years. Although, high costs of tracheostomy procedures are likely to restrain the market growth in the near future. Furthermore, lack of skilled professionals, risk of adverse effects during surgery or inadequate reimbursement policies in the emerging regions are also estimated to slow down the global tracheostomy tube accessories market in the coming years.
The fueling demand for home-based tracheostomy care services is further expected to propel the market growth. As patients discharged from the hospitals with tracheostomy tubes require special care and attention, owing to which numerous healthcare service providers are such service. The homely nursing tracheostomy care services include the monitoring of post-surgical tracheostomy, tracheostomy assessment, cleaning, and its maintenance checks, tracheostomy suctioning, along with counseling sessions that educate and update the knowledge of patient and family about tracheostomy.
For instance, CareIndeed, Inc. is one such healthcare service provider that offers home-based care of tracheostomy. Other factors such as the quality nursing care at home, round the clock support phone lines, and the flexibility in nursing care hours with no down payment or booking amount also attracts the patients for this option, which in turn is expected to boost the revenue generation for this business.
Reports and Insights Study identifies some of the key participating players in the tracheostomy tube accessories market globally are Medtronic PLC, Smiths Medical, P3 Medical, Atos Medical, SUMI, Vitaltec Corporation, Fahl Medizintechnik-Vertrieb GmbH, Pulmodyne Inc., Sunset Healthcare Solutions, Tracoe, among others.
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