Tracheostomy Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Tracheostomy Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The tracheostomy products market is projected to register a CAGR of 6.2% over the forecast period.

The World Health Organization's June 2020 report stated that since the COVID-19 pandemic started, prevention and treatment services for noncommunicable diseases (NCDs) have been badly interrupted. The survey was completed by 155 countries over the course of three weeks in May. The key finding was that 31% of the countries surveyed had partially or entirely disrupted services for cardiovascular emergencies. However as the COVID cases declined, surgical procedures associated with various diseases started to speed up. For instance, in April 2021, the world's first human tracheal transplant was carried out by a group of Mount Sinai surgeons in New York. Thousands of patients with severe tracheal damage from intubation, tracheal birth abnormalities, incurable airway disorders, burns, tumors, and COVID-19 hospitalizations could be saved because of this achievement. Hence, COVID-19 adversely affected the market in the beginning but the market started to gain traction as the situation normalized.

In addition, the increasing prevalence of respiratory and other chronic disorders, technological advancements, and the favorable reimbursement scenario is actively affecting the growth of the studied market.

The major factor attributing to the growth of the market is the increase in the prevalence of respiratory diseases, such as asthma, exercise-induced bronchospasm, emphysema, allergic rhinitis, primary dysmenorrhea, pneumonia, and lung cancer.

According to Global Initiative for Chronic Obstructive Lung Disease 2020 report, prevalence of chronic obstructive lung disease (COPD) was higher in smokers as compared to non smokers and most of the national data suggested that COPD was diagnosed in approximately 6% of the adult population. Also, according to World Health Organization 2022 update, an estimated 262 million people suffered from asthma in 2019. Due to the surge in burden of disease, the market is expected to grow in the coming years.

Furthermore, tracheostomies are most often used when treating patients with head and neck cancers, including tongue cancer, oral cancer and thyroid cancer. According to the World Cancer Research Fund International 2022 update, there were more than 2.2 million new cases of lung cancer in 2020. Cancers of the lip, oral cavity, hypopharynx, oropharynx and larynx are known collectively as mouth and oral cancers. The most prevalent of them are cancers of the lip and oral cavity with more than 377,700 new cases worldwide in 2020. The high prevalence of oral and lung cancer is anticipated to augment the market growth.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. however, the high cost of tracheostomy procedures and the risk of infection during procedures are likely to impede the market growth.

Key Market TrendsThe Tracheostomy Tubes Segment is Expected To Witness 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 tubes segment can be attributed to the significant benefits offered, such as high accurateness, reduced air pollution, risk of aspiration, avoids multiple laryngoscopies and intubations, improved ventilation and 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 titled "Multinight Prevalence, Variability, and Diagnostic Misclassification of Obstructive Sleep Apnea" 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 that indicated the worldwide prevalence of OSA was 22.6%. The high prevalence of OSA is projected to fuel the segment's growth during the forecast period.

Additionally, the advancements in technology and increasing product approvals, along with partnerships and collaborations by key players are helping in the market growth. For instance, in January 2020, Smiths Medical launched portex, a new Polyvinyl Chloride (PVC) tracheostomy tube portfolio to its line of tracheostomy tubes. The launches related to the tracheostomy tubes are projected to augment the segment growth.

Therefore, there is a growth in the tracheostomy tubes segment of the studied market.

North America Is Expected to Dominate the Tracheostomy Products Market

North America is expected to dominate the market 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 the United States.

According to the Asthma and Allergy Foundation of America's April 2022 update, approximately 25 million people in the United States have asthma. This represents about 1 in 13 people. About 20 million United States adults age 18 and older have asthma. Also, 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 expected in 2022. The high prevalence of these diseases whose treatment requires tracheostomy is likely to augment the market growth in the region.

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 results of Phase 2 CENTAUR trial 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 the market growth in the region.

Therefore, owing to the above-mentioned factors, the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The tracheostomy products market is slightly consolidated in nature due to the presence of a few companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known. Some of the companies are Medtronic PLC, Smiths Group PLC, Teleflex Incorporated, Boston Medical Products Inc., TRACOE medical GmbH, Cook Group, Fuji Systems Corporation, Fisher & Paykel Healthcare Ltd, Troge Medical GmbH, and Pulmodyne.

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• The market estimate (ME) sheet in Excel format
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