The Airway Management Devices market is estimated to be valued at US$ 1949.53 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Airway management devices are medical devices used to ensure a clear passageway in the trachea and prevent obstruction during anesthesia or respiratory distress. This includes various devices such as laryngeal mask airways, oral/nasal airways, tracheostomy tubes, and endotracheal tubes. These devices are mainly used during anesthesia administration, emergency care, and intensive care to keep the airway open in patients suffering from airway obstruction or respiratory failure.
Market Dynamics:
The growth of the airway management devices market is majorly driven by the rising prevalence of respiratory diseases and the increasing demand for emergency care. As per CDC (Centers for Disease Control and Prevention) data, more than 16 million adults in the U.S. have had an asthma attack in the past year. The increasing rate of chronic obstructive pulmonary disease (COPD) is also contributing to market growth. COPD is currently the third leading cause of death worldwide. Moreover, the increasing number of surgical procedures and trauma cases requiring emergency airway management is further fueling the demand for airway management devices. The development of new devices with advanced features to improve patient safety is also expected to propel market growth over the forecast period. However, lack of skilled professionals, risks associated with such devices, and availability of alternative airway management techniques may restrain the market growth.
SWOT Analysis
Strength: The airway management devices market is driven by rising prevalence of respiratory diseases and lifestyle based illnesses that necessitate airway management. Additionally, increasing demand for emergency airway care setups in hospitals and ambulances boosts market growth. Technological advancements in devices have made airway management safer and more effective.
Weakness: High costs associated with sophisticated airway management devices restrict their widespread adoption, especially in low and middle income nations. Lack of proper training for usage of certain advanced devices also poses challenges.
Opportunity: Untapped growth opportunities exist in developing regions of Asia Pacific and Latin America due to improving healthcare infrastructure and rising medical expenditures. Incorporation of digital connectivity and IoT capabilities in devices will further augment the market potential.
Threats: Strong competition amongst existing players compress margins. Stringent regulatory approvals for new entrants also act as a barrier.
Key Takeaways
The Global Airway Management Devices Market Share is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period, due to increasing incidence of chronic respiratory disorders, neurological diseases, and rise in road accidents requiring airway care.
Regional analysis: North America currently dominates the market owing to advanced healthcare infrastructure and availability of quality devices. Asia Pacific is poised to witness fastest growth over the next decade led by constantly expanding medical tourism industry in India, Thailand and increasing healthcare spending in China and Japan.
Key players: Key players operating in the airway management devices market are Medtronic PLC, ICU Medical, Inc., Viggo Medical Devices, Teleflex Incorporated, Olympus America, Polymedicure,Verathon Inc., SourceMark, SunMed, KARL STORZ, Flexicare Group Limited, and Vyaire Medical.
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