World News: 15:03 GMT Tuesday 3rd December 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Dec. 03, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.The global tracheostomy products market is projected to reach US$ 219.8 million by 2024 from US$ 178.8 million in 2019, at a CAGR of 4.2%.
The growth in this market is driven majorly by the availability of clinical evidence for their safety & efficacy, increasing prevalence of respiratory diseases & disorders, and technological advancements. However, the high cost of tracheostomy procedures and a dearth of skilled surgeons to conduct tracheostomy procedures are expected to restrain the growth of this market during the forecast period.The tracheostomy tubes segment is estimated to grow at the highest CAGR during the forecast period. Growth in this market can primarily be attributed to the availability of reimbursement and insurance coverage, R&D activity for product development, and the clinical evidence for the safety & efficacy of tracheostomy tubes. This market is driven further by procedural and technical benefits offered, such as low resistance to airflow, easy suctioning, no trauma to the sub-glottic region, and large internal diameter. The hospitals & surgical centers segment accounted for the largest share of the tracheostomy products market in 2018. The large share of this segment is attributed to the prevalent trend of economic expansion and government focus on broader welfare policies has led to the growth of the healthcare sector in emerging economies. Also, growing healthcare consolidation to improve access to healthcare services - along with rapid developments in healthcare infrastructure and improving access to healthcare services - are expected to be the key factors driving the growth of the tracheostomy products market for hospitals & surgical centers.The tracheostomy products market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period, majorly due to the increasing investments in the healthcare industry by key market players. Rising demand for cutting-edge technologies, the expansion of private-sector hospitals to rural areas, low labor costs, and the favorable regulatory environment are the other factors anticipated to augment market growth during the forecast period. This report studies the tracheostomy products market based on type, technique, end-user, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five major regions (and the respective countries in these regions).This report focuses on various levels of analysis, such as industry trends, market shares of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the tracheostomy products market, and high-growth regions and their drivers, restraints, opportunities, and challenges. The report helps both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner higher market shares.
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Globe Newswire: 15:03 GMT Tuesday 3rd December 2019
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