Airway Management Devices Market - Wireless Charging is Estimated to Witness High Growth Owing to Opportunity to Promote Convenience
Airway management devices are medical devices that are used for airway maintenance during surgeries or emergencies requiring anesthesia. These devices help maintain and protect the patient's airway and aid in proper oxygenation during procedures. Some key airway management devices include laryngeal mask airways, tracheal tubes, tracheostomy tubes, resuscitators, and introducers. The devices provide secure connection to ventilator systems during management of patient airways.
The global Airway Management Devices Market size is estimated to be valued at US$ 1949.53 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The ability of airway management devices to promote convenience during medical procedures presents a major market opportunity. Airway management devices help secure patient airways and ensure proper oxygenation during surgeries and other medical situations, removing the need for constant manual intervention by medical practitioners. This allows clinicians to focus more effectively on other important tasks. As the demand for surgical procedures and emergency care rises globally, airway management devices that promote convenience are expected to witness more widespread adoption. Manufacturers can capitalize on this opportunity by developing innovative devices with advanced features to automate airway maintenance and enable convenient management of patient airways.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate. Establishing manufacturing facilities and achieving economies of scale requires significant capital investments and regulatory approvals, acting as a barrier.
Bargaining power of buyers: The bargaining power of buyers is high. The market has several global players providing substitutable products. Buyers can negotiate on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw materials include plastics and medical-grade components. Suppliers have to compete globally to survive.
Threat of new substitutes: The threat of substitutes is moderate. Alternatives include basic airway management tools. However, devices offer advanced features for airway control and ventilation.
Competitive rivalry: The rivalry is high among global players. Companies compete on technology, features, pricing and regional expansion.
SWOT Analysis
Strengths: Devices offer non-invasive airway management with improved patient safety. Established brands have strong distribution networks.
Weaknesses: Cost of advanced devices is high. Devices require careful handling and periodic replacement of parts. Products have regulatory approvals needing renewal.
Opportunities: Rising ICU admissions and anesthesia procedures drive demand. Untapped rural markets in developing nations present scope.
Threats: Pricing pressure affects margins. Stringent quality and safety standards increase compliance costs. Reimbursement policies vary globally.
Key Takeaways
The global Airway Management Devices market is expected to witness high growth. The global Airway Management Devices Market is estimated to be valued at US$ 1949.53 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.
North America dominates due to rapidly aging population and robust healthcare infrastructure. However, Asia Pacific is fastest growing due to rising medical tourism and improving access in China and India. China and India are witnessing shortages of anesthesiologists generating demand. Public and private hospital infrastructure is rapidly growing.
Key players operating in the airway management devices market are Cargill, Archer Daniels Midland Company (ADM), Bunge Limited, Ingredion Incorporated, Associated British Foods (ABF), Tate & Lyle, Agrana Beteiligungs AG, The Scoular Company, Grain Processing Corporation (GPC), Didion Milling. These established brands hold major market share and are focused on technology advancements and regional expansions to strengthen their positions.
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