Airway Management Devices Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Chronic Respiratory Diseases
Airway management devices are medical instruments and techniques utilized in securing and maintaining a clear airway and protecting the lungs during surgical procedures or respiratory illnesses. This includes endotracheal tubes, laryngeal mask airways, oral/nasal airways, tracheostomy tubes and endotracheal tube holders. Airway management devices are critical for providing respiratory assistance and preventing airway collapse during procedures like intubation, extubation and positive pressure ventilation. The global airway management devices market is estimated to be valued at US$ 1949.53 Mn or Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The airway management devices market is estimated to witness high growth owing to rising prevalence of chronic respiratory diseases such as asthma, COPD and cystic fibrosis. According to the World Health Organization (WHO), around 251 million cases of COPD were reported globally in 2016. Growing geriatric population is another significant factor augmenting market growth as aged people are more prone to respiratory ailments. Moreover, increasing number of emergency care visits due to respiratory failures and complications further drives the demand for emergency airway management devices. Between 2005 and 2014, emergency department visits for respiratory diseases increased by 29% in the US. However, high cost of advanced airway devices and dearth of skilled professionals in developing nations may hamper market growth during the forecast period.
SWOT Analysis
Strength: Airway management devices market has high growth potential during the forecast period. This is due to rising prevalence of chronic respiratory diseases and increasing demand for emergency care. Further, technological advancements in airway management devices allow for effective ventilation support and oxygen therapy.
Weakness: High costs associated with manufacturing advanced airway management devices limits their widespread adoption. Lack of awareness about innovative airway management solutions in developing nations poses challenges.
Opportunity: Untapped opportunities exist in emerging markets of Asia Pacific and Middle East & Africa. Favorable government support for modernizing healthcare infrastructure augments market prospects. Growing geriatric population prone to respiratory illnesses will boost demand.
Threats: Stringent regulatory approvals delay market launch of new products. recall of faulty devices hampers brand reputation. Intense competition from local players pressures margins of major players.
Key Takeaways
The global Airway Management Devices Market Growth is expected to witness high growth.
Regional Analysis: Asia Pacific region is expected to be fastest growing market outpacing other regions. This is owing to escalating healthcare expenditures, rise in smoking population, busy lifestyle leading to poor air quality. China dominates Asia Pacific market with largest patient pool suffering from chronic respiratory conditions.
Key players operating in the airway management devices are Nanya PCB (Taiwan), Tripod Technology Corporation (Taiwan), Unimicron Technology Corporation (Taiwan), Ibiden Co., Ltd. (Japan), Compeq Manufacturing Co., Ltd. (Taiwan), TTM Technologies, Inc. (United States), Kingboard Holdings Limited (Hong Kong), Shennan Circuits Company Limited (China), AT&S Austria Technologie & Systemtechnik AG (Austria), Multek (a subsidiary of Flex Ltd.) (United States). Market leaders focus on new product launches and partnerships with hospitals to strengthen distribution networks.
For more insights, read- https://www.pressreleasebulletin.com/airway-management-devices-market-trends-size-and-share-analysis/
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