The study involved four major activities in estimating the current size of the Tracheostomy Products Market. Exhaustive secondary research was carried out to collect information on the market and its different sub segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and sub segments.
Objectives of this Study:
# To define, describe, and forecast the tracheostomy market based on product, technique, end user, region, and country
# To provide detailed information on the major factors influencing market growth (such as drivers, restraints, opportunities, and industry-specific challenges)
# To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contributions to the overall tracheostomy market
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
# To forecast the market value of various segments and sub-segments with respect to five regions—North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
# To profile the key players in the tracheostomy market and comprehensively analyze their global revenue shares and core competencies
# To track and analyze competitive market-specific developments such as product launches, partnerships, expansions, and acquisitions
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Recent Developments in the Global Industry:
# In February 2019, Medtronic Plc entered into a partnership with Medical University of South Carolina (US) for the development of better and affordable healthcare solutions (including tracheostomy procedure for breathing assistance) for patients
# In October 2017, Medtronic Plc established the Chengdu Innovation Center at Singapore for cross-disciplinary clinical training and R&D.
Key Questions Addressed by This Study:
# Emerging countries are offering immense opportunities for the growth and adoption of market. Will this scenario continue in the coming years?
# Where will all the advancements in products offered by various companies take the industry in the mid-to-long term?
# What are the various research institutes where tracheostomy products find a high adoption rate?
# What are the new trends and advancements in the market?
# How is the shift in dynamics shaping the future of the market?
Factors Influencing Global Growth:-
The major factors driving the growth of the tracheostomy products market are the availability of clinical evidence for their safety & efficacy and increasing adoption of tracheostomy procedures among medical professionals owing to procedural benefits offered by tracheostomy products. Moreover, the rising demand for home care services is expected to play a significant role in fueling market growth.
# High Cost of Tracheostomy Procedures
# Increasing Pricing Pressure on Market Players
# Emerging Markets
# Dearth of Skilled Surgeons
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Monetary Growth Expectations, Globally:
According to the Research Study conducted by MarketsandMarkets™: The tracheostomy products market size is projected to reach USD 220 million by 2024 from USD 179 million in 2019, at a CAGR of 4.2%.
Geographical Growth Scenario:
North America dominates the tracheostomy products market
The market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the market in 2018. Factors such as the presence of a highly developed healthcare system, an increasing number of emergency department visits, high adoption of innovative tracheostomy devices among medical professionals, and wide availability of advanced tracheostomy devices are driving the market for tracheostomy products in North America.
Leading Market Players:
# Medtronic plc (Ireland)
# Smiths Group plc (UK)
# TRACOE Medical GmbH (Germany)
# Teleflex Incorporated (US)
# Fisher & Paykel Healthcare Ltd. (New Zealand)
# ConvaTec Group (US)) and many more…
The analysis of market developments between 2015 and 2019 revealed that several growth strategies such as collaborations and market expansions were adopted by players to strengthen their product portfolio and maintain a competitive position in the tracheostomy products market.