The study involved four major activities in estimating the current size of the Global 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.
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 in this Report:
# 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?
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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
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%.
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Geographical Growth Scenario:
North America is expected to account for the largest share of the healthcare claims management market in 2018, followed by Europe. The large share of North America can be attributed to the high and growing HCIT investments in the region and the presence of regulatory mandates favoring the implementation of healthcare claims management solutions. Also, several major global players are based in the US, owing to which the US has become a center for innovation in the healthcare claims management solutions market.
Leading Market Players:
# Medtronic plc (Ireland)
# Smiths Group plc (UK)
# TRACOE Medical GmbH (Germany)
# Teleflex Incorporated (US)
# Fisher & Paykel Healthcare Ltd. (New Zealand) 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.