According to the latest report published by Credence Research, Inc. “Airway Management Device Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global airway management device market was valued at US$ 1.17 Bn in 2016, and is expected to reach US$ 2.2 Bn by 2025, expanding at a CAGR of 7.1% from 2017 to 2025.
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The airway management devices are essential for the treatment of any acute or chronic respiratory issues. Obstructed airways may result in fatality if not treated within time. Rising trend of respiratory diseases due to change in climate, pollution and tobacco is the major driving force of the airway management device market. As per the information provided by World Health Organization (WHO), around 235 million people globally are affected with Asthma and 3 million people die from chronic obstructive pulmonary disease (COPD). The statistics clearly shows the necessity of treatment by airway management device which is in rising trend.
The major driving forces of airway management devices are rising prevalence of respiratory disorders such as Chronic Obstructive Pulmonary Disease (COPD), pneumonia and asthma and growing health awareness of public. Initiatives taken by several government organization to raise public awareness fuel the growth of the market. The healthcare expenditure especially in R&D for newer innovative product formulation, growing demand of airway management devices in emergency and ICU due to increasing number of surgeries and trauma, increasing adoption rate of new technologies and well organized healthcare infrastructure drive the airway management device market in developed nations. However, lack of skill in healthcare professionals, high cost of devices and complications associated with airway devices may negatively influence the growth of the airway management device market.
The airway management devices are segmented on the basis of the device types such as Supraglottic Airway Devices (SAD), Infraglottic Airway Device (IAD) and others. SAD is expected to have largest share due to ease of placement, more efficient, associated with lesser complications. The invasiveness of IAD and rate of complications make it less preferred device. On the basis of end-user types, the airway management device has been classified into hospital care and home care. The hospital care segment is likely to grow due to the increasing number of surgeries and critically ill patients.
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Geographically, in the year 2016, North America is expected to have the major share of airway management devices followed by Europe. Increasing prevalence of respiratory diseases, corresponding existence of evolved healthcare infrastructure and presence of major market players, healthcare expenditure contribute to the leading position of these regions. On the other hand, competitions among manufacturers in penetrating market and growing awareness makes Asia Pacific the most lucrative and fastest growing market for airway management device market.
Market Competition Assessment:
The airway management device market currently possesses numerous companies having their products marketed. However, most of the companies are located in the North America and others developed regions. The companies have untapped opportunities in the developing regions of Asia Pacific and Latin America. Companies are coming up with various products in the developed nations due to high acceptance and accessibilities of these products. The companies include Ambu A/S, Armstrong Medical Ltd., Intersurgical, Becton Dickinson and Company, C.R.Bard, Inc., ConvaTec, GE Healthcare, Teleflex, Smiths Medical, Medtronic and others.
Key Market Movements:
– Increasing prevalence of respiratory diseases, rising number of surgical interventions, technological advancement in airway management devices, increasing health expenditure fuel the growth of airway management device market.
– Lack of proper skills in health personnel, complications of airway management devices and high cost are the major restraining factors of the airway management device market.