The Airway Management Devices Market is Projected to Grow at a CAGR of 7.7% and Generate Revenue of $4,182.2 million by 2031Download Sample Reports Overview
The global airway management devices market size is predicted to be valued at $4,182.20 million by 2031, surging from $1,961.50 million in 2021, at a CAGR of 7.7%.
Impact Analysis of COVID-19 on the Airway Management Devices Market
An increase in the number of patients admitted to emergency rooms and intensive care units was witnessed during the COVID-19 pandemic. The airway management devices market share has grown due to the high risk faced by healthcare professionals providing airway management treatment to COVID-19 patients and other patients across healthcare institutions. However, the overall number of surgical procedures decreased due to the necessity to prevent the spread of COVID-19 and a shortage of beds. In addition, governments of various countries-imposed restrictions and outright bans on elective surgery and medical operations. Thus, resulting in a backlog in procedure volumes in 2020. Once the spread of COVID-19 declined, a substantial surge in the demand for airway management devices was witnessed. All these factors have positively affected the airway management devices market growth during the pandemic.
Several initiatives launched by airway management device companies are helping society to recover in the post-pandemic period. For instance, in May 2021, SonarMedTM, an airway monitoring system, was introduced by Medtronic. The SonarMedTM airway monitoring system, the first and only of its type, checks for endotracheal tube (ETT) obstruction and verifies position in real-time, providing physicians with the crucial information they need to make better informed, life-saving decisions for the patients.
Global Airway Management Devices Market Analysis
An increase in the prevalence of respiratory diseases such as respiratory failure is a serious condition that makes it difficult to breathe. Respiratory failure develops when the lungs cannot get enough oxygen into the blood. Chronic obstructive pulmonary disease (COPD) is the main factor driving the rise in demand for airway management devices. The World Health Organization estimates that 65 million individuals globally suffer from mild to severe COPD. According to Centers for Disease Control and Prevention (CDC) data, over nine million people had chronic bronchitis diagnoses in 2018, making COPD the third-leading cause of mortality globally. The demand for cutting-edge technologies is expected to rise owing to an increase in surgeries, a high prevalence of airway obstruction, respiratory distress, or when the individual is under sedation, and an increase in anesthetic use. According to analysis, long-term lung-related therapies for both, children and adults, as well as the increase in demand for emergency care for chronic illnesses, are further expected to propel the market expansion. The significant increase in the elderly population, which is more susceptible to respiratory disorders, is also a major factor responsible for the increase in demand for airway management equipment which is likely to proper global airway management devices market revenue growth in future.
Endotracheal intubation, tracheostomy, and cricothyrotomy all require highly skilled anesthetists and nurses. A lack of knowledge about the best immediate treatment can worsen the patient's condition, prolong recovery time, and increase direct and indirect costs. In an emergency, improper diagnosis and treatment of serious injuries can lead to deformities, dysfunction of the injured area, or patient mortality. The global shortage of anesthetists and paramedics has emerged as a major concern for governments worldwide. Scarcity has had a direct impact on the efficiency and capabilities of healthcare settings in providing surgical and emergency care, limiting demand for airway management devices used in procedures.
The industry players are investing on the R&D of smart and unique strategies to sustain their growth in the market. These strategies include product launches, mergers & acquisitions, collaborations, partnerships, and refurbishing of existing technology. On May 13, 2022, Medtronic plc, a global leader in healthcare technology, announced that it completed the acquisition of Intersect ENT, expanding its comprehensive ear, nose, and throat (ENT) portfolio with innovative products used in sinus procedures to improve post-operative outcomes and to treat nasal polyps. Furthermore, in October 2020, the commercial release of HANAROSTENT Esophagus TTS self-expanding metal stents (SEMS), created by the Massachusetts Institute of Technology and offered only by Olympus in the U.S., was announced by Olympus Corporation. This development is predicted to boost the airway management devices market size growth in the upcoming years.
Global Airway Management Device Market, Value, Segmentation
The airway management devices market revenue is segmented on the basis of device type, patient age, end user, and region.
By device type, the market is classified into infraglottic devices, supraglottic devices, laryngoscopes, resuscitators, and others. Among these, the infraglottic devices segment is anticipated to have a dominant as well as fastest growing market share by 2031. In patients with acute respiratory failure, continuous positive airway pressure is used to treat hypoxemia. It allows for a larger inspired oxygen content than other techniques of oxygen supplementation, raises mean airway pressure, and improves ventilation to collapsed parts of the lung. Endotracheal tubes and tracheostomy tubes, among other infraglottic devices, are used during intubation to rescue the airway and offer ventilation after connecting with external breathing aid systems. Acute respiratory failure is becoming a more common health issue, which boosts the demand for intubation techniques and infraglottic devices globally. The factors driving airway management devices demand include an increase in the prevalence of chronic respiratory disorders, cardiovascular diseases, and respiratory tract infections.
By patient age, the market is divided into adult patients and pediatric patients. Among these, the adult patients segment accounted for a dominant market share in 2021. The adult segment has had the largest share in the airway management devices market as they quite often go to the hospital for procedures requiring ventilation and oxygenation. Most of the visits of adult patients to emergency rooms will be due to COPD, congestive heart failure, and hypertension, according to the Centers for Disease Control and Prevention (CDC). The main drivers of the adult patient segment include an increase in the adult population and a rise in chronic diseases among elderly patients.
The end user segment is further classified into hospitals, ambulatory care, home care, and others. Among these, the hospitals segment accounted for a dominant market share in 2021, as a result of the high patient turnover, frequent readmissions, and high procedure volumes. A larger market share is also a result of the supportive infrastructure that facilitates successful surgical procedures involving airway management. An increase in government initiatives aimed at improving safety in hospitals is projected to drive the market growth during the forecast period.
The airway management devices market in the Asia-Pacific region is projected to witness the fastest growth during the forecast period. Asia-Pacific is the fastest growing regional market for airway management devices due to an increase in the prevalence of chronic respiratory disorders, an increase in healthcare spending, and tax benefits offered by the regional governments. The regional market is also expected to be further stimulated by improvements in healthcare policies and infrastructure development. Various healthcare reforms included in China's Five-Year Plan from 2016 will help the airway management devices market to expand. Various economic projections predict that over the next seven years, healthcare spending per person in the region is to increase, creating enormous potential opportunities for the market for airway management devices globally.
Key Players in the Global Airway Management Devices Market
Some of the leading airway management devices market players are
- Smiths Medical, Inc.
- Teleflex Incorporated.
- KARL STORZ SE & Co. KG
- Ambu A/S.
- Flexicare (Group) Limited
- Intersurgical Ltd., SunMed
- VYAIRE MEDICAL, INC.
- Vbm Medizintechnik.
In January 2020, Portex Tracheostomy Tubes and Kits, Smiths Medical announced the addition of a PVC-based tracheostomy tube portfolio. The portfolio includes percutaneous tracheostomy kits and trays from BLUgriggs, BLUperc, and BLUselect.