Airway management devices are medical devices used for airway intubation, airway opening maintenance and ventilation during surgeries or emergencies. These devices include laryngeal masks, tracheal tubes, laryngoscopes, resuscitators and other airway management tools. They are crucial for establishing a clear airway during CPR, general anaesthesia as well as emergency care for trauma patients and accident victims. The rising prevalence of respiratory diseases such as asthma, COPD and sleep apnea has significantly driven the demand for airway management devices.
The global Airway Management Devices Market is estimated to be valued at US$ 1949.53 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing prevalence of respiratory diseases presents a major market opportunity. As per WHO reports, over 334 million people worldwide suffer from asthma alone. The growing geriatric population also contributes to high burden of respiratory diseases due to weakening of immune system. Moreover, rising air pollution levels have further aggravated respiratory conditions. Thus, growing patient pool of respiratory diseases will accentuate the demand for airway management devices for tracheal intubation and ventilation support over the forecast period.
Porter’s Analysis
Threat of new entrants: The airway management devices market require huge capital investment for research and development which createsentry barriers for new players. Bargaining power of buyers: Buyers have high bargaining power as there are many established players offering substitutable products in the market. Bargaining power of suppliers: The suppliers have low to moderate bargaining power as there are many suppliers for raw materials required for production of airway management devices. Threat of new substitutes: Threat of new substitutes is low as airway management devices are medical devices with no close alternatives. Competitive rivalry: The competitive rivalry is high among established players as they compete based on product differentiation, marketing strategies and geographic reach.
SWOT Analysis
Strengths: Strong product portfolio, innovative devices, widespread geographic presence, and brand recognition are the key strengths. Weaknesses: High R&D costs and stringent regulatory policies increase the operating costs. Opportunities: Increasing adoption of home care devices, rising healthcare spending in developing nations present growth opportunities. Threats: Short product life cycles, uncertain reimbursement policies and threat from refurbished/rental devices act as threats.
Key Takeaways
The Global Airway Management Devices Market Size is expected to witness high growth over the forecast period supported by rising incidence of chronic diseases such as COPD, increasing number of surgical procedures performed and growing demand for emergency care.
Regionally, North America dominated the global airway management devices market in 2023 owing to advancements in healthcare infrastructure, presence of prominent players and increasing adoption of innovative devices. Asia Pacific is anticipated to witness fastest growth during the forecast period supported by rising healthcare spending, growing population and increased prevalence of chronic diseases in developing countries like India and China.
Key players operating in the airway management devices market 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). The major players are focusing on new product launches and geographic expansion to increase their market share.
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