Airway management devices are medical devices that are used to maintain an open airway and ensure adequate oxygen supply to a patient's lungs during anesthesia, surgery or a medical emergency situation. They include various laryngeal mask airways, tracheostomy tubes, tracheal tubes, oral/nasal airways and intensivent/ventilator circuits. These devices see wide application in the operating room as well as in emergency settings and intensive care units for oxygenation and CPR procedures. The global airway management devices market is estimated to be valued at US$ 1949.53 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The airway management devices market is expected to witness high growth over the forecast period, driven by the rising prevalence of respiratory diseases worldwide. According to the Global Asthma Report 2018, around 339 million people were reported to suffer from asthma across the globe. This growing prevalence of asthma along with other respiratory conditions like COPD (chronic obstructive pulmonary disease) has increased the demand for airway management devices among healthcare institutions globally. Furthermore, advancements in endotracheal tube and laryngeal mask technologies have expanded their scope of applications. However, product recalls associated with certain airway management devices may restrain market growth to some extent during the forecast period.
SWOT Analysis
Strength: Medtronic PLC, ICU Medical, Inc., and Teleflex Incorporated have a strong global presence with wide distribution networks and strong branding which gives them an advantage. Airway management devices offer minimally invasive procedures and quick recovery time which is preferred by patients. Innovation and new product launches help address unmet needs in the market.
Weakness: High costs associated with airway management devices can reduce adoption in price sensitive markets. Training for proper use of advanced airway management devices is required which increases costs. Lack of reimbursement policies and structured regulatory frameworks in some regions hinders market growth.
Opportunity: Increasing number of surgeries performed globally drives the need for airway management. Growing geriatric population suffering from chronic illnesses increases demand. Emerging markets in Asia Pacific and Latin America offer high growth potential. Advances in material sciences can lead to development of novel devices.
Threats: Presence of local and generic manufacturers offering low cost alternatives in price sensitive markets. Stringent regulatory approvals and clinical trials delays market access. Reimbursement policies vary vastly across regions and countries.
Key Takeaways
The Global Airway Management Devices Market Share is expected to witness high growth at a CAGR of 6.8% during the forecast period of 2023 to 2030. Rising incidence of chronic diseases globally increases the number of surgical procedures performed annually driving the need for airway management. An aging population base suffering from respiratory disorders in developed economies of North America and Europe also contribute to market growth.
Regional analysis: Asia Pacific region is expected to grow at the fastest rate due to increasing healthcare investments, rising medical tourism and rapid economic growth. China, India and other Southeast Asian countries offer immense opportunities. North America currently dominates the market owing to availability of advanced healthcare facilities and presence of key market players.
Key players: Key players operating in the airway management devices market are Medtronic PLC, ICU Medical, Inc., Viggo Medical Devices, Teleflex Incorporated, Olympus America, Polymedicure, Ambu A/S., Verathon Inc., SourceMark, SunMed, KARL STORZ, Flexicare (Group) Limited, and Vyaire Medical. They are focusing on developing innovative devices and ensuring global product availability through expansions.
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