According to statistics made by Insure Insight, the global airway management devices market size was pegged at a value of USD 1.1 billion in 2021 and is predicted to hit USD 2.3 billion by 2029, expanding with a CAGR of 7.7% during the forecast period (2022 – 2029).
GLOBAL AIRWAY MANAGEMENT DEVICES MARKET – MARKET OVERVIEW
People suffering from chronic respiratory diseases or infections, or depleted oxygen saturations usually require positive air pressure devices such as ventilators. Airway management devices include endotracheal tubes, laryngoscope handle and blade, positive airway pressure devices, airway management tubes, and various-sized oropharyngeal airways. These devices are used mainly during surgical procedures.
GLOBAL AIRWAY MANAGEMENT DEVICES MARKET – MARKET DYNAMICS
The rising prevalence of severe respiratory diseases such as asthma and COPD, rising incidence of premature births, favorable reimbursement coverage across developed countries, and increase in the elderly population are driving the revenue growth of the market.
Top Driver: the increasing demand for emergency and intensive care units is driving the market growth
Patients diagnosed with severe and chronic cardiac conditions usually experience airway difficulties, which demand immediate attention and treatment. Due to the high number of cases like this, the demand for airway management devices is rising immensely across the globe. According to CDC, the amount of emergency department visits amongst people above 18 years in the United States has increased by about 8.67% from 1997-2018. Airway management devices such as resuscitators, laryngoscopes, bag-valve masks, and laryngeal mask airways are used to prevent obstructions, ensure a free airway passage, examine the severity of the patient’s condition, and proffer efficient and timely management of a difficult airway. Therefore, the increasing number of trauma cases in emergency departments and intensive care units is boosting the global demand for airway management devices, thereby driving the market growth.
Top Driver: restrictions associated with reimbursement policies of airway management devices may likely hinder the market growth
Emerging countries have a low adoption rate for expensive management devices due to their ineffective reimbursement policy and schemes, and also insufficient public insurance coverage for healthcare facilities and expenditures. Also, the scarcity of skilled personnel can hamper the market. The dearth of anesthetists and paramedics is one major factor that is dragging the market growth, as this has infiltrated the capacity of healthcare infrastructures to provide quality surgical and emergency care.
COVID-19 IMPACT ON THE GLOBAL AIRWAY MANAGEMENT DEVICES
The SARS-CoV2 virus which appeared as an unknown pneumonia-like disease in December 2019, obtained the status of a global pandemic, by March 2020. Like all other industries, the life sciences sector is also severely hit by the COVID-19 pandemic. This was mainly caused by a drop in healthcare providers and reduced patient interactions as hospitals shifted their resources to COVID-19. As the hospitals moved their attention towards developing a pandemic cure, many patients around the world started avoiding health care facility visits and postponed preventative care, which in turn dampened the demand for non-COVID-19 products and trials. For instance, since April 2020 nearly 70% of clinical trials have been affected due to suspension of enrollment and almost 13% have experienced delayed trials. However, rapid change in strategy by major market players considering the existence of pandemic conditions will boost the market growth over the forecast period.
The pediatric/neonatal patient segment is anticipated to grow significantly during the forecast period
This segment is expected to witness significant growth at the highest CAGR during the forecast period. Airway management devices are demanded during premature birth events where the infant is affected by low lung compliance and faces difficulty. The rising cases of premature births across the globe are accelerating the demand for airway management devices among pediatric/neonatal patients.
The North American region possesses the largest share in the global airway management devices market
Due to the high presence of an advanced healthcare system, the significant number of key market players, rising number of healthcare facilities, increasing domination of chronic respiratory diseases, and favorable government initiatives and reimbursement policies, the market in this region is anticipated to grow significant revenues in the global market.
The global airway management devices market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market;
VBM Medizinetechnik GmbH
VBM Medizinetechnik GmbH announced in September 2020, to receive 510(k) clearance from United States FDA for the ScalpelCric kit. This kit is to be utilized in performing cricothyrotomy processes using the scalpel technique, as stated by Difficult Airway Society (DAS) 2015 guidelines.
Scope of the Report
Keys reasons to purchasing this report
It builds a seven-year estimate based on how the market is predicted to grow and shows what will market shares of the national markets change by 2028 and which nation will lead the market in 2028?
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