The global thoracic drainage devices market was valued over US$ US$ 555.8 Mn in 2016 and is projected to witness compound annual growth rate (CAGR) of over 6% from 2017 to 2025 to surpass the value of US$ 916.2 Mn by 2025.
Albany, NY -- (SBWIRE) -- 04/10/2018 -- Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled "Thoracic Drainage Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2017 - 2025" offers a detailed analysis of the market, providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the global Thoracic Drainage Devices market have been elaborated upon in the research report.
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Thoracic Drainage Devices Market: Snapshot
The global thoracic drainage devices market is expanding at a steady pace due to increase in incidences of pneumothorax and pleural effusion, adoption of advanced technological products such as digital thoracic drainage system and increase in cardiac surgical procedures among the geriatric population. The global thoracic drainage devices market was valued over US$ US$ 555.8 Mn in 2016 and is projected to witness compound annual growth rate (CAGR) of over 6% from 2017 to 2025 to surpass the value of US$ 916.2 Mn by 2025.
Chest tube thoracostomy or a chest tube placement is a minimally invasive procedure done to drain air, fluid, or blood from the thoracic space to prevent lungs from collapsing. A chest tube is also called thoracic catheter, chest drain, or intercostal drain. The thoracic catheter is inserted in the pleural space. This procedure includes the use of different devices such as thoracic drainage system, trocar drain, unsecured needle, secured needle, pleural drainage catheter, and thoracic drainage kit. The thoracic drainage devices are majorly used for disease indications of pleural effusion, pneumothorax, traumatic pneumothorax (gunshot or stab wound) and cardiac surgery procedures. Key driving factors such as rise in patient preference for minimally invasive surgeries, high prevalence of cardiovascular diseases, increase in burden of spontaneous pneumothorax, and rise in health insurance coverage propelling adoption of thoracic drainage devices are the major factors that drives the growth of thoracic drainage devices market. Cardiovascular disease is a serious health problem affecting a large population across the globe. Hypertension, diabetes, and obesity are the leading causes of cardiovascular disorders, especially stroke, stenosis, atresia, and regurgitation. Increase in number of open heart surgeries due to unhealthy lifestyle, lack of exercise, overweight, and smoking will create significant opportunities in the thoracic drainage devices market.
The market for thoracic drainage devices market has been segmented broadly on the basis of different product type namely thoracic drainage system, trocar drain, unsecured needle, secured needle, pleural drainage catheter, and thoracic drainage kit. The market is further segmented into application type that includes thoracic surgery & pulmonology, cardiac surgery, general intensive care & emergency medicine, infectious disease, oncology & pain management, and military/damage control/disaster medicine. Thoracic drainage devices end-user segment includes ambulance services, hospitals & specialty clinics, urgent care or outpatient care, ambulatory surgery centers, and military surgeons. Urgent care or outpatient care and ambulance services are the rapidly growing segment owing to rise in number of spontaneous pneumothorax cases.
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Spontaneous pneumothorax is a one of the major health problems across the globe. Spontaneous pneumothorax arises due to the air in the chest cavity which can resolve itself; however, most often requires a hospital admission and urgent medical care.
In terms of the application, thoracic surgery & pulmonology segment held the largest share. Thoracic and pulmonological disorders are quite common and increasing. Thoracic drainage devices are used in the treatment of pneumothorax, pleural effusions, and empyema disorders.
The health care market is likely to witness more transactions and consolidations in the next three to four years. One of the major factors driving the market is constantly rising insured population base. Expanding health insurance coverage is expected to increase demand for thoracic drainage device procedures. Patients with private coverage are more likely to seek medical treatment at an urgent care center or hospital settings. According to industry experts, favorable insurance coverage would influence the thoracic drainage devices market significantly by penetrating the sub-urban areas. These factors are expected to boost the growth of the thoracic drainage devices market
By geography, global thoracic drainage devices market has been divided into major five region: North America, Europe, Asia, Latin America and Middle East & Africa. North America and Europe contributed the highest share of the global thoracic drainage devices market followed by Asia Pacific, Latin America, and Middle East & Africa. The U.S. dominated the thoracic drainage devices market in North America. This dominance is majorly due factors such as high cost of products and high level of end-user awareness. Also, the market in the U.S. is driven by increased adoption of newly introduced devices and insurance plans for costly cardiovascular surgical treatment. Europe is the second major contributor for the global thoracic drainage devices market. Germany is a major contributor to the thoracic drainage devices market in Europe. The thoracic drainage devices market in the Asia-Pacific is growing rapidly, driven primarily by developing countries. Growing awareness about cardiovascular diseases and expenditure on health care drive the thoracic drainage devices market in Asia Pacific. However, less penetration of healthcare facilities and lack of availability for thoracic drainage device products has become a restraining factor for thoracic drainage devices market in developing and undeveloped regions such as Latin America and Middle East & Africa.
The key players operating in the thoracic drainage devices market are Teleflex Incorporated, Vygon S.A., Medtronic plc., Cook Group Incorporated (Subsidiary: Cook Medical), C. R. Bard, Inc. (Becton, Dickinson and Company), MAQUET Holding B.V. & Co. KG (Getinge Group), Utah Medical Products, Inc., Smiths Medical, ATMOS MedizinTechnik GmbH & Co. KG, Sinapi Biomedical, and Medela.
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