According to Custom Market Insights (CMI), The global Thoracic Drainage Devices market was estimated at USD 570 million and is anticipated to reach around USD 900 million by 2030, growing at a CAGR of roughly 5% between 2022 and 2030. Our research report offers a 360-degree view of the Thoracic Drainage Devices market’s drivers and restraints, coupled with their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Thoracic Drainage Devices market.
Thoracic Drainage Devices Market: Overview
The primary purpose of thoracic drainage devices is to remove fluids, air, and solid particles from the chest’s pleural space or mediastinum. They are often composed of transparent plastics such as soft silicone or PVC and utilized in various medical fields such as cardiac surgery, thoracic surgery, infectious disease, pulmonology, general critical care, emergency medicine, cancer, and pain management.
Thoracic Drainage Devices Market: COVID – 19Impact Analysis
The COVID-19 pandemic hurt the Thoracic Drainage Devices market, attributed to the decline in the number of surgeries performed. Several surgeries were delayed during the pandemic due to doctors’ non-availability and the postponement of surgeries to curb the spread of the virus. This resulted in a loss of revenue. For instance, according to the British Journal of Surgery’s report, nearly 28 million surgeries worldwide were canceled or postponed owing to COVID-19. The outbreak of COVID-19 resulted in decreased demand for Thoracic Drainage Devices. However, several clinics started providing online video consulting appointments. With the relaxation and growing vaccination drive, the number of COVID patients declined, and hospital operations returned to normal. A gradual recovery was noticed during Q1 of 2021, and it is expected to experience further growth during the coming years.
The qualitative and quantitative components of the market are examined throughout the research report. Both supply and demand are examined. The demand side study contrasts market income between various geographic areas and nations. The supply-side research examines the presence and strategies of significant competitors on a regional and global scale. In-depth research has been done on North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.
Thoracic Drainage DevicesMarket: Growth Driver
Rising number of various surgeries
The primary factor fueling this market’s expansion is the rising prevalence of cardiovascular diseases, diabetes, high blood pressure, and obesity. Additionally, it is anticipated that rising demand for early disease diagnosis and treatment will accelerate the market’s overall growth.
Additionally, the government’s generous reimbursement policies and the rising incidence of spontaneous pneumothorax are anticipated to drive market expansion. The growing popularity of minimally invasive procedures and the lower healthcare expenses associated with them compared to standard surgical procedures are also anticipated to restrain market expansion. Additionally, the rise in the incidence of spontaneous pneumothorax dampens the market’s expansion during the anticipated timeframe.
Other possibilities include lowering the price of a minimally invasive operation and technological developments in the medical equipment industry. As a result, the market has numerous expansion opportunities. However, several limitations could impede the expansion of the global market for thoracic drainage devices, such as a lower penetration of healthcare facilities, particularly in developing and undeveloped nations, and a shortage of qualified medical professionals.
Thoracic Drainage DevicesMarket: Segmentation Analysis
In our research scope, the Thoracic Drainage Devices market is segmented into product, application, and end-user. By application, the Thoracic Surgery & Pulmonology segment is estimated to hold the largest market share in 2021. Thoracic and pulmonological illnesses are prevalent in modern society and are becoming more prevalent compared to other application areas. This is also attributable to rising public awareness and a sizable patient base, which support the market segment’s expansion. Future growth in the cardiac surgery market is also anticipated to be rapid due to the rise in cardiovascular disease patients. The hospital & clinics segment is expected to witness considerable growth by end-user.
|Feature of the Report||Details|
|Market Size in 2021||USD 570 million|
|Projected Market Size in 2030||USD 900 million|
|CAGR Growth Rate||5% CAGR|
|Prominent Players||Medtronic PLC, ATMOS MedizinTechnik GmbH & Co. KG., Cook Group Inc., BARD A Becton, Dickinson Company, Maquet Holding B.V. & Co. KG, Sinapi Biomedical, Medela Inc., Teleflex Inc., Smiths Medical, Utah Medical Products Inc., Vygon SA, and Others|
|Key Segment||By Product, Application, End-user, and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfill your requirements for research.|
- As Per the analysis shared by our research analyst, the Thoracic Drainage Devices market is estimated to grow annually at a CAGR of around 5% over the forecast period (2022-2030).
- In terms of revenue, the Thoracic Drainage Devices market size was valued at around USD 570 million in 2021 and is projected to reach USD 900 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on product segmentation, the thoracic drainage system segment was estimated to hold the maximum market share in 2021.
- Based on application segmentation, the Cardiac surgery segment is projected to notice a high CAGR.
- Based on end-user segmentation, the hospitals & clinics segment was the leading revenue-generating category in 2021.
- Based on geography/region, the North American region was the leading revenue generator in 2021.
- In October 2020:To lower the chance of Covid-19 spreading in its respiratory wards, Blackpool Victoria Hospital established a partnership with Medela Healthcare and its intention to adopt Medela’s portable chest drainage equipment Thopaz+.
- December 2020:Thopaz+, the digital chest drainage technology that Medela introduced improved safety and helped reduce cross-contamination during the COVID-19 pandemic and beyond, according to new data released by Medela…
Due to the surging incidences of chronic diseases, the region’s high level of healthcare infrastructure, and higher healthcare spending, North America is predicted to dominate the global market for thoracic drainage devices. Europe and the Asia-Pacific region come after the North American continent. This is due to the growing elderly population, expansion of the healthcare sector, and rise in surgical procedures in the area.
The leading manufacturers implement a variety of strategies, including acquisitions and mergers. The leading players also employ new product launches and focus on ongoing technological breakthroughs in their strategy. By investing in R&D, the businesses are also attempting to hold the market share.
Our report offers quantitative and qualitative insights into the Thoracic Drainage Devices market and major development initiatives adopted by the key players. Further, it offers competitive details and market share analysis. The report further includes relevant financial information, products and services offered, SWOT analysis, and the players’ recent developments.
List of the prominent players in the Global Thoracic Drainage DevicesMarket:
- Medtronic PLC
- ATMOS MedizinTechnik GmbH & Co. KG.
- Cook Group Inc.
- BARD A Becton, Dickinson Company
- Maquet Holding B.V. & Co. KG
- Sinapi Biomedical
- Medela Inc.
- Teleflex Inc.
- Smiths Medical
- Utah Medical Products Inc.
- Vygon SA
The global Thoracic Drainage Devices market is segmented as follows:
- Pleural Drainage Catheters
- Thoracic Drainage Kits
- Secured Needles
- Thoracic Drainage Systems
- Thoracic Surgery & Pulmonology
- Cardiac Surgery
- Infectious Diseases
- General Intensive Care Emergency Medicine
- Oncology and Pain Management
- Hospitals and Clinics
- Ambulatory Surgery Centers
- Ambulance Services
- Military Surgeons
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America