Kenneth Research recently added a report on ‘Thoracic Drainage Devices Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Thoracic Drainage Devices Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Thoracic Drainage Devices Market products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Thoracic Drainage Devices Market will expand at a stable rate owing to an increase in various incidences such as pleural effusion and pneumothorax, coupled with an acceptance of advanced thoracic drainage technological products over the forecast period.
Thoracic Drainage Devices Market: Market Dynamics
The thoracic drainage devices can be primarily used for ailment signs of pneumothorax, pleural effusion, traumatic pneumothorax and some cardiac surgeries. Some of the key boosting factors for the growth of thoracic drainage devices market include the rise in patient’s preference of cardiovascular diseases, coupled with rising minimally invasive surgeries demand.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Cardiovascular diseases are some serious health issues effecting a large number of people across the world. Some of the causes for cardiovascular problems include diabetes, hypertension, along with obesity. These factors are causing cardiovascular disorders, mainly heart strokes, atresia, regurgitation, and stenosis.
Rise in open heart surgeries, caused by overweight, lack of workout, smoking and unhealthy lifestyles will further create a significant demand for thoracic drainage device, which will boost the market significantly.
Thoracic Drainage Devices Market: By Application
In terms of application, the thoracic drainage devices market has been segmented into thoracic surgery & pulmonology, general intensive care & emergency medicine, cardiac surgery, oncology & pain management, infectious disease, and military/damage control medicine.
The thoracic surgery & pulmonology segment is predicted to hold the prime share of the market, owing to increasing pulmonological and thoracic disorders. Moreover, these devices are further used for treating pleural effusions, empyema, and pneumothorax disorders.
Thoracic Drainage Devices Market: By Region
North America and Europe likely to contribute the dominant share of the global thoracic drainage devices market. The market share is majorly backed by the revenue generated by the U.S. market. This is majorly augmented by the factors like high level of end-user awareness, coupled with favorable health insurance policies.
Moreover, the U.S. market is mainly driven by rising adoption of new devices and affordable medical insurance plans for cardiovascular surgical treatments.
Europe held the second dominant share of the global market. It is majorly contributed by Germany. Rising consumer awareness regarding cardiovascular diseases, coupled with rising health care expenditure will drive the Europe thoracic drainage devices market.
Less healthcare facilities’ penetration, coupled with the lack of product availability of thoracic drainage devices will restrict the market growth in regions like Latin America, Middle East, and Africa.
Thoracic Drainage Devices Market: Competitive Landscape
Some of the key contributors in the global market include Vygon S.A., Cook Medical, Maquet Holding B.V. & Co. KG, Smiths Medical, Medela, Teleflex Incorporated, Medtronic Plc., C. R. Bard, Inc., Utah Medical Products, Inc., and Atmos Medizine Technik Gmbh & Co. KG among several others.
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