Airway Management Devices Market Growth Accelerated by Effective Airway management

 

Airway Management Devices Market

Airway management devices are medical devices used for securing and maintaining a safe airway during anesthesia, resuscitation, and emergency medicine situations. It comprises products such as laryngeal mask airways, tracheal tubes, intubation devices, resuscitators, tracheostomy tubes, and others. Laryngeal mask airways are used as access way during general anesthesia and ventilation to secure airway. Tracheal tubes are inserted through the mouth into the windpipe during anesthesia to help patients breathe when they are unconscious or unable to breathe adequately by themselves. 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 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

The growing prevalence of respiratory diseases is estimated to be the major driver for the airway management devices market growth over the forecast period. As per the statistics by the World Health Organization, respiratory diseases accounted for ~4 million deaths in 2019. Conditions like asthma, chronic obstructive pulmonary disease (COPD), respiratory infections, etc. are leading causes of morbidity and mortality worldwide. Airway management devices play an important role in handling airway obstruction in respiratory diseases and help maintain proper ventilation. Furthermore, increasing aging population with high susceptibility to respiratory diseases will further drive the demand for airway management devices. According to the United Nations Population Fund (UNFPA), the number of people aged 65 years or over is projected to grow to nearly 1.5 billion in 2050 from 703 million in 2019. However, the high cost of advanced airway management devices may hinder market growth during the forecast period.

 

SWOT Analysis

Strength: The airway management devices market has significant growth opportunities due to the increasing prevalence of respiratory diseases and chronic obstructive pulmonary disease (COPD). The rising geriatric population is also boosting the demand for airway management devices as elderly people are more prone to respiratory disorders. Major market players are extensively conducting R&D activities to develop innovative airway management devices with advanced features.

Weakness: High costs associated with advanced airway management devices hamper their widespread adoption in developing regions. Lack of availability of skilled professionals to handle airway management devices poses a challenge especially in rural areas.

Opportunity: Favorable government initiatives and investments to modernize healthcare infrastructure will create lucrative opportunities. Growing awareness about importance of emergency care and resuscitation practices are expected to drive the demand. Untapped opportunities exist in developing countries due to rising healthcare expenditures.

Threats: Stringent regulatory approval process and standards for new airway management devices may delay their commercialization. Intense competition amongst existing market players impacts pricing strategies.

Key Takeaways

 

The Global Airway Management Devices Market Size is expected to witness high growth.

Regional Analysis: The Asia Pacific region is expected to experience the fastest growth during the forecast period due to rising medical tourism, increasing healthcare expenditure and growing incidences of respiratory diseases. China dominates the APAC market due to large population base and rapidly developing healthcare infrastructure.

 

Key players operating in the airway management devices market are Nanya PCB (Taiwan), Tripod Technology Corporation (Taiwan), Unimicron Technology Corporation (Taiwan), Ibiden Co., Ltd. (Japan), Compeq Manufacturing Co., Ltd. (Taiwan), TTM Technologies, Inc. (United States), Kingboard Holdings Limited (Hong Kong), Shennan Circuits Company Limited (China), AT&S Austria Technologie & Systemtechnik AG (Austria), Multek (a subsidiary of Flex Ltd.) (United States). These players are focusing on new product launches, partnerships, and expansion strategies to gain more market share.

Get More Insights Here

https://www.newswirestats.com/airway-management-devices-market-size-share-growth-outlook-2023-3/