Airway Management Devices Market Size Worth $3.5 Billion By 2028 | COVID-19 Implications And Growth
The global airway management devices market is projected to reach USD 3.5 billion by 2028 from USD 1.2 billion in 2021, at a CAGR of 3.2% during 2018-2028. The approximately US$ 1.3 billion market for airway management devices is likely to observe a sluggish pace over next few years, presumably crossing the revenue of US$ 1.5 Bn towards 2022 end. Around half of the market value share is accounted by North America, according to the report.
A senior research analyst at the company says, “The well-known complications and contraindications associated with the use of airway management devices continue to restrict adoption of airway management device types. The subsequent safety concerns are thus leading to frequent product recalls, resulting in the limited growth potential of airway management device landscape at a global level”.
Explaining the market dynamics further, the analyst says, “The companies are however extending strong efforts towards adapting their products to evolving regulatory guidelines and thereby boosting new product launches. While preventing product recalls will remain in the focal point for manufacturers of airway management devices, they continue to primarily witness sustained demand for anesthesia administration”.
Pre-hospital Settings Are Increasingly Demanding ‘Safer’ Single Use Airway Management Devices
With decently growing demand for emergency medical services and trauma management, the pre-hospital airway management is constantly becoming an imperative segment. With a primary objective to prevent the risks of cross infection, pre-medical settings are generating consistently growing demand for disposable laryngeal masks. While these airway management devices allow easy insertion and curtail the chances of gastric aspiration, it is more likely that single use airway management devices will witness steady revenue growth in coming years.
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FMI Highlights Opportunities for Pediatric Airway Management Devices Manufacturers
In an effort to facilitate the otherwise challenging pediatric airway management, manufacturing companies leading the airway management devices landscape are incorporating an extensive range of cutting-edge technologies in existing devices. The FMI report indicates a chunk of lucrative opportunities residing in the pediatric airway management segment.
- The Classic Laryngeal Mask Airway (LMA) is currently witnessing notable traction owing to its exceptional efficiency in terms of attaining ventilation in children.
- The Proseal LMA is likely to enjoy notable adoption in coming years.
- Recently, Smith Medical launched Protex Bivona FlexTend TTS tracheostomy tubes exclusively for newborns, further covering pediatric patients in the company’s flagship product line.
The FMI analyst also says, “While the airway management space has been witnessing the successful introduction of next-generation endo-bronchial tubes equipped with camera, there is a strong likelihood of fostered product demand for thoracoscopic lung surgeries as well as in robotic surgeries. This and more such technological innovations can potentially uplift the revenue growth scenario of airway management devices market in coming years”.
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Segmentation Analysis by FMI at a Glance
- EndoBronchial tubes hold over 40% share of the current market value, followed by laryngeal masks, reveals the airway management devices market analysis by the type of product. Nasal airway tubes are projected for a relatively positive revenue growth outlook in the near future.
- Based on the type of usage, single use or disposable airway management devices continue to command over the major market revenue, in contrary to the reusable airway management devices.
- While hospitals are identified to be accounting for over 45% market revenue share according to the end user analysis, ambulatory surgical centers also hold a sizable share of the total market value.
- With more than half of the total market value attained through estimated sales of airway management devices, North America continues to govern the global landscape, led by the US reportedly contributing more than US$ 840 Mn to the market in 2019.
- Western Europe and Asia Pacific are projected to position themselves as the next important regional markets for airway management devices.
Companies Extend Concerted Efforts on Introducing New ‘Readily Approved’ Products
New product launches currently atop the strategic minds of global leaders in the airway management devices landscape. The key focus area however is to abide by the regulatory standards and achieve approvals in the first go.
Teleflex Incorporated recently announced the launch of LMA Gastro Airway that is a Cuff Pilot Technology-enabled laryngeal mask. While this is the first-ever laryngeal mask that allows facilitated esophageal access, it also promotes the airway control during a range of endoscopic procedures.
M&A Remains a Favoured Strategy for an Edge over Competition
Strategic mergers and acquisitions will also remain an important generator of expansion opportunities for leading players in airway management devices market.
Partial acquisition of Airway Medix S.A. by Teleflex Incorporated that completed in the H2 last year had enabled the former to introduce CSS technology-enabled airway management. This advanced technology product innovation has been the company’s important engine for regional market penetration.
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