Thoracic Drainage Devices Market - Favorable Healthcare Policies to Create Promising Growth Scenario
Thoracic drainage devices recorded sales tantamount to ~US$ 615 Mn in 2018, representing a Y-o-Y growth of ~5% from 2017. As per demand indicators, the shifting paradigms of patient preferences from open surgeries to minimally-invasive surgeries reflect strongly on the sales performance of thoracic drainage devices.
According to the Urgent Care Association of America (UCAOA), ~51% of urgent care is reimbursed by private insurance and ~14% by Medicare. A propitious reimbursement scenario remains integral to cushion the blow of the cost-prohibitive nature of cardiovascular surgeries, thereby leading to the high adoption of these devices. However, low physician accessibility could take a toll on the steady adoptability quo of thoracic drainage devices, which remains a longstanding challenge for market players to tackle.
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The Sword of Product Recalls
An increase in product recall instances has been of paramount concern for market players, which has either been an outcome of voluntary action or on account of market players diverting from FDA regulations. For instance, Teleflex Incorporated announced a product recall for Pleur-evac and Sahara chest drainage products, given the incorrect package unit size. On top of that, labelling and malfunction are also among the top-stated product recall causes. Market players can address this concern by following FDA product development and packaging guidelines, and ensure standard packaging and labelling to avoid product recall instances.
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Hospitals and Specialty Care Remain Central to Patients’ Surgical Needs
Despite an upsurge in applications of thoracic drainage devices, including cardiac surgery, military damage control, and general intensive care, thoracic surgery and pulmonology applications capture the thoracic drainage devices market with a projected share of ~40% in 2019. A spurt in thoracic surgeries, on account of the rising hospitalization cases of pneumothorax and pleural effusions, is projected to generate demand for thoracic drainage devices. However, a sharp rise in the adoption of these devices is witnessed for oncology and pain management applications, given the ease offered by advanced and early diagnostic technologies for the detection of tumors.
Trends also herald the expansion of the landscape, given the acceptance of advanced thoracic drainage devices in hospitals, military clinics, urgent or outpatient care centers, and ambulatory surgery centers, among which, hospitals and specialty clinics account for ~62% of the market share. To add to that, the growing proclivity of patients for better recovery times is projected to catapult the popularity of thoracic drainage devices in outpatient care centers during the forecast period.
North America to Corner the Thoracic Drainage Devices Market
Opportunities are abound for market players, as increasing healthcare initiatives, both, monetary and awareness-based, are taken by the governments of numerous countries, with North America being in the vanguard. A stringent eye of the FDA in the U.S. for quality devices is pushing the envelope of research & development activities, thereby unbolting remunerative opportunities for enhancing the exclusivity of the portfolios of market players.
On top of that, high concentration of hospitals, surgical centers, and outpatient care centers, among others, signifies long-term opportunities for market players. In 2019, North America will account for a share of ~35%, while tracing the footsteps of developed countries, developing countries of Asia Pacific are projected to grow in terms of attractiveness at an exponential rate during 2019-2027.
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Analysts’ Viewpoint
Authors of the report foresee promising growth prospects of the thoracic drainage devices market, with relevant opportunities arising in developing countries. Given the prowess of technology, physicians’ shift away from conventional surgical approaches to minimally-invasive surgical approaches, has strengthened the demand for thoracic drainage devices in a broad spectrum of applications. Among the applications, market players can focus on the development of devices specifically for oncology and pain management applications to improve the infiltration rate of their devices.
In the fragmented landscape, market majors resort to portfolio diversification and merger & acquisition activities to stay relevant in the thoracic drainage devices market. For instance, in January 2017, Becton, Dickinson, and Company averred the launch of the PleurX catheter system for the treatment of non-malignant recurrent pleural effusions. Beside this, market players can leverage the reach of online channels to penetrate new markets and exploit supply opportunities.
Thoracic Drainage Devices Market - Scope of the Study
[219 Pages Report] Transparency Market Research (TMR) conducted a thorough assessment on the thoracic drainage devices market for the forecast period of 2019-2027, to measure the market potential. The exclusive business study uncovers significant aspects of the thoracic drainage devices market to represent underlying opportunities available for stakeholders in the market space.
The global study intends to provide rare and distinguished insights regarding the key trends observed in the thoracic drainage devices market during the forecast period. The information presented in this exclusive study will aid stakeholders in consolidating their market position by devising sustainable growth strategies.
This comprehensive business study comprises a microscopic view of the evolution of the thoracic drainage devices market and changing dynamics that exert a strong influence on the advancement of the landscape. This comprehensive business study offers crucial insights pertaining to the impactful drivers, threats, opportunities, and trends present in the thoracic drainage devices market, to equip stakeholders with recent developments and market shifts.
This exclusive guide assesses and includes Porter’s Five Forces to provide significant growth strategies present in the thoracic drainage devices during the forecast period. The business study provides crucial information regarding the competition present in the thoracic drainage devices market by identifying the key competitors. The comprehensive guide also consists of key strategies employed by market majors, along with their notable developments and key financials.
Thoracic Drainage Devices Market - Key Questions Answered
The exclusive report on the thoracic drainage devices market offers valuable insights to stakeholders functioning in the landscape. Analysts of TMR have taken ample care while preparing the business study, to cover all the key aspects concerning the growth of the landscape for stakeholders of the thoracic drainage devices market. Some of the key questions answered in this global study include:
- What are the crucial market shifts observed in the thoracic drainage devices market?
- What are the underlying profitable opportunities available for stakeholders in the thoracic drainage devices market?
- What are the key trends catapulting the growth of the thoracic drainage devices market?
- What are the recent developments observed in the thoracic drainage devices market?
Thoracic Drainage Devices Market - Research Methodology
The comprehensive research carried out by Transparency Market Research (TMR) analysts comprises a robust methodology, devised in order to assess the crucial insights pertaining to the growth of the thoracic drainage devices during the forecast period. Discussions with key opinion leaders, vendors, industry experts, and market majors were carried out to conduct thorough primary research. In addition, our analysts also referred to marketing collaterals, company websites, financial reports, and government statistics to cull more valuable insights into the thoracic drainage devices market