Global Medical Suction Devices Market: Overview and Scope
Suction devices have a wide range of applications in the clinical environment and are used to remove fluid and other debris in the body with the help of a vacuum. Medical suction devices, both handheld and wall-mounted ones, are used in surgical procedures, for airway clearing, and in research and diagnostics at home, hospitals, pre-hospitals, and clinics. These devices can be manually operated or be battery-powered, AC-powered, or dual-powered.
Hospitals and clinics are the most preferred settings for medical suction devices, and the soaring demand for suction devices in these areas positively impacts the demand for wall-mounted devices. While the demand for medical suction devices in surgical applications is significantly high, their application in the field of diagnostics is anticipated to gain prominence in the coming years owing to an increase in clinical research and diagnostics.
The report offers clients an in-depth evaluation of the performance, contribution, and size of the medical suction devices market. The scope and dynamics of this market also form an integral part of the research study. The leading segments and players have been identified and assessed with the help of the latest market intelligence tools, including SWOT analysis, Porter’s Five Forces analysis model, market attractiveness analysis, and value chain analysis.
Global Medical Suction Devices Market: Key Trends and Opportunities
The paradigm shift from traditional health care settings to home health care, coupled with the growing need for portable and compact devices, has significantly boosted the market for medical suction devices. Portable suction devices are easy to use, reliable, and durable and as a result, their adoption in home care settings has greatly increased. The increase in aging population is another factor boosting the market for medical suction devices. Rising geriatric population globally will result in an increased demand for emergency care and growth in surgical procedures. This, in turn, will positively impact the need for effective suction devices.
Other factors driving the global medical suction devices market include declining prices of suction devices, increase in the number of surgical procedures, and growing incidences of chronic respiratory diseases.
Global Medical Suction Devices Market: Region-wise Outlook
Geographically, the global medical suction devices market can be segmented into Asia Pacific, Europe, North America, and Rest of the World. North America accounts for the largest share in the overall medical suction devices market and is most likely to retain its lead throughout the forecast period. One of the key factors boosting the market for medical suction devices in this region is the rising incidence of chronic diseases across the region. The Centers for Disease Control and Prevention (CDC) estimates that around 50% of the American population suffered from at least one chronic disease in 2014. Seven out of 10 deaths in the U.S. resulted from chronic diseases and these diseases accounted for a whopping 86% of the total health care costs in the country.
The Asia Pacific market for medical suction devices is projected to gather steam in the coming years and expand at the fastest pace through 2024. The increasing prevalence of chronic diseases, the increase in aging population, and the consequent increase in home care as well as surgical interventions will bolster the medical suction devices market in Asia Pacific. The growing focus of leading players on the APAC region as a strong and lucrative contender is also anticipated to benefit the medical suction devices market here.
The international medical suction devices market boasts of a number of small and large players competing at various levels. These include Laerdal Medical, Labconco Corporation, ZOLL Medical Corporation, Precision Medical, Inc., Medela Holding AG, Amsino International, Inc., INTEGRA Biosciences, Welch Vacuum, Drive Medical, Allied Healthcare Products, Inc., Olympus Corporation, MG Electric Ltd., Medicop, ATMOS Medizintechnik GmbH & Co. KG, SSCOR, Inc., and Weinmann Geräte für Medizin GmbH + Co. KG.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.