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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.

thoracic drainage devices market infographic

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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.

thoracic drainage devices market segmentation

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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.

According to Transparency Market Research’s latest market report on the thoracic drainage devices market for the historical period of 2017–2018 and forecast period of 2019-2027, rise in the prevalence of cardiovascular diseases, increase in burden of spontaneous pneumothorax, and surge in health insurance coverage are the key factors likely to boost the growth of the global thoracic drainage devices market during the forecast period.

  • According to the report, the global thoracic drainage devices market was valued at ~US$ 615 Mn in 2018. The global thoracic drainage devices market is expected to expand at a CAGR of ~5% from 2019 to 2027.

High Prevalence of Cardiovascular Diseases: A Key Driver

  • Cardiovascular disease is a serious health problem affecting a large population across the globe. Hypertension, diabetes, and obesity are the leading causes of cardiovascular disorders, especially stroke, stenosis, atresia, and regurgitation.
  • Cardiac disorders are caused due to obesity and a sedentary lifestyle. This leads to an increase in the number of cardiac surgeries. Thoracic drainage devices are required post-surgery to vacate the pleural space.
  • According to the Press Information Bureau, Government of India, the country has around 30 million people suffering from cardiac diseases, and nearly 200,000 open heart surgeries are carried out in India each year, one of the highest, globally
  • Rise in the prevalence of these disorders and increase in cardiac surgical procedures are expected to propel the thoracic drainage devices market during the forecast period.

New Product Development and Technological Advancements

  • Key market players are engaged in the development of technologically-advanced thoracic drainage devices.
  • Rise in the demand for thoracic drainage devices due to increase in cardiovascular-related surgeries is anticipated to drive the thoracic drainage devices market.
  • For instance, ATMOS MedizinTechnik GmbH & Co. KG offers ATMOS S 201 Thorax and ATMOS C 051 Thorax (digital thoracic drainage systems). These new device models are battery-powered. These devices enable earlier mobilization of patients and provide higher therapeutic safety.
  • Medela AG’s Thopaz (chest drainage system) provides key therapeutic indicators required for chest drain management, including precise and objective data on air leaks, fluid volume, and pleural pressure. Moreover, using the latest digital technology to provide this data, physicians can make decisions with more certainty regarding when to remove chest drainage tubes that are inserted, following a cardiothoracic surgery.

Product Recall Due to Improper Packaging and Malfunction Restrains Market

  • Recall of thoracic drainage devices in the U.S. is a major restraint of the market. These recalls could be either by the company or by the FDA when the product violates FDA laws.
  • For instance, in June 2019, Getinge announced a medical device recall for its custom tubing kits for heart lung machines.
  • In 2015 and 2016, Cook Medical recalled all Beacon Tip catheters due to an unexpected increase in complaints.
  • In March 2015, Teleflex Incorporated announced an urgent medical device recall notification for Pleur-evac and Sahara chest drainage products. This recall was primarily due to incorrect package unit size. Furthermore, in March 2016, Teleflex Incorporated announced the recall of the product Pleur-evac chest drainage system due to improper labelling.
  • Hence, product recall is a major restraint of the global thoracic drainage devices market.

Thoracic Drainage Devices Market: Competitive Landscape

  • This report profiles major players in the global thoracic drainage devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments.
  • The global thoracic drainage devices market is fragmented, with the presence of a few large-scale players in international markets and several small-scale players in regional markets. The top three to four players hold a majority share of the global thoracic drainage devices market.
  • Prominent players operating in the global thoracic drainage devices market include
    • C. R. Bard, Inc. (BD)
    • MAQUET Holding B.V. & Co. KG (Getinge AB)
    • Smiths Medical (Smiths Group plc)
    • Teleflex Incorporated
    • Vygon SA
    • Medtronic
    • Cook Medical
    • Utah Medical Products, Inc.
    • ATMOS MedizinTechnik GmbH & Co. KG
    • Sinapi Biomedical
    • Medela AG
    • Rocket Medical plc.

Thoracic Drainage Devices Market: Key Developments

Key players in the global thoracic drainage devices market are engaged in the development of new products, mergers & acquisitions, collaborations, and integration. These strategic steps by industry players are likely to propel the global thoracic drainage devices market. Some developments in the global market are:

  • In February 2019, Teleflex Incorporated was awarded a group purchasing agreement for SURPASS with Premier. Premier is a leading healthcare improvement company. Effective January 1, 2019, Teleflex’s broad range of respiratory disposable products were made available to Premier members.
  • In September 2018, Vygon SA acquired 20% stake in OxyNov, a Canada-based company specializing in innovative oxygen therapy and respiratory assistance medical devices.
  • In February 2018, BD closed the divestiture of its soft tissue core needle biopsy line and Aspira product line to Merit Medical for US$ 100 Mn.
  • In February 2018, in cooperation with leading surgeons, ATMOS Medizintechnik redesigned its digital thoracic drainage systems. New device models ATMOS S 201 Thorax and ATMOS C 051 Thorax enable earlier mobilization of patients and provide higher therapeutic safety.

In the global thoracic drainage devices market report, we have discussed individual strategies, followed by company profiles of manufacturers of thoracic drainage devices. The ‘Competitive Landscape’ section is included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global thoracic drainage devices market.

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

Thoracic Drainage Devices Market - Segmentation

In order to offer an incisive view of the thoracic drainage devices market, analysts and researchers of the global study have segmented the thoracic drainage devices market into key categories on the basis of product, application, end user, and region. This exclusive study also assesses the incremental opportunity available in the thoracic drainage devices market during the forecast period of 2019 to 2027. Significant segments of the thoracic drainage devices market are as mentioned below:

Product

Pleural Damage Catheters

Secured Needles

Thoracic Drainage Kits

Thoracic Drainage Systems

Trocar Drains

Unsecured Needles

 

Application

Cardiac Surgery

General Intensive Care & Emergency Medicines

Infectious Diseases

Military/Damage Control/Disaster Medicines

Oncology & Pain Management

Thoracic Surgery & Pulmonology

End User

Ambulance Services

Ambulatory Surgery Centers

Hospitals & Specialty Clinics

  • Anesthesiologists
  • Cardiologists
  • Infectiologists
  • Other Medical Specialties
  • Pulmonologists

Military Surgeons

Urgent Care or Outpatient Care

 

Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

 

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