by The global Airway Management Devices Market is estimated to be valued at US$ 1,825.4 million in 2022 and is expected to exhibit a CAGR of 6.8% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Airway management devices are essential tools used in the medical field to ensure the maintenance of a patent and secure airway during various medical procedures. These devices play a crucial role in managing breathing difficulties, such as in cases of respiratory distress, anesthesia administration, and emergency situations. The advantages of airway management devices include improving oxygenation, enhancing ventilation, facilitating suctioning, and preventing aspiration. With the increasing prevalence of respiratory ailments and the growing demand for efficient airway management solutions, the market for airway management devices is expected to witness significant growth in the coming years.
Market Key Trends: The key trend in the airway management devices market is the growing adoption of advanced video laryngoscopes. This trend is driven by various factors such as their ability to provide a clear view of the vocal cords and tracheal structures, ease of intubation, and reduced complications. Video laryngoscopes offer improved visualization during intubation procedures, particularly in patients with difficult airways. They are widely used in emergency departments and operating rooms for both routine and challenging intubations. The rising preference for video laryngoscopes over traditional direct laryngoscopes is expected to drive market growth in the forecast period. Market players such as Medtronic PLC, Teleflex Incorporated, and KARL STORZ are focusing on the development of innovative video laryngoscopes to cater to the increasing demand for advanced airway management devices.
Porter’s Analysis
Threat of New Entrants:
The threat of new entrants in the Airway Management Devices market is relatively low. This is primarily due to the high barriers to entry, including the need for substantial capital investment and the requirement of regulatory approvals. Additionally, well-established companies in the market have strong brand recognition, extensive distribution networks, and established relationships with healthcare providers, making it challenging for new entrants to compete effectively.
Bargaining Power of Buyers:
Buyers in the Airway Management Devices market have moderate bargaining power. This is because there are several suppliers and products available in the market, providing buyers with options to choose from. However, buyers often require specific products that meet their unique needs, which limits their bargaining power to some extent. Moreover, healthcare providers focus on quality and reliability, making them less price-sensitive and reducing their ability to exert significant pressure on suppliers.
Bargaining Power of Suppliers:
The bargaining power of suppliers in the Airway Management Devices market is relatively high. This is attributed to the limited number of suppliers offering specialized medical devices, such as endotracheal tubes and laryngeal masks. These suppliers have strong control over the market and can dictate prices and terms of supply. Moreover, the high switching costs associated with changing suppliers further limit the buyer’s power and increase the supplier’s leverage.
Threat of New Substitutes:
The threat of new substitutes in the Airway Management Devices market is low. Currently, there are limited alternatives that can effectively replace airway management devices. While there may be advancements in medical technology in the future, it is unlikely that these substitutes would offer the same level of safety and reliability as the existing devices. Therefore, the threat of substitution remains minimal.
Competitive Rivalry:
The competitive rivalry in the Airway Management Devices market is moderate to high. The market is fragmented, with several key players competing for market share. These players constantly strive to innovate and introduce advanced devices to gain a competitive edge. Price competition is also prevalent, with players offering competitive pricing to attract healthcare providers. Overall, the competitive rivalry in the market is intense, driving companies to differentiate their products and focus on customer satisfaction.
Key Takeaways
The global Airway Management Devices Market Share is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period (2022-2030). This growth is primarily driven by the increasing prevalence of respiratory diseases, such as chronic obstructive pulmonary disease (COPD) and sleep apnea, which require airway management interventions. Moreover, the rising geriatric population and the growing number of surgical procedures further contribute to market growth.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the Airway Management Devices market. This can be attributed to the high adoption of advanced healthcare technologies, favorable reimbursement policies, and well-established healthcare infrastructure in the region. Additionally, increased awareness about the importance of airway management and the presence of major market players contribute to the region’s market dominance.
Key players operating in the Airway Management Devices market include Medtronic PLC, ICU Medical, Inc., Viggo Medical Devices, Teleflex Incorporated, Olympus America, Polymedicure, Ambu A/S, Verathon Inc., SourceMark, SunMed, KARL STORZ, Flexicare (Group) Limited, and Vyaire Medical. These key players hold a significant market share, drive innovation, and focus on strategic partnerships and acquisitions to strengthen their market position and expand their product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
