What’s Driving Growth in the Thoracic Drainage Devices Market? Insights into Key Trends and Opportunities
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What is the Anticipated CAGR of the Thoracic Drainage Devices Market, and What Factors Will Drive It?
Recent years have witnessed a robust growth in the market size for thoracic drainage devices. The market is projected to expand from $0.89 billion in 2024 to $0.97 billion in the succeeding year, implying a compound annual growth rate (CAGR) of 8.95%. This historic growth is primarily a result of rising occurrences of pulmonary diseases, an increase in thoracic surgeries, growth in the elderly population, a higher preference for minimally invasive procedures, and rising instances of pneumothorax and pleural effusion.
The market size of thoracic drainage devices is anticipated to witness robust expansion in the coming years, achieving a value of $1.35 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 8.58%. This growth over the forecast period is primarily due to factors like increased healthcare spending, enhanced consciousness of post-surgical care, improvement in global hospital infrastructure, rising demand for handy drainage systems, and increased usage of disposable medical apparatuses. Key trends expected in this period encompass technological progression in medical equipment, improvements in chest drainage systems, development of intelligent monitoring units, evolution in catheter and tubing materials, coupled with the rolling out of antimicrobial coatings in drainage devices.
What Are the Primary Drivers Supporting the Growth of the Thoracic Drainage Devices Market?
The proliferation of cardiovascular and pulmonary ailment is projected to boost the thoracic drainage devices market’s growth. These disorders, which encompass a variety of conditions affecting the heart, blood vessels, and lungs, have seen a surge in prevalence due to inactive lifestyles, poor eating habits, smoking, and a lack of routine health checks, leading to a heightened demand for specialized treatment and preventive care. Thoracic drainage devices facilitate the management of these disorders by removing excess fluid, air, or blood from the pleural or thoracic cavity, ensuring effective lung expansion and cardiovascular function. With doctor-certified deaths due to coronary heart disease escalating to 14,100 and 14,900 in 2021 and 2022 respectively, and COPD being the underlying cause of 7,691 deaths in 2022 according to reports by the Australian Institute of Health and Welfare, the growing prevalence of cardiovascular and pulmonary disorders is propelling growth in the thoracic drainage devices market. Meanwhile, the inclination towards minimally invasive surgeries is also expected to drive the thoracic drainage devices market’s growth. These medical procedures, characterized by small or no incisions and employing advanced equipment like cameras and specialized instruments for minimal tissue damage, reduced recovery periods, and lesser scarring as compared to traditional open surgery, are gaining popularity. They result in decreased recovery timelines, a lower chance of infection, reduced scarring, and shortened hospital visits. Thoracic drainage devices play an important role in minimally invasive surgeries by effectively managing pleural effusions, air leaks, and liquid accumulation, leading to optimal lung expansion and minimizing recovery complications. Furthermore, the American Society of Plastic Surgeons reported that minimally invasive procedures saw a growth of 7 percent in 2023, outpacing the growth rate of surgical procedures by 2 percent, signifying that the rising inclination for minimally invasive surgeries is contributing to the growth of the thoracic drainage devices market.
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Who Are the Top Companies Contributing to the Growth of the Thoracic Drainage Devices Market?
Major companies operating in the thoracic drainage devices market are:
• Medtronic plc_x000D_
• Terumo Corporation_x000D_
• Smiths Group plc_x000D_
• Teleflex Incorporated_x000D_
• Cook Group Incorporated_x000D_
How Are Technological Trends Affecting the Growth and Development of the Thoracic Drainage Devices Market?
Leading firms in the thoracic drainage devices market are prioritizing the launch of innovative products like evacuated drainage bottles to improve efficiency and reduce infection risk during medical procedures. Essentially, an evacuated drainage bottle is a medical tool utilized for gathering and preserving fluid drained from a wound or surgery site, commonly under vacuum pressure, to foster recovery and prevent infection. For instance, Merit Medical Systems Inc., a producer of disposable medical devices based in the U.S., unveiled the Aspira evacuated drainage bottle in September 2023. This particular medical device is used for draining pleural effusions and malignant ascites, providing patients the opportunity to self-administer treatment at home with greater comfort and control over drainage speed, while also requiring 23% less storage space compared to conventional drainage bottles.
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Which Segments of the Thoracic Drainage Devices Market Hold the Most Potential for Future Development?
The thoracic drainage devices market covered in this report is segmented –
1) By Type: Digital, Traditional
2) By Product: Thoracic Drainage Systems, Thoracic Drainage Kits, Pleural Drainage Catheters, Other Products
3) By Application: Cardiac Surgery, Thoracic And Pulmonary Surgery, Other Applications
4) By End-Users: Hospitals, Ambulatory Surgical Centers, Other End-Users
Subsegments:
1) By Digital: Electronic Monitoring Systems, Digital Drainage Units With Real-Time Pressure Measurement, Automated Fluid Monitoring Devices
2) By Traditional: Suction Drainage Systems, Gravity Drainage Systems, Water-Seal Chest Drains
What Are the Key Regions Powering Growth in the Thoracic Drainage Devices Market?
North America was the largest region in the thoracic drainage devices market in 2024. The regions covered in the thoracic drainage devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Defines the Scope of the Thoracic Drainage Devices Market?
Thoracic drainage devices are medical tools used to remove air, fluid, or blood from the pleural space to prevent complications like pneumothorax or pleural effusion. They typically consist of a tube inserted into the chest, connected to a collection system to facilitate continuous drainage and promote lung re-expansion.
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