PUBLISHER: Orion Market Research | PRODUCT CODE: 1123182
PUBLISHER: Orion Market Research | PRODUCT CODE: 1123182
Global Medical Suction Devices Market Size, Share & Trends Analysis Report by Types (Battery-Powered, AC Powered, Dual Powered, Manual), By Suction Parts (Debris Trap, Bacterial Filter, Suction Catheter, and Others), By Application (Respiratory Tract Suction, Surgical Suction, Thorax Drainage, Wound & Vacuum) and By End-user ( Hospital, Clinics and Home Care) Forecast, 2021-2027
The global medical suction devices market is anticipated to grow at a CAGR of 5.7% during the forecast period. The major factor driving the growth of the market include the increasing demand for compact and portable devices and a shift in business model from traditional healthcare settings to home healthcare. Moreover, the rising prevenances of chronic respiratory diseases and decreasing prices of medical suction devices making them more affordable is therefore advancing their market penetration. On the contrary, the key factor hindering the growth of demand for the medical suction market includes the limited reimbursement coverage of these devices that are approved for home care use. However, the growing healthcare infrastructure in various emerging economies coupled with advancements in medical suction devices crates significant opportunities in the medical suction devices market.
Impact of COVID-19 on Global Medical Suction Devices Market
COVID-19 has dramatically affected the world and the medical industry in particular, whether for prevention, diagnosis, or therapy. The pandemic resulted in an unusual and unexpected increase in demand for certain medical devices. However, it also caused significant disruptions in the manufacturing of medical devices and supply chain operations for others. World Health Organization (WHO) declared suction pumps are identified as an essential medical device to fight against the COVID-19 pandemic. As the virus attacks the lungs of infected patients is the major symptom of COVID-19, in this case, the infected patient needs ventilation until the lungs are recovering to their normal position. These suction pumps will limit the spread of COVID-19 and other viral infections. Therefore suction pumps coupled with the new upcoming technologies have made the companies taking interest in manufacturing suction devices is projected to create a significant opportunity in the market resulting from the positive growth of the medical suction devices market.
Segmental Outlook
The global medical suction devices market is segmented based on types, suction parts, application, and end-user. Based on types, the market is segmented into battery-powered, ac powered, dual powered, manual, and based on suction parts the market is classified into Debris Trap, Bacterial Filter, Suction Catheter, and Others(Vacuum Pump). Further based on application, the market is segmented into respiratory tract suction, surgical suction, thorax drainage, wound & vacuum, and based on end-user the market is segregated into hospitals, clinics, home care.
Global Medical Suction Devices Market Share by Application, 2020 (%)
Global Medical Suction Devices Market Share by Application
Surgical suction is estimated to have a significant share in the global Medical Suction Devices Market
Among applications, surgical suction is projected to have a significant share during the forecast period. The key factor contributing to the growth of the segment is the rising number of surgical procedures throughout the globe. Also, the rapidly growing use of suction devices in the field of diagnostics and clinical research is propelling the robust growth of the surgical suction segment. Further availability of different types of surgical suction devices according to the surgical procedure is also rising the demand for the surgical suction segment. On the other hand, the lack of a high budget among the hospitals in countries with low income to purchase such costly surgical devices may hinder the growth of the segment. However, rising disposable incomes and healthcare expenditure in emerging economies are creating a significant opportunity for the growth of the surgical suction segment.
Regional Outlooks
The global medical suction devices market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to have a significant share in the global market attributed to the increasing demand for suction devices for the treatment of chronic respiratory diseases. US is the major player in the region due to the presence of well-established healthcare infrastructure and easy approval process for the class I devices by the US Food and Drug Administration (FDA). However, a highly commoditized market and limited reimbursement policies may restrain the market growth to some extent.
Global Medical Suction Devices Market Growth, by Region 2021-2027
Global Medical Suction Devices Market Growth, by Region
Asia-Pacific is projected to have significant growth in the global Medical Suction Devices Market during the forecast period
Asia-Pacific is projected to grow significantly in the medical suction devices market. The growth is attributed due to the rising focus of market participants such as Integra Biosciences, Medela AG, Zoll Medical Corp., in the Asia Pacific region and the increasing number of healthcare facilities in the region is boosting the growth of the market. China is projected to have the largest market share in the region due to a huge number of customers with unmet demands, increasing the adoption of highly advanced technological devices. Further, the growth of the market in India can also be seen due to factors contributing such as increasing prevenances of chronic respiratory diseases, technological advancement, and increasing government involvement in various medical policies that are propelling the growth of the market in the Asia Pacific region.
Market Players Outlook
The key players of the Medical Suction Devices Market include Allied Healthcare Products, Inc., Atmos Medizintechnik GmbH & Co. Kg, Medela AG, Zoll Medical Corp., among others. The market players are considerably contributing to the market growth by adopting various strategies including mergers, and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in December 2020, Ingersoll Rand Inc announced that it acquired assets of Tuthill Corps vacuum and blower systems. The US-based Tuthill corps vacuum and blower systems are involved in manufacturing and designing mechanical vacuum pumps, vacuum boosters, and engineered systems. This acquisition will enable Ingersoll Rand to accelerate its growth plan and demonstrate its ability to create premium and iconic industrial brands along with complementary technology.
The Report Covers
Market value data analysis of 2020 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global Nephrotic Syndrome Diagnostics & Therapeutics market
Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where in the market.