The airway management devices market is projected to reach USD 2.0 billion by 2024 from USD 1.6 billion in 2019, at a CAGR of 5.1%. The growth of the market is driven mainly by the rising prevalence of chronic respiratory diseases; increasing demand for emergency care; high incidence of preterm births; growth in investments, funds, and grants by government bodies for improving emergency care infrastructure. In addition, emerging economies (such as China, India, Brazil, and Mexico) are expected to offer lucrative growth opportunities for market players in the market. However, factors such as the harmful effects of certain devices on neonates, the dearth of skilled professionals, and increasing pricing pressure on market players are adversely impacting the growth of the market.
Adult patients segment to account for the largest share of the market, by patient age, in 2018
Based on patient age, the market has been segmented into adult patients and pediatric patients/neonates. The adult patients segment accounted for the largest market share in 2018. The rising geriatric population and the high prevalence of chronic diseases in adult patients are the major factors contributing to the large percentage of the adult patients segment.
The Asia Pacific market is expected to grow at the highest CAGR during the forecast period
North America dominated the market in 2018. The market in the APAC is relatively smaller than developed markets across North America and Europe; however, it is expected to grow at the highest rate during the forecast period. This can be attributed to the presence of high-growth markets such as Japan, China, India, South Korea, Taiwan, Australia, and Singapore; rapid growth in the geriatric population; increasing demand for critical care units; supportive reimbursement policies in Japan; the implementation of favorable government initiatives; growing per capita income; increasing investments in the healthcare industry by key market players; rising demand for cutting-edge technologies; and the expansion of private-sector hospitals to rural areas. Also, the APAC is becoming a medical tourism hub and is considered as one of the fastest-growing markets for medical procedures and devices. Low infrastructure and treatment costs and the availability of highly educated physicians have driven medical tourists to APAC countries, particularly India and China
Key Market Players
Prominent players in the airway management devices market are Medtronic (Ireland), Smiths Medical (US), Teleflex (US), Ambu (Denmark), KARL STORZ (Germany), Flexicare (US), Verathon (US), Intersurgical (UK), SunMed (US), Vyaire Medical (US), VBM Medizintechnik (Germany), SourceMark (US), and Salter Labs (US).