Market Trends of Global Thoracic Drainage Devices Industry
This section covers the major market trends shaping the Thoracic Drainage Devices Market according to our research experts:
Thoracic Surgery & Pulmonology Segment is Expected to Register a Significant Growth in the Forecast Years
By application, the thoracic surgery and pulmonology segment is anticipated to register a significant growth rate during the forecast period. Factors that are driving the segment growth include the rising prevalence of pulmonary diseases and the growing geriatric population. Pulmonary diseases affect the airways and other parts of the lungs for a long duration of the period.
Thoracic and pulmonological disorders are quite common and the prevalence of these disorders is increasing as compared to other applications this trend is expected to continue over the forecast period. As per the study published in January 2022, titled "A brief overview of thoracic surgery in the United States" approximately 530,000 general thoracic surgery cases are performed yearly in the United States by around 4,000 cardiothoracic surgeons. Moreover, as per the United States Census and the Society of Thoracic Surgery, data updated in July 2021 by 2030, it is expected that there will be about 3,000 cardiothoracic surgeons available to cover about 854,000 cases. Thoracic drainage devices are used in the treatment of pneumothorax, pleural effusions, and empyema disorders. In addition, growing public awareness and a large patient pool also contribute to the growth of the studied market.
Moreover, as per the Asthma and allergy foundation of America published in March 2021, Roughly 1 in 13 Americans have asthma, which is about 25 million people. Asthma is one of the largest contributors to this figure, affecting children, adults, and elderly people. The same source stated that about 5 million American children have asthma. There is a high prevalence of severe asthma in the Middle East & Africa and the Latin America region as compared to the mid-range of prevalence in North America, Europe, and Asia-Pacific countries. Thus, with the increasing number of cases of pulmonary infections, the demand for thoracic drainage devices is expected to increase over the forecast period. Thus, the aforementioned factors are boosting the growth of the market segment over the forecast period.
North America is Expected to Dominate the Thoracic Drainage Devices Market
North America is expected to lead the market, owing to high standards of healthcare infrastructure and easy availability of sophisticated technology in this region. This is primarily attributed to rising incidences of chronic diseases as well as higher healthcare expenditure in countries in the region.
According to the Centers for Disease Control and Prevention (CDC)'s Article titled 'Heart Disease Facts,' updated in February 2022, Heart disease is one of the leading causes of death in the United States. The same source also reports that every year about 659,000 Americans have a heart attack. With the increasing prevalence of heart diseases globally, the need for heart surgery increases requiring thoracic drainage devices, thus, driving the studied market.
Additionally, the region has seen a sharp increase in chronic disorders in recent years. According to National Center for Chronic Disease Prevention and Health Promotion, data updated in June 2022, 6 in 10 Americans live with at least one chronic disease, like heart disease and stroke, cancer, or diabetes. These and other chronic diseases are the leading causes of death and disability in America, and they are also a leading driver of health care costs. The need for thoracic drain devices has been sparked for this reason, which has improved growth prospects.
Thus, the aforementioned factors are expected to drive market growth over the forecast period.
