Thoracic Drainage Devices Market to Surge at a Robust Pace by 2027

Thoracic Drainage Devices Market - Favorable Healthcare Policies to Create Promising Growth Scenario

Thoracic drainage devices recorded sales tantamount to ~US$ 615 Mn in 2018, representing a Y-o-Y growth of ~5% from 2017. As per demand indicators, the shifting paradigms of patient preferences from open surgeries to minimally-invasive surgeries reflect strongly on the sales performance of thoracic drainage devices.

According to the Urgent Care Association of America (UCAOA), ~51% of urgent care is reimbursed by private insurance and ~14% by Medicare. A propitious reimbursement scenario remains integral to cushion the blow of the cost-prohibitive nature of cardiovascular surgeries, thereby leading to the high adoption of these devices. However, low physician accessibility could take a toll on the steady adoptability quo of thoracic drainage devices, which remains a longstanding challenge for market players to tackle.

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The Sword of Product Recalls

An increase in product recall instances has been of paramount concern for market players, which has either been an outcome of voluntary action or on account of market players diverting from FDA regulations. For instance, Teleflex Incorporated announced a product recall for Pleur-evac and Sahara chest drainage products, given the incorrect package unit size. On top of that, labelling and malfunction are also among the top-stated product recall causes. Market players can address this concern by following FDA product development and packaging guidelines, and ensure standard packaging and labelling to avoid product recall instances.

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Hospitals and Specialty Care Remain Central to Patients’ Surgical Needs

Despite an upsurge in applications of thoracic drainage devices, including cardiac surgery, military damage control, and general intensive care, thoracic surgery and pulmonology applications capture the thoracic drainage devices market with a projected share of ~40% in 2019. A spurt in thoracic surgeries, on account of the rising hospitalization cases of pneumothorax and pleural effusions, is projected to generate demand for thoracic drainage devices. However, a sharp rise in the adoption of these devices is witnessed for oncology and pain management applications, given the ease offered by advanced and early diagnostic technologies for the detection of tumors.

Trends also herald the expansion of the landscape, given the acceptance of advanced thoracic drainage devices in hospitals, military clinics, urgent or outpatient care centers, and ambulatory surgery centers, among which, hospitals and specialty clinics account for ~62% of the market share. To add to that, the growing proclivity of patients for better recovery times is projected to catapult the popularity of thoracic drainage devices in outpatient care centers during the forecast period.

North America to Corner the Thoracic Drainage Devices Market

Opportunities are abound for market players, as increasing healthcare initiatives, both, monetary and awareness-based, are taken by the governments of numerous countries, with North America being in the vanguard. A stringent eye of the FDA in the U.S. for quality devices is pushing the envelope of research & development activities, thereby unbolting remunerative opportunities for enhancing the exclusivity of the portfolios of market players.

On top of that, high concentration of hospitals, surgical centers, and outpatient care centers, among others, signifies long-term opportunities for market players. In 2019, North America will account for a share of ~35%, while tracing the footsteps of developed countries, developing countries of Asia Pacific are projected to grow in terms of attractiveness at an exponential rate during 2019-2027.

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monali Joined: April 13th, 2018