Dublin, July 08, 2024 (GLOBE NEWSWIRE) -- The "Global Digital Thoracic Drainage Devices Market: Analysis By Type, Application, End User, Region Size, Trends and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The digital thoracic drainage devices market value stood at US$167.94 million in 2023, and is expected to reach by US$238.15 million by 2029. The market is expected to grow at a CAGR of 6.07% over the projected period of 2024-2029.
Global digital thoracic drainage devices market demonstrated a consistent growth, primarily driven by increased thoracic surgery volume, growing demand for minimally invasive surgeries, rising acceptability of digital thoracic drainage systems (DTDS), rise in prevalence of cardiovascular disease globally, and surge in burden of spontaneous pneumothorax.
Moreover, DTDS helps reduce or eliminate the cost of hospital stay. In addition, emerging economies, including China, India, South Korea, Brazil, Russia, South Africa, and Turkey, provide significant opportunities for prominent companies in the thoracic drainage devices market owing to their massive population, specifically in China and India.
The global digital thoracic drainage devices market is moderately consolidated, with few players accounting for the majority of market revenue, and competing to offer superior products in the business space. Large market players are focusing on developments such as new product launches, approvals, mergers & acquisitions, partnerships, expansion, and collaborations to stay competitive in the market.
North America is the largest region of global digital thoracic drainage devices market as a result of high prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and lung cancer, increase in R&D expenditure, early availability of advanced technologies, significant presence of highly structured healthcare industry, availability of well-defined reimbursement policies from private and public health insurance firms, aging population, and the presence of sophisticated healthcare infrastructure and key market participants in the US and Canada. Teleflex Incorporated, Medela, Centese, Inc., and Cardinal Health, Inc., have a strong presence in the US, which is contributing to market growth in North America.
Asia Pacific is the fastest growing region of global digital thoracic drainage devices as a result of high prevalence of chronic respiratory diseases, rapidly expanding medical equipment industry, rising sales of novel devices, burgeoning middle class in populous countries such as China and India, increase in the number of surgical procedures, evolving healthcare reforms, rising penetration of healthcare firms and increasing investments in medical technologies. Also, Asia Pacific is likely to gain market share during the forecast period due to larger cardiovascular disease patient population, increase in the geriatric population, high frequency of infectious diseases, developing healthcare infrastructure, and surge in medical tourism.
Market Segmentation Analysis
Single chamber is the largest segment of global digital thoracic drainage devices market owing to frequently use in postoperative care, rising demand for drainage systems in developing countries, increasing consumer focus on minimally invasive procedures, higher prevalence of lung diseases, device's simpler design & ease of use, growing focus of hospitals & healthcare systems on cost reduction, rising healthcare expenditure across globe, limited need for multi-chamber features in certain cases, and ongoing advancements in improving functionality in terms of precise control of suction pressure, real-time monitoring of drainage, and automatic collection and recording of data.
Multiple chamber is the fastest growing segment of global digital thoracic drainage devices market as a result of increasing complexity of thoracic surgeries, greater awareness and training among healthcare professionals regarding the benefits and proper use of multiple chamber digital thoracic drainage devices, rising incidence of severe thoracic conditions, and ongoing development of multiple chamber devices with advanced features such as digital readouts, remote monitoring, and automated alerts, making them highly attractive to healthcare providers.
Thoracic & pulmonary surgery is the largest and fastest growing segment of global digital thoracic drainage devices market owing to increasing prevalence of lung diseases, rising lifestyle-related cardiovascular disorders, positive shift towards minimally invasive thoracic surgeries such as video-assisted thoracoscopic surgery (VATS) and robotic-assisted procedures, rising need for precise & reliable post-operative management in thoracic surgeries, and reduced risk of complications associated with the use of digital thoracic drainage devices.
Hospitals is the largest and fastest growing segment of global digital thoracic drainage devices owing to high patient population, presence of advanced infrastructure and skilled medical professionals, improved patient outcome of cardiothoracic surgeries performed in hospitals, enhanced capability of hospitals to handle complex surgeries, provision of around-the-clock care, and extensive use of thoracic drainage devices for various procedures, including surgeries, trauma care, and treatment of thoracic diseases.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 153 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $177.38 Million |
| Forecasted Market Value (USD) by 2029 | $238.15 Million |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
Market Dynamics
Growth Drivers
- Aging Population
- Rising Prevalence of Respiratory and Thoracic Diseases
- Growing Use of Digital Medical Devices in Healthcare Sector
- Positive Shift from Traditional Analog Thoracic Devices to Digital Thoracic Drainage Systems
- Increased Need for Digital Thoracic Drainage Post-Thoracic Surgery
Challenges
- Lack of Skilled Personnel
- High Initial Cost of Digital Devices
Market Trends
- Increasing Integration of AI Technologies
- Rapid Evolution of Minimally Invasive Surgical Techniques
- Rising Demand for IoT Powered Thoracic Devices
- Positive Shift Towards Telemedicine and Home Healthcare
Competitive Landscape
- Teleflex Incorporated
- Getinge AB
- Cardinal Health, Inc.
- Medtronic PLC
- Medela
- Centese, Inc.
- Rocket Medical plc
- Sinapi Biomedical
- Redax S.p.A.
- ATMOS MedizinTechnik GmbH & Co. KG
For more information about this report visit https://www.researchandmarkets.com/r/ofn149
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