Intubation Tubes Market Will Reach USD 4,294.4 Million by 2030

NEW YORK - April 15, 2024 - PRLog -- The estimated value of the international intubation tube market is USD 2,727.6 million in 2023, with a projected increase to USD 4,294.4 million by 2030. The market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 6.9% between 2024 and 2030.

The substantial upsurge in the number of operations and occurrence of chronic illnesses, such as cardiac diseases, cancer, and respiratory illnesses, is the major reason propelling the development of the industry. Furthermore, the rising alertness about the acceptance of single-use intubation tubes can aid stem the rise in the cases of healthcare-related contagions, like ventilator-associated pneumonia (VAP).

The coronavirus epidemic had a substantial positive influence on the intubation tube industry. There was a quick surge in the count of severely ill patients, for whom intubation was needed in emergencies, as one of the key problems that came along with the illness was trouble breathing.

These tubes are an acknowledged way of offering breathing support to patients suffering from the novel coronavirus. As per the Association for Bronchology and Interventional Pulmonology, individuals with COVID-19 experiencing respiratory distress or failure should undergo percutaneous dilatational tracheostomy or open surgical tracheostomy (OST). Consequently, this pandemic has created a novel opportunity for the industry by expediting the approval of products for emergency use.

In the past few years, there has been a substantial rise in the count of road accidents resulting in death. As per the WHO, around 1.5 million people lose their lives in road accidents every year. A significant economic loss and emotional upset to victims' families are the added loads that come along with such misfortunes. Major accidents result in substantial suffering to patients, who then need instant treatment or medical intervention, thus increasing the need for intubation tubes.

Report Description: https://www.psmarketresearch.com/market-analysis/intubation-tubes-market-report

In 2023, the market is predominantly led by the regular category, commanding a 40% share. This dominance is attributed to the heightened volume of surgical procedures, driven by the increased incidence of respiratory illnesses. Furthermore, the rising prevalence of Ventilator-Associated Pneumonia (VAP) is anticipated to markedly increase the demand for technologically advanced tubes.

In 2023, the North American region generated the largest revenue share, of more than 60%. This growth can be ascribed to the deep-rooted reimbursement guidelines, robust healthcare infrastructure and facilities, and growing acceptance of technically advanced equipment by the medical industry in the continent. Also, the increasing requirement to offer quality patient care, the rising occurrence of chronic illnesses, like cancer and asthma, and the existence of top players are the key contributors.

SOURCE: P&S Intelligence (https://www.psmarketresearch.com/)