Thoracic Drainage Devices Market’s Valuation will Reach US$ 916.2 Mn in 2025

The global thoracic drainage devices market was valued at US$ 555.8 Mn in 2016 and is expected to grow at a high CAGR of 6% from 2017 to 2025, to reach an estimated value of US$ 916.2 Mn in 2025 according to a new report published by Transparency Market Research (TMR) titled "Thoracic Drainage Devices Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025" the report suggests that thoracic and pulmonological disorders are quite common and gradually increasing across the globe is driving the growth of thoracic drainage devices market in coming years (2017 to 2025).

The North America and Europe are projected to dominate the global market. The market is primarily driven by factors such as highly structured health care industry and availability of well-defined reimbursement policies from private and public health insurance firms boost the growth of the thoracic drainage devices market in the region. The market in Asia Pacific is projected to witness exponential growth rate with more than 12% during the forecast period 2017-2025. Asia Pacific is the fastest growing regions in the global thoracic drainage devices market in upcoming forecast period. The market in Asia Pacific is projected to witness exponential growth rate with more than 5.8% during the forecast period 2017-2025. The market for thoracic drainage devices market in Latin America is likely to grow at moderate growth rate during the forecast period.

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Increasing incidences of pneumothorax and pleural effusion to fuel market expansion

Spontaneous pneumothorax is a one of the major health problems across the globe. Spontaneous pneumothorax arises due to the air in the chest cavity which can resolve itself; however, most often requires a hospital admission and urgent medical care. The overall market for thoracic drainage devices is growing under the influence of rising awareness and increasing incidences of pneumothorax, pleural effusion, and hemothorax. Effective reimbursement policy and high awareness in developed countries is also one of the reasons responsible for the thoracic drainage devices market growth. In a military warfare setting, around 13% to 15% of penetrating wounds related to the thoracic cavity require thoracic intervention including a thoracic catheter that contributes around 30% of combat deaths. Additionally, incidence of spontaneous pneumothorax is increase gradually. Various research studies estimate that more than 2 million spontaneous pneumothorax occurs globally every year. These factors are expected to increase demand for thoracic drainage devices

Thoracic drainage system is projected to be highly lucrative product segment

A thoracic drainage system is used to collect chest drainage fluids. It is a disposable and sterile system that includes a partition system with a one-way valve, with multiple or one chambers, to remove fluid or air and avoid return of the fluid or air back into the patient. Increasing adoption of thoracic drainage systems in hospital settings owing to increased demand in surgical procedures along with advanced technological benefits such as more portability and new generation of smaller user-friendly digital systems and additional safety features.

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Thoracic surgery & pulmonology application of thoracic drainage devices market leads the market

Thoracic and pulmonological disorders are quite common and increasing. Thoracic drainage devices are used in the treatment of pneumothorax, pleural effusions, and empyema disorders.

The health care market is likely to witness more transactions and consolidations in the next three to four years. One of the major factors driving the market is constantly rising insured population base. Expanding health insurance coverage is expected to increase demand for thoracic drainage device procedures. Patients with private coverage are more likely to seek medical treatment at an urgent care center or hospital settings. According to a survey conducted by the Urgent Care Association of America (UCAOA), about 51% of urgent care revenue is currently reimbursed by private insurance and 14% by Medicare. According to industry experts, favorable insurance coverage would influence the thoracic drainage devices market significantly by penetrating the sub-urban areas. These factors are expected to boost the growth of the thoracic drainage devices market.

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Ambulance Services and Urgent Care Segments Are Estimated to Witness Highest CAGR during the Forecast Period

The urgent care industry would continue to be a hotbed of deals in the next five years, as various strategic and financial partners compete to create strong geographical presence along with increase in market share. Several private equity firms have already put capital to work in UCCs across the developed country to exploit the high profit margin health care market. The market has already seen capital investment of around US$ 3.2 Bn from leading equity firms in the past few years. Hence, around 40% of the clinics surveyed by the UCAOA are expected to expand their facilities or open new clinics in 2017. Major factors that would drive the market during the forecast period are increasing penetration of ambulance services, presence of effective reimbursement policies, and rise in the geriatric population across the world. In addition, increasing number of accidents and rising incidence of heart diseases would also boost the market during the forecast period.

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Transparency Market Research (Tmr) is a U.S.-based provider of syndicated research, customized research, and consulting services.