Favorable Reimbursement Policies to Create New Growth Opportunities for Europe in the Field of Medical Suction Devices
Fact.MR's latest report on the medical suction devices market offers an in-depth analysis of industry size, market dynamics, regional gamut, and revenue estimations for the forecast duration (2020-2030). It further provides information about emerging opportunities across various segments including product, application, portability, end user, and region. Besides this, it analyzes various strategies adopted by leading medical suction devices manufacturers.
NEW YORK, Sept. 26, 2022 /PRNewswire/ -- The global medical suction devices market is projected to exhibit a CAGR of about 4% during the forecast period (2020-2030). Paradigm shifts from conventional healthcare settings to home healthcare, as well as rising need for small, portable devices, are key drivers propelling growth in the market.
Medical suction devices are used to extract serum or mucus from the body when the patient is unable to produce it. Thus, it is anticipated that the market would develop at a rapid pace over the next ten years as respiratory disease occurrences rise.
Additionally, producers are always working to create better suction devices. It is one of the emerging factors boosting the demand for medical suction devices globally. Apart from that, growing number of surgical operations has aided market expansion and is anticipated to do so in the coming decade.
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North America is set to be at the forefront in the medical suction devices market owing to rising prevalence of chronic illnesses and high birth rates in the U.S., as well as in Canada. Europe is projected to remain in the second position in terms of share during the evaluation period.
Due to shifting reimbursement rules and support provided by the government to numerous local manufacturers, Europe is anticipated to maintain its growth trajectory during the projection period. On the other hand, a growing emphasis on the construction of advanced healthcare facilities in developing nations across Asia Pacific and Africa is anticipated to fuel market expansion.
Fact.MR has divided the global medical suction devices market based on product, including AC-powered, battery-powered, dual-powered, and manually operated devices. Out of these, AC-powered devices are likely to gain impetus in the next decade and generate the largest market share. Increasing installation of AC-powered medical suction devices in emergency care settings and expanding prehospital settings are projected to push the segment.
Key Takeaways:
- North America is expected to emerge as the most lucrative region by holding the lion's share in the medical suction devices market by 2030.
- The second-largest market for medical suction devices is Europe and it is likely to maintain its position throughout the forecast period.
- Asia Pacific is estimated to follow the footsteps of North America and Europe on the back of rising population and high birth rates.
- Based on application, the surgical segment is set to dominate the medical suction devices market by 2030.
- In terms of end user, the hospitals and clinics segment is expected to lead the medical suction devices market in the next decade.
Growth Drivers:
- Increasing demand for portable and small medical suction equipment is predicted to drive market expansion.
- Urgent need for wall-mounted medical suction equipment owing to the rising number of hospitals and clinics worldwide is projected to propel growth.
- Growing use of medical suction devices in clinical research and diagnostics applications is estimated to augment the market.
Restraints:
- Low reimbursement coverage for medical suction devices provided by insurance companies, especially in emerging nations, may hinder growth.
- Portable medical suction devices like vacuum systems may not be feasible for underdeveloped healthcare systems as they consume high energy.
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Competitive Landscape:
Key players operating in the global medical suction devices market are increasingly focusing on improving their product offerings through technological advancements for competing against their rivals. A few other international companies are striving to gain a competitive edge by engaging in mergers & acquisitions and collaborations with local firms.
For instance,
- In August 2021, the NPSIMS Negative Pressure Surgical Incision Management System was granted 510(k) Class II approval by the U.S. Food and Drug Administration (FDA) to Aatru Medical, LLC. Slim peel-and-stick dressings in various sizes are included in NPSIMS. They attach over the wound and are linked via a tiny hose. The three-ounce, disposable item is propelled by a solid-state chemical pump that traps air inside of it to create suction for up to seven days.
- In May 2021, a new line of Airway Mobilescopes was introduced by Olympus. By employing extra channel adapters, the working channel of Airway Mobilescopes may be utilized to provide suction and continuous air supply during intubation.
- In 2019, Serres introduced its new vacuum sources protector, which is an industry leader in intelligent fluid management solutions for suction. In the event of an unplanned failure of the fluid collecting system, it prevents contamination of the hospital's central vacuum system and suction pump. The vacuum source protector can turn off the vacuum and stop suctioned fluids from getting into the vacuum line, thereby reducing the expense of clean-up and downtime in the operating room (OR).
Key Companies Profiled by Fact.MR
- Allied Healthcare Products Inc.
- Precision Medical Inc.
- Drive Medical
- INTEGRA Biosciences AG
- Medicop Inc.
- SSCOR Inc.
- ATMOS MedizinTechnik GmbH & Co. KG
- ZOLL Medical Corporation
- Welch Vacuum
- Laerdal Medical
- Labcoco Corporation
- Labconco Corporation
- Amsino International, Inc.
- Olympus Corporation.
More Valuable Insights on Medical Suction Devices Market
In the latest study, Fact.MR offers a detailed study on global medical suction devices market for the forecast period of 2020 to 2030. This study also highlights key drivers promoting the sales of medical suction devices through detailed segmentation as follows:
Product:
- AC-Powered
- Battery-Powered
- Dual-Powered
- Manually-Operated
Application:
- Surgical
- Airway Clearing
- Research & Diagnostics
Portability:
- Wall-Mounted
- Hand-Held
End User:
- Homecare Setting
- Hospitals
- Clinics
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Key Questions Covered in the Medical Suction Devices Market Report
- What is the projected value of the medical suction devices market in 2022?
- At what rate will the global medical suction devices market grow until 2030?
- Which are the factors hampering the growth in the medical suction devices market?
- Which region is expected to lead in the global medical suction devices market during 2020-2030?
- Which are the factors driving the medical suction devices market during the forecast period?
- What is the expected market value of the medical suction devices market during the forecast period?
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
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