Global Thoracic Drainage Devices Market Size

Thoracic Drainage Devices Market Analysis

The Thoracic Drainage Devices Market is expected to grow at a CAGR of 3.5%, over the forecast period.

The comorbidities that raise the risk of death from infection with severe acute respiratory syndrome coronavirus 2 are frequently linked to surgical wounds and drains. To lower the danger in this susceptible population, suitable precautions are used when caring for patients with wounds. This is expected to have a significant impact on the market in COVID. As per the study published in April 2021, titled "Chest Tube Drainage in the Age of COVID-19", in patients with unknown COVID-19 status when chest tube placement is required on an urgent or emergent basis or in a patient with confirmed COVID-19-positive status, the procedure should be performed in a negative-pressure airborne precaution isolation room. Therefore, due to the above-mentioned factors, the market is observed to have a significant impact during the pandemic. Even with the ongoing coronavirus pandemic, the healthcare and medical sector has seen a high rise globally. However, because of the restrictions on mobility, the disruption of supply chains, the scarcity of raw materials, and the temporary suspension of manufacturing, the global market will experience diminishing growth.

Thoracic drainage devices are designed to remove air, liquids, and some solids from the pleural space of the chest. Factors such as rising demand for minimally invasive surgeries, high prevalence of cardiovascular diseases, and increase in the burden of spontaneous pneumothorax are driving the growth of the thoracic drainage devices market. The rise in demand for minimally invasive procedures over open surgery is triggering a high market growth rate.

The prevalence of heart failure is increasing worldwide to an estimated number of 26 million, with additional millions of undiagnosed cases, due to the aging population, increase in cardiovascular risk factors, and improved survival of cardiovascular conditions. Heart failure is a life-threatening syndrome that impacts the quality of life as well as healthcare costs. According to the American Heart Association (AHA), approximately 550,000 new cases of congestive heart failure (CHF) are diagnosed in the United States each year. Further, as per the article published by the Heart and Stroke Foundation of Canada in February 2022, there are 750,000 people diagnosed with heart failure, which is increasing every year. Thus, statisticians forecasted the impact on the healthcare system, and by 2030, the healthcare costs associated with heart failure in Canada are expected to reach USD 2.8 billion per year. In the United States, healthcare cost is expected to increase to USD 69.8 billion in 2030. Therefore, the rising cases of heart failure and increasing healthcare cost demands thoracic devices to reduce the cost.

The rate of surgical procedures including the cardiothoracic surgeries continues to increase annually. Ultimately, an increase in the number of surgeries has resulted in the growth of the thoracic drainage market, as the demand for these devices in various surgeries is growing. As per an article titled 'Trends in US Surgical Procedures and Health Care System Response to Policies Curtailing Elective Surgical Operations During the COVID-19 Pandemic' published in December 2021, a total of 13,108,567 surgical procedures were identified from January 2019, through January 2021, based on 3498 Current Procedural Terminology (CPT) codes. The high volume of surgical procedures is expected to accelerate the market growth.

Furthermore, reducing healthcare costs involved in undergoing a minimally invasive procedure when compared to the normal surgical procedure has also been an instrumental factor driving the market growth. Hence, there is an increasing care provider's preference for minimally invasive procedures for a range of surgical applications which is expected to boost the demand for thoracic drainage devices worldwide.

However, lack of availability of skilled physicians and stringent regulatory guidelines may hinder the growth of the market over the forecast period.