Thoracic Drainage Devices Market Is Expected to Reach $ 187.8 Bn

According to a report by Fact.MR, the global thoracic drainage devices market was valued at US$ 765 million in 2020 and is expected to reach US$ 1.2 billion by 2031, with a CAGR of 4.3% during the forecast period (2021-2031). The market growth can be attributed to the increasing prevalence of respiratory diseases and the growing demand for minimally invasive surgical procedures.

The report suggests that the standalone thoracic drainage devices segment dominated the market in 2020 and is expected to continue to hold a significant market share during the forecast period due to the increasing demand for standalone thoracic drainage devices for the management of various respiratory diseases. Regionally, North America is expected to hold the largest market share due to the presence of key players in the region and the increasing incidence of respiratory diseases.

The report also highlights some of the key players operating in the global thoracic drainage devices market, including Teleflex Incorporated, Smiths Group plc, B. Braun Melsungen AG, Medtronic plc, Cook Medical LLC, Rocket Medical plc, Medela AG, ATMOS MedizinTechnik GmbH & Co. KG, Redax S.p.A., and Sinapi Biomedical. These companies are focusing on product innovation, partnerships and collaborations, and mergers and acquisitions to expand their market presence and improve their product offerings.

Furthermore, the report suggests that the COVID-19 pandemic has had a mixed impact on the thoracic drainage devices market. While the pandemic has led to a decline in the number of elective procedures, the increasing incidence of COVID-19 has led to an increase in the demand for thoracic drainage devices for the management of respiratory complications, driving the growth of the global thoracic drainage devices market. This trend is expected to continue during the forecast period, driving the growth of the global thoracic drainage devices market.

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