The demand within the global market for thoracic drainage devices is rising on account of the heavy incidence of pleural effusion in recent times. The large vendors in the global thoracic drainage devices have been looking for new inlets to enter into regional and local markets. This quest of the large marker vendors in the global thoracic drainage devices market owes to their intent to expand their consumer base. Despite the strong position of the leading companies in the market for thoracic drainage devices, the smaller vendors have not held back from trying their fortunes in the market.
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The past decade has seen the commencement of several new companies in the global market thoracic drainage devices. This has brought a slight increase in the bar of competition for the global thoracic drainage devices market. The leading companies in the global market for thoracic drainage devices have not left any stone unturned in averting the entry of new players into the market. This is being done to ensure that the strong foothold of these key companies remains unaffected in the years to come.
The global market for thoracic drainage devices would expand at a healthy CAGR of 6% over the period between 2017 and 2025. Furthermore, the market for thoracic drainage devices was valued at US$ 555.8 Mn in 2016, and is expected to reach a value of US$ 916.2 Mn by the end of 2025. Based on the product type, trocar drains are in great popularity across the globe. On the basis of geography, the market for thoracic drainage devices in Europe has been expanding at a stellar rate.
A large number of people have been affected by cardiac diseases over the past decade which has invited pragmatic reform steps across the medical sector. There is a need to ensure the availability of state of the art devices, equipments, and services across hospitals and healthcare centers. This factor has given an impetus to the growth of the global market for thoracic drainage devices in recent times. Furthermore, the growing incidence of pneumothorax has also aided the growth of the global thoracic drainage devices market in recent times.
The health of the lungs depends on their ability to drain fluid, blood, or air from the thoracic space, and this function can be blocked due to several diseases and complications. Since thoracic drainage devices help in restoring the functionality of the thoracic area, the relevance of these devices for the medical sector is immense. The preference of the masses for minimally invasive procedures has also given an impetus to the growth of the global market for thoracic drainage devices. Furthermore, the investment made by government entities towards making available key devices within healthcare has also propelled market demand.
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