Laryngeal Mask Market Forecast and CAGR
According to the latest research by Fact.MR, the laryngeal mask market is set to witness steady growth during 2021-2031. Demand for laryngeal mask expects to witness steady recovery in the short term, with an optimistic growth outlook in the long run. The growing advancement for the laryngeal mask market industry will offer lucrative opportunities in near future.
What is Driving the Demand for the Laryngeal Mask Market?
The rising number of surgical procedures for the treatment of respiratory conditions such as chronic bronchitis and asthma is expected to drive the market demand in the coming years. The significant rise in the number of respiratory disorders at a global level is anticipated to offer growth opportunities during the forecast period. Furthermore, the rising prevalence of chronic diseases that need anaesthesia surgeries is driving the laryngeal mask demand. For instance, according to the Healthcare Insurance Reciprocal of Canada (HIROC) & Canadian Medical Protective Association (CMPA) medico-legal, around 1 million operative procedures are performed yearly in the country; which, boosts the laryngeal mask market.
The growing technological advancements are also expected to flourish the laryngeal mask market growth. In addition, the rising demand for airway ventilation laryngeal mask and investments in R&D is expected to drive the demand during the forecast period.
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Rising Geriatric Population to boost the Laryngeal Mask Demand
The rising geriatric population is expected to increase the number of cases of several long-term diseases. This is in turn is anticipated to boost the demand for laryngeal mask demand. For instance, the Population Reference Bureau report “Aging in the United States”, stated that there will be an estimated rise from 48 million in 2016 to around 98 million by 2060 in the geriatric population in the country.
The US and Canada Laryngeal Mask Market Outlook
The US is one of the largest markets for laryngeal mask globally. The US laryngeal mask market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. The increasing geriatric population and chronic disorders are fueling the laryngeal mask market in the region. The elderly population are more susceptible to chronic disorders that often lead to surgeries. Furthermore, according to a report by Congressional Research Service, in 2018, the federal funding for R&D in the U.S. increased from USD 2.8 billion in 1953 to USD 127.2 billion in 2018. These factors boost R&D activities in the country and are expected to support the market for the laryngeal mask.
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Europe Demand Outlook for Laryngeal Mask Market
The market demand is rising primarily due to the technological advancement and presence of well-established healthcare infrastructure in the region. The growth is also due to the standard regulatory mandates and implementation of guidelines launched by the healthcare organizations in this region. Furthermore, the rising incidence of chronic pulmonary disorders boosts the laryngeal mask market.
According to new estimates by the World Health Organization, the chronic obstructive pulmonary disease is predicted to become the third-leading cause of death by 2030. According to the British Lung Foundation., the United Kingdom is among the top countries for COPD death rates worldwide. This is likely to fuel the need for surgical procedures. This increase in the incidence of chronic disorders that require surgical procedures is the major driver of the European laryngeal mask market.
Who are the key players in the Laryngeal Mask market?
Some of the key players of the laryngeal mask include
- Medtronic Plc
- Teleflex Inc.
- Intersurgical Ltd.
- Anandic Medical Systems
- Thermo Fisher Scientific Inc.
- Narang Medical
- Besmed Health Business Corp.
- Legend Medical Devices
- Ambu A/S
These industry leaders are adopting innovative technologies to furnish the unmet needs of the consumers. Many companies are undertaking several business strategies, such as strategic collaborations, new product launches, and regional expansion.
For instance, Medtronic PLC in May 2016, opened a new regional headquarter in Singapore to enhance its operations and meet the rising need for healthcare in the Asia Pacific region. These types of initiatives are projected to further encourage strategic developments in the market, thereby fueling its growth.
An Adaptive Approach to Modern-day Research Needs
Laryngeal Mask Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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By Product Type
By Age Group
By End User
- Ambulatory Surgical Centers
- North America
- Latin America
- Rest of Latin America
- Rest of Latin America
- East Asia
- South Korea
- South Asia
- Rest of South Asia
- New Zealand
- Middle East and Africa
- GCC Countries
- North Africa
- South Africa
- Rest of Middle East
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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