(PharmaNewsWire.Com, November 07, 2020 ) The study involved four major activities in estimating the current size of the global medical vacuum systems market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
According MarketsandMarkets Research - The Medical Vacuum System Market is estimated to grow at a CAGR of 6.3% to reach USD 1.6 billion by 2024 from USD 1.1 billion in 2018.
The Key Factors Who will Drives the Market Growth?
- Technological Advancements in Vacuum Systems
- Stringent Regulatory Frameworks Mandating the Use of Vacuum Systems
- Increasing Number of Target Surgical Procedures Across Major Markets
- Rising Number of Diagnostic Imaging Procedures
Recent Developments in Portable Vacuum System Market:
- In November 2018, Busch LLC (Germany) and Pfeiffer Vacuum Technology AG (Germany) entered into a strategic cooperation agreement in order to enhance segments such as sales & services, R&D developments, and improve the vacuum product line.
- In October 2018, ConvaTec (UK) received the US FDA 510(k) Clearance for its Avelle Negative Pressure Wound Therapy System.
- In March 2018, Atlas Copco AB (Sweden) acquired Walker Filtration for USD 38.68 million for enhancing its vacuum business.
On the basis of product type, the market is segmented into standalone vacuum systems centralized vacuum systems, portable vacuum systems, and accessories. The standalone vacuum systems segment is expected to hold the largest share of the market mainly due to the huge end-user base for compact/standalone products, high adoption of these systems among dental clinics and research labs, and their advantages in the aforementioned settings.
On the basis of application, the global medical vacuum system industry is segmented into pharma-biotech manufacturing, therapeutic applications, diagnostic applications, and research applications. The therapeutic applications segment accounted for the largest share of the market in 2018 due to the rising incidence of dental caries and other periodontal diseases, increasing use of NPWT for diabetic ulcer management, and the increasing number of target medical procedures across major markets.
On the basis of end user, the market is segmented into hospitals, surgical centers, and ambulatory care centers; diagnostic laboratories; pharmaceutical and biotechnology manufacturers; and research laboratories and academic institutes. Hospitals, surgical centers, and ambulatory care centers accounted for the largest share of this market, primarily due to the high demand for vacuum systems and a growing number of target procedures conducted annually. This, in turn, is attributed to technological advancements such as device miniaturization and the procedural efficiency of vacuum systems in this application area.
Atlas Copco AB (Sweden), Gardner Denver Holdings (US), Busch Holding GmbH (Germany), Drägerwerk AG & Co. KGaA (Germany), Asahi Kasei ZOLL Medical Corporation (Japan), Olympus Corporation (Japan), ConvaTec (UK), INTEGRA Holdings (US), Allied Healthcare Products Inc. (US), Medela AG (Switzerland), Air Techniques (US), Laerdal Medical (Norway), Precision Medical, Inc. (US), Medicop (Slovenia), and Ohio Medical Corporation (US) are some major players in the global medical vacuum systems market.
Geographical Regions Mapped in Report:
North America accounted for the largest share of the standalone medical vacuum systems market. The dominant position of this region in the medical vacuum systems industry is due to technology advancements; cleanroom mandates, manufacturing guidelines, and surgical protocols; increased number of target medical procedures and trauma cases; a growing number of end users; the rising number of diagnostic imaging procedures; and rising expenditure healthcare infrastructure in the country.
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