(PharmaNewsWire.Com, December 12, 2020 ) According to the new market research report "Medical Vacuum System Market by Product (Standalone, Centralized, Portable), Technology (Dry Claw, Oil Sealed Rotary Vane, Liquid Ring), Application (Diagnostic, Wound Care, GYN), End user (Pharmaceutical, Diagnostic Labs) - Global Forecast to 2024" published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
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.
Growth Boosting Factors:
# 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 Standalone Medical 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.
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 the major players operating in the market.
Geographical Regions Mapped in Report:
The research report covers the centralized medical vacuum systems market across five major geographies North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to command the largest share of the market mainly due to stringent regulatory norms for cleanroom maintenance, manufacturing guidelines and surgical protocols, technological advancement, the rising number of target surgical procedures, a growing end-user base, and increasing expenditure healthcare infrastructure in the region.
On the basis of product type, is segmented into standalone vacuum systems, centralized vacuum systems, portable vacuum systems, and accessories. The standalone vacuum systems segment accounted for the largest share of the medical vacuum systems market in 2018. The large share of this segment can be attributed to the large end-user base for compact/standalone products, their technical advantages, and significant adoption among dental clinics and research labs.
On the basis of application, is segmented into pharma-biotech manufacturing, therapeutic applications, diagnostic applications, and research applications. Therapeutic applications are further segmented into dental, wound care, anesthesiology, and gynecology applications. The therapeutic applications segment is expected to register the highest growth rate due to the rising incidence of dental caries and other periodontal diseases, increasing use of NPWT for diabetic ulcers, and the increasing number of target medical procedures across major markets
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