The global smoke evacuation market is expected to grow by 5.6% in the years to come, according to a report issued by ReportLinker, an independent market research firm. That figure represents an estimated compound annual growth rate (CAGR) from 2015 to 2020.
The ReportLinker analysis of the global smoke evacuation market, released in March of 2016, analyzes the smoke evacuation market by product, application, and end users across four geographies. The report details the competitive landscape, emerging and high-growth segments of the smoke evacuation market, high-growth regions and respective drivers, restraints, challenges, and opportunities. According to the study, growth in the global smoke evacuation market is being driven by escalating geriatric and obese populations, a rise in the number of surgeries, and consumer demand for minimally invasive surgeries, among other factors. In emerging markets, an increase in the number of hospitals and surgical centers and recommendations for the use of smoke evacuation systems in ORs by professional associations and healthcare organizations are fueling growth.
North America accounts for the lion’s share of the smoke evacuation market (approximately 41 percent), followed by Western Europe. And while these mature markets are currently dominant, the Asia-Pacific region is poised to grow rapidly (an estimated rate of 7.1 percent) over the next few years, driven by improving healthcare infrastructure, rising standards of living, and growth in disposable income. The report also cites the popularity of cosmetic surgery and rising medical tourism in Asian countries as catalysts for market growth in some regions. According to the study, smoke evacuation pencils and wands account for the largest product segment of the global smoke evacuation system market at present, and these products are expected to maintain a healthy growth trajectory going forward, especially as more technologically advanced smoke evacuation pencils and wands come to market. The global smoke evacuation system market is dominated by Buffalo Filter LLC (U.S.), I.C. Medical, Inc. (U.S.) and Covidien (Ireland). Together, these three companies accounted for approximately 61 percent of the market in 2014.
The ReportLinker study notes that market players often use a combination of strategies, including geographic expansion, agreements and collaborations, product launches and updates, and mergers and acquisitions to achieve growth and market penetration.
I.C. Medical, however, relies primarily on its R&D capability, innovative product development pipeline, and industry-leading technology to maintain its market position. Founded in 1989, the company is a small, minority, woman-owned business headquartered in Phoenix, AZ. Every I.C. Medical device is produced, assembled, tested and quality assured in-house at the company’s manufacturing facility in Phoenix, AZ.
Within the smoke evacuation industry, I.C. Medical is recognized as a pioneer in the design and manufacture of devices and techniques that have materially improved safety for both patients and clinical staff. The company’s founder and CEO holds 36 U.S. patents that attest to breakthrough developments that have improved surgical efficacy and clinical outcomes by improving visibility and reducing plume pollution in the operating room. The end-to-end smoke capture and evacuation system design first developed by I.C. Medical has become industry standard, used in ORs throughout the world.