The ventilator market is expected to cross $1.0 billion by 2022, growing at a CAGR of 7.7% between 2016-2022. The market is driven by factors such as high prevalence of respiratory disease, growing geriatric population, high prevalence of smoking, rapid urbanization and increasing pollution level, increasing incidence of preterm births, increasing healthcare expenditure, and changing lifestyle.
Based on product type, the global ventilator market has been segmented into intensive care ventilator and portable ventilator. The intensive care ventilator segment accounted for the major share in the global market in 2015, and portable ventilator is expected to witness the highest growth during 2016-2022.
Tobacco use is one of the leading causes of mortality in the world. It is responsible for raising the risk of chronic diseases such as cardiovascular disease, cancer and lung diseases. As per WHO, smoking is estimated to cause about 71% of lung cancer, 42% of chronic respiratory disease and nearly 10% of cardiovascular disease. Almost 80% of smokers worldwide live in low and middle-income countries leading to tobacco related illness and death. In addition, according to CDC, cigarette smoking kills more than 480,000 Americans each year.
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Based on interface, the global ventilator market has been segmented into invasive ventilator and non-invasive ventilator. The invasive segment accounted for the major share in the global market in 2015, and the non-invasive segment is expected to witness the highest growth during 2016-2022.
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Globally, the rate of tobacco usage and tobacco attributed mortality is higher in men than in women. Passive smoking is also one of the causes of respiratory track disturbance. According to WHO, approximately 6 million people die from tobacco use each year, both from direct tobacco use and second-hand smoke. Moreover, annual tobacco related deaths are expected to increase to 7.5 million by 2020.
The demand for ventilator is likely to increase significantly for the treatment of various diseases attributed to increased use of tobacco.
Some of the major players operating in the ventilator market include ResMed Inc, General Electric Company, Hamilton Medical AG, Koninklijke Philips N.V, Becton, Dickinson and Company, and Medtronic plc.