Medical Ventilator Market Overview
Medical Ventilator Market is expected to register a CAGR of 4.14% to touch USD 3,605.82 Million from 2019 to 2027.
Adoption of ventilators to support treatment of chronic respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), bronchitis, and lung cancer, as well as an increase in the number of critically ill geriatric patients admitted to intensive care units (ICUs), are major factors driving the medical ventilator market growth. Furthermore, during the projection period, a shift in focus toward the usage of portable or transport ventilators, as well as an increase in per capita healthcare expenditure, are predicted to complement market growth.
The global ventilators market is also being driven by technological developments, rising incidence of chronic diseases such as pulmonary and other respiratory ailments, and an aging population. Furthermore, rising healthcare spending and an increase in the number of intensive care beds in emerging nations are propelling the worldwide ventilators market forward. The rising trend of smoking and hereditary allergy advances has accelerated the number of occurrences of respiratory illnesses, boosting market growth even further.
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However, the worldwide ventilators market is restrained by a lack of standardized nomenclature for different ventilation modes and the high costs associated.
Due to an increase in the number of instances with COVID-19, the worldwide medical ventilator industry is now experiencing a surge in demand. As a result of the virus attacking the lungs of patients, oxygen levels drop, making breathing more difficult. As a result, they require external breathing assistance, such as ventilators. As a result of the increased number of COVID-19 patients, industry players have increased or doubled their medical ventilator manufacturing, thus fueling market expansion.
Medical Ventilator Market Segmental Analysis
Portability, interface, technology, application, and end user have all been used to segment the worldwide medical ventilator market.
The global medical ventilator market has been divided into stationary and portable ventilators based on portability.
The global medical ventilator market has been divided into invasive and non-invasive interfaces.
The global medical ventilator market has been divided into automated and mechanical segments based on technology.
Critical care, neonatal care, emergency care, and other applications have been divided into the global medical ventilator market.
Hospitals and clinics, home care settings, and other end-users make up the global medical ventilator market.
Medical Ventilator Market Regional Overview
The Americas region led the medical ventilator market in 2019 and is expected to maintain its dominance during the forecast period. This can be attributed to the region’s high frequency of respiratory illnesses, as well as product launch and procurement. Because of the superior healthcare infrastructure, technical advancements, and improving reimbursement scenarios for ICU procedures in this region, North America has the greatest market for ventilators.
Over the projected period of 2022 to 2027, Asia-Pacific is expected to grow at the fastest rate. Due to the region’s expanding economy and advancements in healthcare technology, Asia is predicted to have a high growth rate in the ventilators market in the next years. This is owing to the high prevalence of COVID-19, and product approvals will aid in the expansion of the medical ventilator industry. Growing demographics and economies in developing nations like India and China are likely to provide strong prospects for the ventilator industry in Asia to expand. In addition, the development of infrastructure and healthcare regulations that promote better care for individuals are credited with the region’s success.
In the Middle East and Africa, the medical ventilator market is expected to grow steadily in the future. Due to an increase of COVID-19 cases in the Middle East, the use of medical ventilators has increased in countries such as the United Arab Emirates, South Africa, and Saudi Arabia. The growth rate will accelerate in the next years as private and public enterprises and agencies intensify their strategic initiatives.
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Medical Ventilator Market Competitive Dynamics
The distinguished players in the Medical Ventilator Market are Getinge AB (Sweden), E. Healthcare (U.S.), Vyaire Medical, Inc. (U.S.), Medtronic (Ireland), Drägerwerk AG & Co. KGaA (Germany), Hamilton Medical (Switzerland), Resmed (U.S.), Koninklijke Philips NV (Netherlands), Smiths Medical (U.S.), and Allied Healthcare Products Inc. (U.S.).
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