According to a report by Grand View Research, Inc.; the global mechanical ventilators market is projected to reach a valuation of nearly USD 5.5 billion by 2022. Growing cases of chronic respiratory issues owing to rising air pollution and unhealthy lifestyle habits are anticipated to propel the growth of the market. Mechanical ventilators offer high efficiency, safety, and better design to support patients facing respiratory issues. In addition, these advanced ventilators can also offer better gas exchange, improved weaning, and better oxygenation, preventing any damage to lungs.
Rising cases of chronic obstructive pulmonary diseases (COPD) is likely to stimulate growth of the market over the forecast period (2018 to 2025). Rising number of geriatric population suffering from several respiratory disorders can further impel market growth. High demand for cost-effective and user-friendly portable devices is also anticipated to propel development of the market. Integration of on-board intelligent firmware and high-speed signaling processing in mechanical ventilators are expected to impel growth of the market in the next few years. Benefits such as lower adverse effects and minimal side effects on systematic and pulmonary circulation are expected boost the demand for mechanical ventilators. Development of healthcare infrastructure and awareness regarding the available treatments for chronic respiratory diseases can foster growth of the market during the forecast period.
Full Research Report On Mechanical Ventilators Market Analysis: https://www.grandviewresearch.com/industry-analysis/mechanical-ventilators-market
The worldwide mechanical ventilator market can be segregated on the basis of product and region. Based on product, the market can be classified into neonatal ventilators, transport & portable ventilators, critical care ventilators, and others. In 2014, critical care ventilators dominated the market owing to high installation and adoption rate in hospitals. In addition, increasing number of hospitals is likely to fuel growth of this segment in the forthcoming years.
In addition, transport and portable ventilators segment accounted for 34.3% of the market share in terms of revenue in 2014. It is anticipated to rise up to around 36.9% by 2022. Efficiency to deliver care to patients having respiratory issues under several conditions can spur demand over the forecast period. Application of such ventilators can range from ambulatory centers to home care. High prevalence of medical emergencies and demand for point-of-care treatment can stimulate growth in the next few years.
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Moreover, the neonatal ventilators segment is estimated to account for around 17.1% of market share by 2022. Growth in fertility rate of women is likely to foster demand for such ventilators during the forecast period. In addition, rise in the average age of child bearing across various races can further influence the demand for neonatal ventilators in near future.
Regional segmentation includes Europe, North America, Asia Pacific, and rest of the others (ROW). In Asia Pacific, the mechanical ventilators market is likely to be most lucrative in the coming years owing to increase in healthcare expenditure. In addition, rising cases of chronic respiratory disorders coupled with development of infrastructure and healthcare policies can also spur regional market growth over the forecast period. Moreover, development of genetic allergies and rise in smoking can further propel growth of the market over the forecast period.
In North America, the market for mechanical ventilators is predicted to exhibit market share of over 41.7% in the coming years. Growing cost containment issues against healthcare owing to economic crises is predicted to fuel demand for innovative devices to support patients with respiratory issues. In addition, increasing cases of respiratory disorders owing to growing number of geriatric population is anticipated to further propel the regional market growth.
In Europe, the mechanical ventilators market is estimated to witness significant growth during the forecast period owing to rising cases of COPD in the region.
Some of the leading companies offering innovative mechanical ventilators are Maquet Gmbh, Draeger Medical, Philips Respironics, GE Healthcare, and Teleflex. Most companies are expected to be involved in new product developments and technological advancements to maintain their position in the market. In addition, companies are likely to opt for mergers and acquisitions to increase their market share over the forecast period.
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