The global mechanical ventilators market size is expected to reach USD 5.5 billion by 2022 according to a new report by Grand View Research Inc. The global market witnessed a significant growth over the past two decades, and it has been characterized by technological innovation and increasing preference for portable and home-care ventilators.
Rapid growth in the geriatric population, increasing incidence of Chronic Obstructive Pulmonary Disease (COPD), rising incidence of respiratory emergencies, and technological innovation in respiratory care devices are the major factors driving the mechanical ventilators market.
On the other hand, tight budgetary constraints faced by the ventilator manufacturers and healthcare service providers are the factors impeding this market growth. Technical advancements such as rapid innovation in the field of Positive Airway Pressure (PAP) devices, portability, and improvement in battery life of transport and portable devices are the primary influencers in the mechanical ventilators market.
According to the World Health Organization, chronic respiratory diseases such as asthma, chronic obstructive lung disease, bronchitis, emphysema, lung cancer, and intrathoracic pulmonary heart diseases are the medical conditions affecting the airways and other lung structures.
The WHO estimates that, at present, 235 million people suffer from asthma and approximately 90% of COPD deaths occur in low- and middle-income countries. Therefore, the rise in prevalence of such diseases coupled with rapid introduction and availability of portable, cost contained, and easy-to-use mechanical ventilators for the treatment of such conditions is expected to drive mechanical ventilators growth worldwide.
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Further key findings from the report suggest:
- Critical care ventilators are expected to account for over 40% of the market share by 2022 owing to the technological advancements such as Spontaneous Breathing Trial (SBT), AutoTrak, and reporting software that influence better care provision are expected to boost market growth further.
- Transport and portable ventilators are expected to grow at a lucrative CAGR of over 7.0% over the forecast period. Hospitals are promoting use of portable ventilators to provide faster and continuous care to patients even prior to their arrival in the premises. Portable ventilators fulfill the need of patients to obtain home care, thereby increasing their popularity.
- North America dominates the mechanical ventilators market in terms of revenue owing to the rising geriatric population in the U.S., which is leading to a corresponding rise in the incidences of respiratory disorders.
- Asia Pacific and Latin America are expected to witness lucrative growth of over 7% over the forecast period. This growth is due to the presence of untapped opportunities, rising expenditure level, and the introduction of favorable government initiatives.
- Some key players of this market include Covidien Plc, Draeger Medical, GE Healthcare, Philips Respironics, Teleflex, and Smiths Medical.
- Market participants are constantly engaged in development of new products in an attempt to improve presence and ensure sustainability.
Grand View Research has segmented the global mechanical ventilators market on the basis of technology and region
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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