Ventilators Market Is Expected To Grow At CAGR Of 7.2% From 2018 To Reach $2,636.2 Million By 2023: Meticulous Research
Meticulous Research® – the leading global market research company published a research report titled “Ventilator Market by Product (ventilator instrument, consumables), Mobility (Intensive Care, Portable), Interface (Invasive, Non-invasive), Age group (Adult, Infant), Mode (Volume, Pressure, Dual), End User (Hospital, Home Care, ASC) – Global Forecast to 2023”
According to this latest publication from Meticulous Research®, the global ventilators market will reach USD 2,636.2 million by 2023, at a CAGR of 7.2% from 2018 to 2023. The growth of this market is majorly driven by growing incidence & prevalence of respiratory diseases with rising geriatric population, excessive consumption of tobacco, and rising level of air pollution due to urbanization; and increasing incidence of preterm birth. In addition, growing demand for home care therapeutic devices, high growth in emerging countries across APAC and Latin America provides significant growth opportunities in this market. However, complications associated with the use of ventilators poses a great challenge for the growth of this market. Further, harmful effects of certain devices on neonates pose great challenge for the growth of this market.
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The global ventilators market is mainly segmented by product, interface, mobility, age group, mode, end user, and geography. Based on product, the ventilators market is majorly segmented into ventilator instruments and ventilator accessories/consumables. Ventilator instruments holds the largest share of the global ventilators market in 2017, owing to the higher demand for ventilator/instrument in healthcare settings with rising number of intensive care unit beds and high cost of the ventilator machine in comparison to its disposables. However, ventilator accessories/consumables is the fastest growing segment due to the frequent use of ventilator masks, circuits, catheters, and endotracheal tubes with increasing patient population in need of ventilation and growing awareness of hospital hygiene.
On the basis of interface, invasive ventilators held the largest share of this market in 2017. This is primarily attributed to the higher application of invasive ventilators in aged population admitted to intensive care units due to chronic respiratory diseases, neurological diseases, and sleeping disorders.
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On the basis of age group, adult & pediatric segment held the largest share in 2017, primarily due to higher adoption of ventilation support in elderly population due to increasing incidence & prevalence of chronic diseases such as COPD and lung infections with aging, increasing consumption of tobacco and related products, and rising pollution level. This segment is also projected to register faster growth during the analysis period with rising geriatric population requiring ventilation support with growing life expectancy.
On the basis of mobility, intensive care ventilators accounted for the largest share of global ventilators market in 2017, primarily due to the rising number of intensive care units and ICU beds well-furnished with ventilators, availability of proper reimbursement for these procedures, and rising number of patient admissions in critical care units with various chronic diseases, and rising preterm births across the globe.
On the basis of mode, ventilators market is segmented into volume mode ventilators, pressure ventilators, dual-mode ventilators, and others. Volume mode ventilators segment held the major share in the global ventilators market in 2017. The greater adoption of these ventilators is mainly due to its ability to maintain constant tidal volume and minute ventilation during the process.
On the basis of end-user, the ventilators market is segmented into hospitals & clinics, ambulatory surgery centers, home care and others. Hospitals & clinics held the largest share in the global ventilators market in 2017. The largest share of this segment is primarily due to large pool of patients with respiratory diseases visiting the hospitals for diagnosis & treatment, availability of experienced doctors & trained professionals, and accessibility to better healthcare infrastructure with availability of high-tech medical devices in hospitals.
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(Get key industry insights spread across 203 pages with 171 market data tables & 85 figures & charts from the report)
Geographically, the ventilators market is segmented into five major geographies namely: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America dominated the global ventilators market in 2017, followed by Europe, and Asia-Pacific. The large share of this region is primarily attributed to the well established healthcare system with wide network of suppliers & distributors; higher adoption of advanced medical devices in the healthcare system; and increasing incidence & prevalence of pulmonary disorders with rising tobacco smokers, rise in geriatric population, changing lifestyles, urbanization, and growing pollution level. Moreover, increasing incidence of premature births, higher & rising healthcare expenditure, and presence of many key players further propels the growth of ventilators market in this region.
However, Asia-Pacific region is slated to register the highest growth in ventilators market during the forecast period, primarily due to the increasing number of population requiring ventilator support with rising incidence of various pulmonary diseases and increasing incidence of preterm birth in the region, especially in India and China. The population base with various pulmonary diseases such as COPD, asthma, lung cancer and others is increasing in the region due to rising pollution level with urbanization, rising number of tobacco consumers, and increasing aging population. In addition, rising focus of the key players to expand in emerging countries like China & India, and increasing affordability of the middle-class population in the region are further expected to indirectly support the growth of ventilators market in the Asia-Pacific region.
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The key players in the global ventilators market are Philips Healthcare (Netherlands), ResMed (U.S.), Medtronic (Ireland), Dräger (Germany), Smiths Group (U.K.), Getinge (Sweden), GE Healthcare (U.S.), Becton, Dickinson and Company (U.S.), Fisher & Paykel (New Zealand), Air Liquide (France), Hamilton Medical (Switzerland), Zoll Medical (U.S.), Allied Healthcare Products (U.S.), Airon Mindray (China), and Schiller (Switzerland).
Key questions answered in the report-
1. Which are the high growth market segments in terms of product, end-user, and regions/countries?
2. What is the historical market for ventilators across the globe?
3. What are the market forecasts and estimates from the period 2015-2022?
4. What are the major drivers, restrains, opportunities, and trends in the global ventilators market?
5. Who are the major players in the global ventilators market and what share of the market do they hold?
6. Who are the major players in various countries and what share of the market do they hold
7. What are the strategic developments in the global ventilators market?
8. What are the different strategies adopted by the major players in the global ventilators market?
9. What are the geographical trends and high growth regions/countries?
10. Who are the local emerging players in the global ventilators market and how do they compete with the global players?
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