Latest Update 2020: What Makes Neonatal Ventilator Market Outperforming Its Substitutes?
Pune, New York, USA, November 30 2020 (Wiredrelease) Research Dive –:According to a study, Neonatal Ventilator Market by Research Dive, the global neonatal ventilator market size is expected to account for $ 474.0 Million by the end of 2026, registering 6.4% CAGR over the forecast period.
Growing chronic respiratory diseases in the preterm babies is owing to the rising adoption of neonatal ventilators globally.
The neonatal ventilator market drivers include the swift growth of technological developments in healthcare set-up, especially in the developing countries. Moreover, growing awareness about the treatments that are present for treating chronic respiratory diseases will further help the rapid adoption of neonatal ventilators, and these factors will further aid in the market development. Growing government support, rising disposable income, private funding and awareness level for the prevention with better treatment for respiratory diseases is anticipated to help in neonatal ventilator market growth in the coming years.
The high cost of neonatal ventilators is anticipated to hamper the acceptance rate globally. This restraint is observed in respect to non-invasive ventilator, which are highly effective in comparison to invasive ventilator. Moreover, the lack of healthcare infrastructure, skilled practitioners, and low budget for healthcare amenities in underdeveloped economies will hamper the smoother adoption of neonatal ventilators across the world.
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On the basis of product type, invasive neonatal ventilator market has registered significant growth during the forecast period and it is anticipated to reach $317.7 million by 2026, with a CAGR of 6.2%. This is mainly due to the increasing consumption of preterm intensive care units. The non-invasive ventilator market size is anticipated to reach $156.3 million by 2026, with 6.8% CAGR.
The mechanical ventilator has substantial growth and dominated the global market in 2018, owing to recent developments such as significant reduction in the mortality and morbidity rates. Along with mechanical ventilator, the high-frequency ventilator has a prominent growth in the coming future, and is anticipated to reach $140.9 million by 2026, at a growth rate of 7.2%.
Pressure mode neonatal ventilator market has a significant growth in the coming future and it is anticipated to reach $145.4 million by 2026, at a CAGR of 6.7%. The combined ventilation market is projected to grow over forecast period, and anticipated to reach $89.2 million by 2026, at a CAGR of 7.0%. In addition, one of the rapidly growing diseases among newborn babies is respiratory distress syndrome. Combined mode ventilation assists in order to reduce the risk of breathing problem and lung injury in preterm births.
The neonatal ventilator market for hospitals is projected to continue its dominance and will grow at 6.2% CAGR. This segment is anticipated to reach $322.2 million by 2026. Along with hospitals, the market for clinics will experience a robust growth during forecast period, and is projected to reach $61.3 million by 2026.
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Asia-Pacific neonatal ventilator market is anticipated to grow rapidly during the projected period, and is anticipated to reach $114.0 million by the end of 2026, at a growth rate of 7.0%. This is majorly due to the swift growth in the product consumption in clinical and hospital end-users. Rapid expansions in the new facilities, coupled with rising investments in this sector will further provide a boost to the market. The North America market dominated the global market in 2018. This region will witness market growth 6.8% and is anticipated to reach $236.9 million by 2026.
Top 10 Key Players in Neonatal Ventilator Market Includes:
1. Smith Medical
2. Medtronic Plc
3. Phillips Respironics
4. Breas Medical
6. Drager Medical
9. Hamilton Medical
10. GE Healthcare
These manufacturers are continuously increasing their efforts on R&D activities, as it will help to increase their position in the global market. Recent developments in the neonatal ventilator market by Hamilton Medical include a product launch of “Hamilton C6 Ventilator” in December 2019. With this strategy, they are planning to improve their share in this market.
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