Mechanical Ventilators Market Worth USD 5.5 Billion by 2022: Grand View Research, Inc.
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.
North America mechanical
ventilators market, by technology, 2012-2022, (USD Million)
Browse full research report on
Mechanical Ventilators Market
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
About Grand View Research,
Inc:
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.
For more information: http://www.grandviewresearch.com
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