The global Mechanical Ventilator Market size is expected to reach USD 4.22 billion by 2030, according to a new report by Grand View Research Inc. It is expected to expand at a CAGR of 4.8% from 2022 to 2030. The unprecedented dawn of COVID19, 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 market for mechanical ventilators.
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 factors that
encourage the usage of mechanical ventilators. In April 2020, InnAccel
Technologies announced the introduction of a non-invasive ventilation system
intended for usage in ICU with COVID-19 patients. This system was engineered
and manufactured in India to treat patients with deteriorating hypoxemia.
Besides, this system functions across numerous settings and clinical
applications, without the necessity of continuous electricity, or a trained
breathing therapist.
The WHO estimates that at present, approximately 90%
of COPD deaths occur in low- and middle-income countries. Therefore, the rise
in the prevalence of such diseases, new product launches, and the availability
of portable, cost-contained, and easy-to-use mechanical ventilators for the
treatment of respiratory conditions are expected to fuel the market growth
worldwide. For instance, in August 2020, Spicejet introduced Spiceoxy, a
portable, non-invasive ventilation device. The increasing awareness amongst the
end users is projected to boost the demand over the forecast period.
Asia Pacific and Latin America are expected to witness
lucrative growth over the forecast period. This growth is due to the presence
of untapped opportunities, rising expenditure levels, and the introduction of
favorable government initiatives. Market participants are constantly engaged in
the development of new products in an attempt to improve presence and ensure
sustainability. For instance, in April 2021, Drägerwerk AG & Co. KGaA has
acquired the majority share of STIMIT AG. With this purchase, the company
further increases its proficiency in the lung-protective ventilation field.
Related Press Release@ Mechanical Ventilator Market Report
Mechanical Ventilator Market
Report Highlights
- By product, critical care ventilators dominated the market with a
share of over 35.0% in 2021 owing to the high adoption and installation
rate in hospitals. Besides, increasing incidence of COPD, asthma, and
other respiratory emergencies is a key driver of this segment
- Transport and portable ventilators are expected to register a
lucrative CAGR over the forecast period. Hospitals are promoting the use
of portable breathing machines to provide faster and continuous care to
patients even prior to their arrival o the premises. Portable breathing
machines fulfill the need of patients to obtain home care, thereby
increasing their popularity
- The non-invasive ventilation mode segment held the largest revenue
share in 2021 and is expected to witness the fastest growth during the
forecast period. Non-invasive ventilation effectively supports and
prevents the necessity for intubation in patients, thus supporting the
segment growth
- The home healthcare end-use segment is expected to register a
lucrative CAGR over the forecast period. This is a cost-efficient
alternative to expensive hospital stays, hence is anticipated to gain
popularity in the coming years
- North America dominated the market in 2021 owing to the rising
geriatric population in the U.S., which is leading to a corresponding rise
in the incidences of respiratory disorders along with a manufacturing
boost
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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