Global Mechanical Ventilators Market: Snapshot
The global mechanical ventilators market is poised for steadfast growth in the years ahead. The incidence of chronic obstructive pulmonary diseases (COPD) and other respiratory diseases due is on the rise with rising air pollution level due to industrialization and urbanization. The surge in number hospitals and healthcare centers to serve this population is catalyzing the demand for mechanical ventilators.
Apart from this, rising healthcare costs and mounting burden on healthcare systems to serve patient on long-term ventilation is leading to home healthcare. This is stoking demand for portable and transport mechanical ventilators.
On the downside, however, intensive R&D that has led to the introduction of low-cost yet efficient ventilators has drawn participation from small players. These small players with local and regional presence are serving customers in their respective regions with standard as well as customized products. This has shrunk profits of global players to impact the growth of mechanical ventilators market.
Budget constraints of small healthcare facilities and small-scale services of rural hospitals often leads to purchase of refurbished ventilators. This is slowing the growth of mechanical ventilators market. Considering a host of positive factors, the global mechanical ventilators market is projected to expand at a CAGR of 5.2% between 2017 and 2024.
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Critical Care Mechanical Ventilators to Continue to hold Lead Share
The global mechanical ventilators market is segmented in terms of product type into critical care, portable, transport, and neonatal intensive care ventilators. Out of these, in terms of value and volume, critical care mechanical ventilators holds a significant share in the overall market. Vis-à-vis revenue, the critical care mechanical ventilator segment is anticipated to hold 48.2% of the overall market by 2024. Growing patient pool with respiratory diseases and rising geriatric population globally are key drivers of critical care mechanical ventilators segment.
However, portable and transport mechanical ventilators segments are predicted to surpass in terms of growth rate through 2024. The need to render treatment to critical patients at the point of emergency is driving the transport mechanical ventilators segment. The increasing practice of transfer patients on ventilator support from hospital settings to alternate care for financial gains of hospital administration is propelling the demand for portable mechanical ventilators.
Depending upon mode, invasive and non-invasive are the segments into which the mechanical ventilators market is divided. Invasive mechanical ventilators, of the two, holds the larger share in the mechanical ventilators market. The segment is projected to account for 63.1% share of the overall market by 2024 owing to their extensive use in hospitals. Non-invasive mechanical ventilators segment is rising at a rapid growth pace due to decline in adoption of invasive ventilators. Risk of complications due to prolong use of invasive ventilators and development of improved masks and ventilator technology is boosting the uptake of non-invasive mechanical ventilators.
Based on end user, the global market is classified into hospitals, home healthcare, trauma centers, and others.
Improvement of Healthcare Infrastructure to make Asia Pacific Prominent
Geography-wise, North America and Europe are leading regions for mechanical ventilators. Factors such as string demand for modern healthcare and favorable reimbursement scenarios are fuelling the mechanical ventilators market in these regions.
On the other hand, rise in patient awareness about advanced ventilation solutions and increase in per capita income in emerging economies hold promise for Asia Pacific mechanical ventilators market.
Key companies operating in the global mechanical ventilators market are Dragerwerk AG & Co. KGaA, GE Healthcare, Philips Healthcare, Smiths Medical, Becton, Dickinson and Company, Getinge Group, Fisher & Paykel Healthcare Limited, Medtronic plc, and Hamilton Medical AG.