Ventilator Market is anticipated to grow at a CAGR of 8.2% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Ventilator Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Ventilator Market accounted for over approximately US $ 925 million in 2019. It is anticipated to grow at a CAGR of 8.2% from 2020 to 2030.
The growth of the ventilator market can be attributed to several factors, such asurbanization, unhealthy lifestyle habits, increasing pollution levels, tobacco smoking, and others,resulting in respiratory diseases. The growth in the geriatric population global and rising incidents of respiratory & cardio vascular diseases are expected to provide growth opportunities for the ventilators market. Furthermore, growing healthcare expenditure, growing awareness among doctors & patients regarding advanced technologies, and increasing adoption of home healthcare products are boosting market growth.
Factors, such as urbanization, life-threatening disease outbreaks, and technological advancements are driving the global ventilators market. Also, the increasing number of preterm births, rising healthcare expenditure, and the growing number of ICU beds in emerging economies are further adding to market growth.Moreover, the cost-effective designs of home care systems as compared to hospital visits are likely to drive the demand for ventilator systems. Presently, Philipsintends to double the production of hospital ventilators in the fight against COVID 19. Currently, they make around a thousand ventilators per week and are trying to increase the production to approximately 2000 ventilators in the coming weeks.
However, complications associated with the use of ventilators and reimbursement concerns will restrain growth of the ventilator market to a certain extent.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Ventilator Market By Type (Adult and Infant), By Mobility (Intensive Care and Portable), By Mode (Pressure, Volume, and Combined Mode of Ventilation), By Interface (Invasive and Non-invasive), and By End User (Ambulatory Care Center, Hospital, Home Care, and Emergency Medical Services (EMS)) – Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/ventilator-market/296
The Asia Pacific ventilator market is estimated to grow at the highest CAGR during the forecast period. Emerging economies, rapid urbanization, improving healthcare technologies, and increasing cases of chronic respiratory diseases are expected to propel the ventilators market in the region. North America accounted for the largest market share during the forecast period followed by Europe. Factors such as increasing incidents of respiratory disorders, rising geriatric population, technological advancements, the availability of healthcare services, and improving reimbursement scenario for ICU treatment will drive the ventilators market in North America.
Some of the prominent players in the ventilator market include Koninklijke Philips N.V., ResMed, GENERAL ELECTRIC COMPANY, VYAIRE MEDICAL, INC., Hamilton Medical, Medtronic, Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited., ZOLL Medical Corporation, Air Liquide Medical Systems, and others.
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