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Meticulous Research®– leading global market research company published a research report titled “Ventilators Market by Product (Instruments, Accessories), Mobility (Intensive Care, Portable), Interface (Invasive, Non-invasive), Age Group (Adult, Pediatric), Mode (Volume, Pressure, Dual), End User (Hospital, ASCs, Home Care) -- Forecast to 2027”.
According to this latest publication from Meticulous Research®, the ventilators market is expected to grow at a CAGR of 15.8% from 2020 to reach $7.72 billion by 2027. The growth of ventilators market is mainly driven by the factors such as increasing number of intensive care units (ICU) and ICU beds, rising incidence & prevalence of chronic and infectious diseases, urbanization and growing pollution level, rapid growth in geriatric population, and increasing incidence of preterm births. Moreover, the growing demand for homecare therapeutic devices and emerging economies creates significant growth opportunities in this market.
COVID-19: The Booster for Ventilators Market
Current COVID-19 pandemic has increased the demand for advanced healthcare facilities and created a burden on healthcare industry in terms of prevention, isolation, and providing treatment to the infected patients. It started with a few deaths in Wuhan, China, with the earliest reported case on November 17, 2019. Since then the exponential graph for the infected population has grown drastically in several other countries across the globe. Several highly infected countries such as the U.S., Italy, Spain, France, and the U.K. are experiencing shortfall for the healthcare supplies, including personal protective equipment, hospital beds, and ventilators, due to disrupted supply chain, economic loss, and reduced confidence on the quality of the imported supplies. As a result of this, the huge demand is expected to be faced by the global and local players operating in the ventilators market.
The ventilators market study presents historical market data in terms of value and volume (2018, and 2019), estimated current data (2020), and forecasts for 2027 - by product, interface, age group, mobility, mode, and end user. The study also evaluates industry competitors and analyzes the market at regional and country level.
Based on the product type, the overall ventilators market is segmented into ventilator instruments and ventilator accessories. The ventilator accessories segment is estimated to account for the largest share of the overall market in 2020, owing to the frequent use of ventilator masks, circuits, catheters, and endotracheal tubes with increasing patient population in need of ventilation and growing awareness of hospital hygiene. However, the ventilator instrument segment is expected to witness rapid growth during the forecast period.
Based on mobility, the ventilators market is segmented into intensive care and portable ventilators. The intensive care ventilators segment is estimated to command the largest share of the overall market in 2020. However, the portable ventilators segment is expected to grow at the fastest growth rate during forecast period. The rising demand for portable ventilators from household & long-term care facilities and increasing demand from emergency medical service providers across the globe drive the growth of this segment.
Based on interface, the ventilators market is segmented into invasive and non-invasive ventilators. The non-invasive ventilators segment is expected to grow at the fastest rate primarily due to the growing technological advancements. With technological advancements, new ventilators specifically designed for NIV are developed and are increasingly adopted in both acute and chronic settings. However, in 2019, the invasive ventilators segment accounted for the largest share of the overall ventilators market.
Based on mode of ventilation, the ventilators market is segmented into volume, pressure, dual/combined, and other modes. The volume mode ventilation segment accounted for the largest share of the overall ventilators market, mainly attributed to the higher adoption of volume mode in intensive care ventilators, owing to its advantages such as minute ventilation and constant tidal volume. However, the dual/combined mode ventilation segment is estimated to grow at the highest CAGR during the forecast period.
Based on end user, the ventilators market is segmented into hospitals, home care settings, ambulatory surgical centers, and other end users. The hospitals segment is estimated to account for largest share of the overall market in 2020, mainly due to large pool of patients including the population with respiratory diseases visiting the hospitals for diagnosis & treatment, owing to wide presence & easy accessibility to hospitals, availability of experienced doctors & trained professionals, and accessibility to better healthcare infrastructure with availability of high-tech medical devices in hospitals.
This research report analyzes major geographies and provides comprehensive analysis for Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), North America (U.S., Canada), Asia-Pacific (India, China, Japan, and RoAPAC), Latin America, and the Middle East & Africa. North America region is estimated to dominate the global ventilators market in 2020, followed by Europe, and Asia Pacific. The growing prevalence of COVID-19 across the region have triggered the need for ventilators, hospital beds, and other healthcare supplies. In addition, the ongoing initiatives for boosting the production of ventilators and growing geriatric population are some of the other factors stimulating the market growth in this region.
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The key players operating in the global ventilators market are Koninklijke Philips N.V. (Netherlands), Hamilton Medical AG (Switzerland), Medtronic plc (Ireland), Vyaire Medical, Inc. (U.S.), GE Healthcare (U.S.), Fisher & Paykel Healthcare Ltd (New Zealand), Drägerwerk AG & Co. KGaA (Germany), ResMed Inc. (U.S.), Zoll Medical Corporation (U.S.), Schiller AG (Switzerland), and Getinge AB (Sweden), among others.
Key questions answered in the report-
- Which are the high growth market segments in terms of product type, interface, age group, mode, mobility, end user, and region/countries?
- What was the historical market for ventilators across the globe?
- What are the ventilators market forecasts and estimates for the period 2020-2027?
- What are the major drivers, restraints, opportunities, and challenge in the global ventilators market?
- Who are the major players in the ventilators market?
- How is the competitive landscape and who are the market leaders in the global ventilators market?
- What are the recent developments in the global ventilators market?
- What are the different strategies adopted by the major players in the global ventilators market?
- What are the geographic trends and high growth regions/ countries for the ventilators market?
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