Global Ventilator Market Outlook for 2023-28
Markntel Advisors has conducted a comprehensive study on the Global Ventilator Market is projected to grow at around 13% CAGR during the forecast period, i.e., 2023-28. Most of the market expansion would be driven by the mounting incidence of chronic & acute respiratory disorders, especially among the rapidly rising elderly population, coupled with the subsequent increase in ICU admissions to treat such illnesses.
COPD (Chronic Obstructive Pulmonary Disease) & asthma are the two most common respiratory illnesses, the prevalence of which is dramatically rising worldwide and amplifying the need for ventilators. COPD is the third leading cause of death. Prolonged asthma, tobacco smoking, & exposure to air pollution are the prime causes of COPD, which is the third leading cause of all deaths globally.
In addition, the Global Ventilator Market Study highlights the impact of domestic and localized market players, emerging revenue opportunities, strategic market growth analysis, product approvals, product launches, geographic expansions, and technological innovations. The objective of the report is to provide a detailed understanding of the industry, including its features, factors, and elements, along with insights into the regulatory scenario & regional dynamics that may impact market growth.
Key Growth Driver: Ever-Increasing ICU Admissions Due to Rising Incidence of Respiratory Diseases
The mounting prevalence of both chronic & acute respiratory illnesses like COPD, bronchial asthma, acute lung injury, and hypoxemia, among others, due to the increasing number of tobacco consumers worldwide, is the primary factor anticipated to drive the Global Ventilator Market during 2023-28. With the constantly rising incidence of such diseases, the world is witnessing rapidly increasing ICU admissions as patients with these conditions require critical care equipment, including ventilators, the demand for which is surging at a significant pace globally.
Possible Restraint: Several Risks Associated with Ventilation Procedures
Patients undergoing ventilation can come across various complications like VAP (Ventilator-Associated Pneumonia), sepsis, ARDS (Acute Respiratory Distress Syndrome), pulmonary embolism, barotrauma, Bronchopleural Fistula (BPF), & pulmonary edema, among others. These conditions can result in longer duration of procedures, extended ICU stays, rise in healthcare costs, and increased risk of disability & death. Hence, these aspects are likely to act as major growth restraints for the Global Ventilator Market during 2023-28.
Global Ventilator Industry Breakdown: Key Revenue Generating Segments
To facilitate focused analysis, the Ventilator Market has been divided into different segments, providing shareholders with the opportunity to identify their areas of interest and the most profitable opportunities within the market. By incorporating technical trends, comprehensive analysis of the downstream & upstream value chain, as well as Porter’s five forces analysis, we have diligently forecasted the industry landscape for specific regions/countries, presenting critical pointers for informed decision-making. The segments are as follows:
-By Type
-Adult/Pediatric Ventilation
-Infant/Neonatal Ventilation
-By Interface
-Invasive Ventilation
-Non-Invasive Ventilation
-By Mode
-Combined-Mode Ventilation
-Volume-Mode Ventilation
-Pressure Mode Ventilation
-By Mobility
-Portable
-Intensive Care
-By End-User
-Hospitals and Clinics
-Home care
-Ambulatory Care Centers
-Emergency Medical Services
-By Region
-North America
-South America
-Europe
-Asia-Pacific
-Middle East & Africa
Each sections offer valuable insights into the Ventilator Market. The report includes essential pillars of the industry study, such as drivers, restraints, opportunities, and challenges. The report also provides information on industry overview, specifications, definitions, suppliers, R&D status, cost structure analysis, sources, and technological advancements, potential for improvement, applications, among others.
Market Segmentation
Based on Interface:
- Invasive
- Non-invasive
Of both, the non-invasive ventilation (NIV) interface is witnessing rapidly increasing adoption and notably contributing to the ventilator market growth globally. Unlike invasive ventilation, NIV is the administration of ventilator support without using tracheostomy or endotracheal tubes.
Over the past few years, the usage of NIV has increased significantly in a wide range of applications for the management of both chronic & acute respiratory failures in critical care units and home care delivery settings. It owes to its benefits like precise & higher concentrations of oxygen due to its precise & controlled delivery, prevention of artificial airway complications, low cost, reduced need for sedative medications, lower infection rate, and augmented domiciliary usage, among others.
Based on Mobility:
- Portable
- Intensive Care
Here, Intensive Care ventilators hold a larger share of the global market. It owes to their rapidly increasing adoption & installation in hospitals, especially after the advent of Covid-19 in 2020, which surged ICU admissions & readmissions and, in turn, pushed the need for these ventilators.
Competitive Analysis of the Global Ventilator Industry
-Philips
-ResMed
-Medtronic
-Becton Dickinson
-GEHealthcare
-Getinge
-Air Liquide
-Hamilton Medical
-Smith’s Group
-Drager
-Fisher and Paykel
Global Ventilator Market Research Report Answers the Following Key Questions
- How big is the Global Ventilator Market?
- What is the projected growth rate or CAGR of the Global Ventilator Market during 2023-28?
- What are the key trends or growth opportunities for the key players in the Global Ventilator Market?
- Which ‘segment’ seems promising for companies operating in the Global Ventilator Market?
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