Sales of Mechanical Ventilator Market to Generate US$127.9 Bn Revenue Through 2030
Market Overview:
The Global Mechanical Ventilator Market was valued at USD 127.9 billion by 2020, growing with 8.9% CAGR during the forecast period, 2021-2030.
Mechanical ventilators are artificial breathing devices used by individuals who are unable to breathe normally due to severe medical problems. It is a life-sustaining system that assists patients in breathing when they are unable to maintain adequate oxygen delivery. A patient is linked to a ventilator through an endotracheal tube directly attached to the patient's airway or an NIV face mask.Ventilators are frequently used during operation when the patient is sedated;mechanical ventilator respirators assist in putting patients to sleep without interfering with regular breathing. It also detects airway resistance and abnormal respiratory system function. The failure of ventilators might lead to death.The development of coronavirus illness has created a dilemma in which severely ill COVID-19 patients may outnumber available ICU beds. The need for intensive care beds will rise in the foreseeable future as hospital admissions rise across Europe. Mechanical ventilators will be in high demand as a result of this.
Market Dynamics and Factors:
The key drivers driving themechanical ventilator market throughout the projected period include an increase in the prevalence of Chronic Obstructive Pulmonary Disease (COPD), fast expansion in the geriatric population, technological innovation, and an increase in the frequency of respiratory crises in respiratory care devices.As per the United Nations, the worldwide geriatric population was about 809.4 million in 2018, and by 2050, it is expected to more than double to over 2,000 million.
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The geriatric population is linked with a variety of severe respiratory disorders that necessitate continuous long-term breathing. The development of patient-friendly, cost-effective, and portable technologies encourages their use even more.The growing elderly population base that requires long-term ventilation is projected to boost demand for healthcare institutions that provide long-term treatment for chronic respiratory diseases. Themechanical ventilator market is anticipated to expand due to an increase in the demand for emergency treatment for extended illnesses and protracted therapy associated with lung disorders in both children and adults.
Market Segmentation:
Mechanical ventilator market can be segmented by Mobility (Intensive Care Ventilators, and Portable Ventilators), Interface (Invasive Ventilation, and Non-Invasive Ventilation), End User (Hospitals, Home Healthcare, and Other End Users), and By Region (Latin America, Middle East and Africa, Asia Pacific, North America, and Europe).
Competitive Scenario:
Some of the key players operating in the mechanical ventilator market share includes include Draeger, Vyaire Medical, Philips Respironics, Smiths Medical, Becton Dickinson and Company, Ventinova, Medtronic, Plc. And Mindray Medical International Limited. The other players in the market include ResMed Corp., Tecme SA, GE Healthcare, Smiths Medical, Fisher &Paykel Healthcare Limited. In June 2021 millions of units of the Philips Bi-Level Positive Airway Pressure (Bi-Level PAP), Continuous Positive Airway Pressure (CPAP), and mechanical ventilator devices over Cancer risk.
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Geographic Analysis:
North America is leading the mechanical ventilator market share, accounting for the majority of sales. This dominance is due to an increase in the number of serious critical COVID-19 patients in the United States, as well as the existence of prominent manufacturers. Furthermore, conventional industries have shifted their focus to the manufacturing of medical supplies such as masks, mechanical ventilators, and other medical gadgets. This, in turn, is projected to offer this regional market with a substantial growth trajectory in the next fiscal quarters.The Asia Pacific market is expected to develop at a rapid pace over the projected period for the mechanical ventilators market, owing to growing COVID 19 instances, chronic respiratory illnesses, rising healthcare spending, and different partnerships and strategic agreements.
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