Introduction of New Non-Invasive Ventilators has Revolutionized the Mechanical Ventilators Market
Added: (Thu Jan 17 2019)
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The global mechanical ventilators market has been expanding significantly over the last two decades, and the market has been characterized by technological innovation and increase in preference for portable and home-care ventilators. Rapid rise in the geriatric population, increase in incidence of chronic obstructive pulmonary disease (COPD), rise in incidence of respiratory emergencies, and technological innovation in respiratory care devices are major environmental factors that drive the mechanical ventilators market. However, tight budgetary constraints faced by ventilator manufacturers and healthcare service providers are key factors that, currently, restrain the market.
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Technical advances, such as rapid innovation in the field of positive airway pressure (PAP) devices, portability, and improvement in battery life of transport and portable devices, are the primary influences in the mechanical ventilators market. Portability and easy movement of patients have expanded the mechanical ventilators market. Incorporation of portability in ventilators installed in critical care units has benefitted clinicians by bringing more flexibility in treatment, in accordance with changes in patient conditions and cost saving, by moving patients to low-cost care settings.
The global mechanical ventilators market was valued at around US$ 1,621.5 Mn in 2017 and is anticipated to reach US$ 2,937.3 Mn by 2026, expanding at a CAGR of 6.9% from 2018 to 2026. Increasing prevalence of chronic diseases in the geriatric population, favorable reimbursement scenario, and increasing government initiatives toward geriatrics can be attributed to the expansion of the mechanical ventilators market during the forecast period.
The global mechanical ventilators market has been segmented based on product type, interface, end-user, and region. In terms of product type, the mechanical ventilators market has been divided into critical care ventilators, neonatal ventilators, and transport and portable ventilators. In terms of interface, the market has been segregated into invasive ventilators and noninvasive ventilators. The critical care ventilators segment accounted for a prominent share of the market, in terms of revenue, in 2017. The segment is also expected to expand at a CAGR of 6.8% during the forecast period.
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In terms of region, North America accounts for a leading share of the global mechanical ventilators market, in terms of revenue, followed by Europe. High prevalence of respiratory diseases coupled with the presence of sophisticated healthcare infrastructure and rising per capita healthcare expenditure are boosting the market in the region. Moreover, strong research and development activities in the region promoting the development of new respiratory devices have contributed to the significant market share held by the region in the global mechanical ventilators. The contribution of revenue from the developed Western European economies, such as the U.K., Germany, France, and Italy, is responsible for the prominent share held by Europe in the global market. The amplifying base of the target patient population, i.e., geriatric people (over the age of 65 years) is anticipated to drive the mechanical ventilators market in Europe during the forecast period.
The mechanical ventilators market in Asia Pacific is expected to expand at a significant pace due to developing healthcare infrastructure and increasing government support for people. Other regions, such as Middle East & Africa and Latin America, are expected to be lucrative markets for mechanical ventilators in the near future, due to the high rate of adoption of advanced medical devices coupled with the rapid expansion of the health care industry in these regions.
Prominent players operating in the global mechanical ventilators market include Teleflex Incorporated, VYAIRE, Dragerwerk AG & Co. KGaA, GE Healthcare, Medtronic plc, Koninklijke Philips N.V., Smiths Medical, ResMed Inc., Bunnell Inc., and Getinge AB.
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