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(Medical-NewsWire.com, March 06, 2023 )
Ventilators market is projected to reach USD 5.4 Billion in 2027 from USD 3.9 Billion in 2022, at a CAGR of 6.3% during the forecast period according to a new report by MarketsandMarkets™. The growth of the global ventilators market is driven by the rising burden of respiratory diseases, urbanization, and rising pollution levels, rising obesity cases due to sedentary lifestyle, rapid growth in geriatric population worldwide, growing preference for home care settings, rising number of preterm births, outbreak of infectious respiratory diseases. However, shortage of skilled medical workers, excessive purchase of ventilators during covid-19, reimbursement concerns is expected to negatively impact market growth during the forecast period.
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Browse in-depth TOC on " Ventilators Market"
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Based on mobility, intensive care ventilators segment accounted for the largest share ventilators market
In 2021, the intensive care ventilators segment accounted for the largest share of the ventilators market. The intensive care ventilators segment will continue to dominate the market during the forecast period. The large share of the intensive care ventilators segment can be attributed to the rising establishment of new hospitals, especially in emerging economies, and the growing number of intensive care beds equipped with ventilators.
Based on type, the adult/pediatric ventilators segment accounted of the ventilators market
In 2021, the adult/pediatric ventilators segment accounted of the ventilators market. The large share of the adult/pediatric ventilators segment can be attributed to the rising number of smokers and the increasing geriatric population worldwide.
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Based on end user, the hospitals and clinics segment accounted of the ventilators market
In 2021, the hospitals and clinics segment accounted of the ventilators market. The hospitals and clinics segment will continue to dominate the market during the forecast period. The large share of this segment can be attributed to the financial capabilities of hospitals to purchase high-priced instruments and the availability of trained professionals to operate ventilators.
The Asia Pacific market is expected to grow at a higher CAGR during the forecast period
The APAC market is expected to grow at the highest rate during the forecast period, mainly due to high-growth markets like Japan, China, India, South Korea, Taiwan, Australia, and Singapore. The rising geriatric population, increasing COVID-19 patient volume, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, and expansion of private-sector hospitals to rural areas in various APAC countries are the major factors driving the growth of the ventilators market in this region
Key players in the ventilators market
The prominent players in the ventilators market are Koninklijke Philips N.V. (Netherlands), ResMed (US), Medtronic (Ireland), Vyaire Medical, Inc. (US), Getinge AB (Sweden), Drägerwerk AG & CO. KGAA (Germany), ICU Medical, Inc. (US), Hamilton Medical (Switzerland), GE Healthcare (US), Air Liquide (France), Asahi Kasei Corporation (Japan), Allied Healthcare Products, Inc. (US), Nihon Kohden Corporation (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd, (China), Skanray Technologies (India), Baxter International Inc, (US), aXcent Medical GmbH (Germany), Metran Co., Ltd (Japan), MAGNAMED (Brazil), Leistung Ingeniería SRL(Argentina), Avasarala Technologies Limited (India), Airon Corporation (Florida), TRITON Electronic Systems Ltd. (Russia), Bio-Med Devices, Inc. (US), and HEYER Medical AG (Germany).
Mr. Aashish Mehra