Ventilator Market Overview
The global ventilator market size is projected to cross $1.0 billion by 2022, growing at a CAGR of 7.7% during the forecast period. The market is driven by factors such as high prevalence of respiratory disease, growing geriatric population, high prevalence of smoking, rapid urbanization and increasing pollution level. In addition, increasing incidence of preterm births, increasing healthcare expenditure, and changing lifestyle.
Based on product type, the ventilator market is categorized into intensive care ventilator and portable ventilator. The intensive care ventilator segment accounted for the major share in the global market during the historical period and it is projected to hold a market share of 56% by 2022. The portable ventilator is expected to witness the fastest growth during the forecast period.
Based on end user, the ventilator market has been segmented into hospitals, home care, and ambulatory care. The hospital segment accounted for the major share in the global market during the historical period and it is projected to hold a market share of over 70% by 2022. The home care segment is expected to witness the fastest growth during the forecast period.
Geographically, the North American ventilator market is the largest in the world and it is projected to remain the largest market throughout the forecast period. The North American market is growing due to the improved healthcare infrastructure, increasing healthcare expenditure, and increasing number of patients with respiratory disorders. In addition, North America is witnessing a rapid increase in its geriatric population, which has created a significant positive impact on the growth of the North American market for ventilator. Among the North American countries, the U.S. ventilator industry is the largest in the region and it is expected to hold a market share of over 85% by 2022.
Ventilator Market Dynamics
The increasing demand for enhanced portable and compact ventilator is a major trend in the ventilator market. The demand for portable and compact ventilator is increasing due to its low weight. This type of ventilator can function in demanding environments with little maintenance. It is designed to provide mechanical ventilation in settings where piped gases and mains electricity are unavailable. The design of the ventilator reflects the availability of gas and electrical supplies, and modes of ventilator support. In addition, growing geriatric population and increasing demand for home healthcare are also increasing the demand for portable and compact ventilators.
Home healthcare is the essential component to healthcare continuum. The demand for home healthcare is increasing due to growing geriatric population, as it is an integral part of the primary healthcare service. Home healthcare provides older patients a better quality of life in their homes, limits the length of hospitalization, and provides more efficient treatment continuity monitoring for greater efficacy.
The advancement in home automation, remote medical assistance and pharmacology facilitates the development of technologies, such as respiratory assistance solutions, and infusion system, which assists in home delivery treatment of chronically ill patients. Therefore, it would lead to an increase in the demand for ventilators in the home care setting and thereby creating growth opportunity for its manufacturers.
The increasing healthcare expenditure is one of the key growth drivers of the worldwide ventilator market. The healthcare expenditure is increasing across the globe, owing to the increasing prevalence of diseases and increasing government and non-government initiatives. According to the WHO, the total healthcare expenditure is increasing globally, which is leading to improvement in healthcare infrastructure. This increase in healthcare expenditure leads to increase in affordability and accessibility of treatment and diagnosis for different medical conditions. The distinct governments in different countries are investing a significant portion of their GDP for healthcare. The increasing healthcare expenditure leads to increased demand for ventilator, thus driving the growth of the market.
Ventilator Market Competitive Landscape
Some of the major players operating in the global ventilator market include General Electric Company, Becton, Dickinson and Company, ResMed Inc, Koninklijke Philips N.V, Medtronic plc. and Hamilton Medical AG.