Published: December 2016 | Report Code: LS10739 | Available Format: PDF | Pages: 157
Ventilator Market Overview
Valued at $638.7 million in 2015, the global ventilator market is expected to progress at a CAGR of 7.7% during 2016–2022 (forecast period). The market for medical ventilators is being driven by factors such as the growing prevalence of respiratory diseases, rising pollution level, and increasing urbanization. Some other key factors supporting the market growth are rising healthcare expenditure and high prevalence of tobacco smoking.
The ventilator market is classified into portable and intensive care ventilators, on the basis of product type. Between the two, intensive care ventilators account for the larger revenue share in the market and are projected to hold 56% share in 2022. The market, however, is expected to witness higher demand for portable ventilators during the forecast period.
In terms of end user, the ventilator market is classified into hospitals, home care, and ambulatory care. Among these, hospitals are expected to hold over 70% market share in 2022. However, home care, as an end-user category, is expected to generate the highest demand for ventilators during the forecast period.
North America leads the ventilator market, globally, and is also expected to be the largest revenue generating regional market during the forecast period. Higher prevalence of respiratory diseases and rising healthcare expenditure are the major factors driving the growth of the North American market. Besides, geriatric population in the region is increasing at a fast pace and is expected to continue supporting the growth of the market in the coming years. The U.S. is expected to hold the largest share in the regional market, accounting for over 85% revenue in 2022.
Ventilator Market Dynamics
A major trend observed in the ventilator market is a rise in demand for compact, low-maintenance ventilators. Such ventilators are designed in a way that they can be operated manually, in settings where electricity supply is not available. Besides, the growing preference for home-based health solutions is fueling the demand for these ventilators.
Globally, the ventilator market is being driven by the increase in the healthcare expenditure of several countries, with governments making investments for the improvement of medical facilities for the people. Rise in the prevalence of chronic diseases can be viewed as a major factor driving government investments in healthcare. This increase in healthcare expenditure for improved accessibility to diagnostic and treatment facilities is also resulting in the demand for essential medical products, including ventilators.
Increasing preference for home healthcare solutions can be viewed as a factor offering immense growth opportunities to the players in the ventilator market. This increasing trend of home healthcare can be attributed to the rise in geriatric population, as individuals in this age group prefer healthcare solutions that are easy to use and can be used at the comfort of home. Moreover, home healthcare solutions provide better quality of life to such patients, without requiring them to make frequent visits to the hospital. For example, respiratory assistance solutions and infusion systems help facilitate patient care to such patients at home.
Ventilator Market Competitive Landscape
Some of the major players operating in the global ventilator market are General Electric Company, ResMed Inc., Koninklijke Philips N.V., Medtronic plc, Hamilton Medical AG, and Becton, Dickinson and Company.
Key Questions Answered in the Report
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws