The global ventilator market is expected to surpass $1.0 billion by 2022, registering a CAGR of 7.7% during the forecast period. Increasing prevalence of chronic diseases, rising healthcare expenditure, and growing adoption of home healthcare solutions are the major factors supporting the growth of the market. Further, rising prevalence of respiratory diseases due to smoking and unhealthy lifestyle is contributing to the market growth across the world.
A ventilator is a mechanical system that assists patients in breathing. It is a life support equipment and does not provide any therapeutic treatment to patients. The equipment is majorly used in cases of cardiac insufficiency and neurological dysfunction. Based on product type, the ventilator market is bifurcated into portable and intensive care ventilators, of which portable ventilators are expected to witness higher demand in the market during the forecast period. This can be mainly attributed to the growing adoption of home healthcare solutions among people across the world.
On the basis of end user, the ventilator market is classified into hospitals, home care and ambulatory care. During the historical period, the sales of ventilators in the hospital category generated the highest revenue. This can be ascribed to the growing pool of patients visiting hospitals for the treatment of various medical conditions, including sleep apnea, acute lung injuries, and hypoxemia. Besides, the market in the home care category is expected to advance at a CAGR of 8.4% during the forecast period.
North America leads the ventilator market, globally. High prevalence of chronic diseases and increasing geriatric population are the two major factors boosting the growth of the market in the region. Further, the U.S. holds the largest share in the regional market. Increasing prevalence of tobacco smoking can be viewed as a key factor supporting the growth of the market in the country.
ResMed Inc., General Electric Company, Hamilton Medical AG, Koninklijke Philips N.V., Medtronic plc, and Becton, Dickinson and Company are some of the major players in the global ventilator market.
VENTILATOR MARKET SEGMENTATION
Market Segmentation by Product Type
Market Segmentation by Age Group
Market Segmentation by Interface
Market Segmentation by Mode
Market Segmentation by End User
Market Segmentation by Geography