New York, US, June 30, 2021 (GLOBE NEWSWIRE) -- Mechanical Ventilators Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Mechanical Ventilators Market Information by Mode, Product Type, Age Group, End User, and Region - Forecast till 2027”, the market was valued at USD 2,546 Million in 2019 and is estimated to grow at a CAGR of 4.3%.
Market Scope:
The development of the global mechanical ventilators market is controlled by numerous influences such as technological developments, the increasing elderly population, and an increase in respiratory emergency cases. Mechanical ventilators are used frequently to assist in managing the patients' respiring problems by delivering high concentrations of oxygen into the lungs directly. The use of ventilators is widespread in critical care situations and surgeries where patients are anesthetized for the procedure and may need help to breathe.
Market Drivers:
The market is estimated to see increasing demand in the future due to the increasing older population group falling prey to the COVID-19 infection. Furthermore, the collective occurrence of respiratory diseases in several regions is estimated to introduce a multiplying number of government initiatives to boost the mechanical ventilators market in the coming period.
Market Restraints:
The market's growth potential is estimated to be curtailed by the high procurement cost of mechanical ventilators. Also, the intensifying instances of product recall and failure are projected to further restrict overall market expansion
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Competitive Landscape:
The distinguished companies in the mechanical ventilators market are:
- Medtronic (Ireland)
- ACOMA Medical Industry Co., Ltd (Japan)
- Draeger Medical GmbH (Germany)
- GE Healthcare (US)
- Macquet Gmbh & Co. KG (Germany)
- Koninklijke Philips N.V. (Netherlands)
- Getinge AB (Sweden)
- Becton, Dickinson, and Company (BD) (US)
- Smith's Medical (US)
- Hamilton Medical (Switzerland)
COVID 19 Analysis
The market was brutally reminded of the need for ventilators at the beginning of the pandemic. Initially, the demand for ventilators was so high that many hospitals were facing acute scarcity of ventilators. The reliance on mechanical ventilators rose when patients were being treated in unusual settings due to the surge in the cases over the past year. The compatibility advantage offered by mechanical ventilators played a crucial role in bolstering the demand, especially in developing regions, where medical facilities were not advanced or elaborate enough to treat all the patients affected with the virus.
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Market Segmentation:
The critical care mechanical ventilators segment reported for the largest market share by product type due to its high implementation and installation frequency in hospitals. These ventilators are primarily consumed in intensive care units. Furthermore, the rise in COVID-19 cases in all the regions has also motivated the development of intensive care unit/critical care ventilators.
By mode, the non-invasive ventilation segment accounts for the chief share due to cost-effectiveness, increased convenience as compared to invasive ventilation, and improved tolerance. Furthermore, the easy obtainability of the segment outside the ICU setting also motivates the progress for non-invasive ventilation.
The adult segment holds the chief market share by age group due to influences such as the growing number of smokers and a big patient group having respiratory diseases. In addition, a rising old population coupled with long-lasting diseases such as asthma and chronic obstructive pulmonary disease (COPD) will further add to the mechanical ventilators market growth.
By end-user, the home care segment holds the major market share due to the swelling older population and the accessibility to portable ventilators.
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Regional Insights:
The Americas governed the mechanical ventilators market in 2019 due to the increasing aged population and promising insurance policies. These increasing COVID-19 cases and the mounting population with serious illnesses are driving the market for mechanical ventilators in the Americas region. The European region is likely to display exponential growth for the forecast period. The considerable growth in the nation can be accredited to the mounting number of COVID-19 cases. The growing call for ICU beds to handle these patients in the hospitals in the Asia-Pacific region is anticipated to observe a significant development rate in the forecast period due to collective continuing respiratory diseases, intensifying cases of COVID 19, mounting healthcare spending, and numerous collaborations and strategic agreements among significant market companies. The emerging healthcare infrastructure and increasing innovative product choices for the aging inhabitants are increasing the mechanical ventilators market growth in this region.
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