New York, USA, July 26, 2021 (GLOBE NEWSWIRE) -- Research Dive’s comprehensive report provides a brief summary of the current market scenario including major aspects of the market such as growth factors, challenges, restraints, and numerous growth opportunities, and pre- and post-COVID-19 projections. Research Dive estimates that-
- The global neonatal ventilator market is projected to surpass $474.0 million by 2026, and grow at a CAGR of 6.4% during the forecast period 2019 to 2026.
- The global mechanical ventilators market is predicted to grow at significant CAGR and garner strong revenue during the forecast period from 2019 to 2026.
Factors Driving the Market Growth
Technological advancements and innovations in ventilators and the overall healthcare infrastructure is boosting the growth of the global neonatal ventilator market and mechanical ventilators market. In addition, the growing need of ventilators for coronavirus-affected patients across the globe is propelling the growth of both the markets during the pandemic.
Neonatal Ventilator Market
The growing awareness about the treatments available for chronic respiratory diseases and the rising need for prolonged & emergency treatment associated with lung diseases in preterm or newborn babies are the major factors anticipated to foster the growth of the global market over the forecast period.
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Additionally, the new product launches with novel technologies by key market players is boosting the growth of the global neonatal ventilator market. For instance, in November 2019, Nihon Kohden, a leading manufacturers, developer, and distributor of medical electronic equipment, launched ‘NKV-550’ series ventilator system for neonates and adults. This new ventilator is specially designed for easy transition between high-flow oxygen therapy, invasive ventilation, and non-invasive ventilation.
Mechanical Ventilators Market
The number of people suffering from chronic obstructive pulmonary diseases (COPD) and other breathing-related diseases is increasing at an alarming rate across the globe. As per the World Health Organization (WHO), around 200 million people suffer from COPD and more than 235 million people suffer from asthma each year. Thus, the growing cases of COPD is the significant factor expected to boost the growth of the global market over the forecast period.
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Additionally, the geriatric population is more prone to develop respiratory diseases due to weakening of the immune system and aging, which is expected to drive the market growth. Further, the several strategies adopted by key players operating in the mechanical ventilators market is boosting the growth of the global market. For instance, in April 2020, Koninklijke Philips N.V., announced the launch of mechanical ventilator namely, ‘Philips Respironics E30’ ventilator to support COVID-19 patients. According to the company, the ventilator can be used when there is limited access to a fully featured critical care ventilator.
WHO, COVID-19, and Ventilators
According to the World Health Organization (WHO), the majority of people with COVID-19 have uncomplicated or mild illness which is about 81%. About 14% will develop severe illness and will require oxygen therapy. And approximately 5% will require intensive care unit (ICU) treatment. Of those critically ill patients, the most will require mechanical ventilation mainly because the most common diagnosis in severe coronavirus affected patients is severe pneumonia.
In addition, the organization states that COVID-19 patients with lung infection should be treated with Continuous Positive Airway Pressure (CPAP), which is non-invasive ventilation.
Regional Analysis
The Asia Pacific neonatal ventilator market is projected to observe exponential growth over the forecast period. This is majorly owing to the rapid growth in the product demand from India and China due to the growing expansion of hospitals & clinics in the countries. Besides, the growing birth rate in these countries is one of the major factors responsible for the regional market growth.
The North America region is estimated to account for the majority of market share in the global mechanical ventilators market over the forecast period. The growing geriatric population, rising cases of chronic respiratory diseases, and the presence of sophisticated healthcare infrastructure & key market players are the significant factors boosting the regional market growth. In addition, the rising prevalence of smoking is leading to increased respiratory issues and growing demand for ventilators in the region.
Prominent Market Players
The key players operating in the global markets include:
Top 10 Neonatal Ventilator Market Key Players:
- Resmed
- Carefusion
- Medtronic Plc
- Phillips Respironics
- Hamilton Medical
- Smith Medical
- Breas Medical
- Drager Medical
- GE Healthcare
- Maquet
Top 9 Mechanical Ventilators Market Key Players:
- Drägerwerk AG & Co. KGaA
- Medtronic
- Smiths Group plc
- Koninklijke Philips N.V.
- Getinge AB
- VYAIRE
- ResMed
- Bunnell Incorporated
- Teleflex Incorporated
- GENERAL ELECTRIC COMPANY
Research Dive’s report presents several aspects of these major players such as business & financial performance, SWOT analysis, latest developments, product portfolio, and many more.