Albany, New York, Nov. 28, 2018 (GLOBE NEWSWIRE) -- According to the report, the global mechanical ventilators market will exhibit a promising 5.2% CAGR over the period between 2017 and 2024, rising to a revenue opportunity of US$1.8 bn by 2024. Based on product type, the segment of critical care mechanical ventilators is likely to hold a massive 48.2% share of the overall market by the end of the report’s forecast period. Geographically, North America is presently the leading regional market in terms of revenue share in the global market and is likely to hold on to its top spot by the end of the report’s forecast period as well.
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Rising Prevalence of Respiratory Diseases to Drive Market Growth
Some of the key factors driving the global market for mechanical ventilator are the rapidly expanding global geriatric population, rising prevalence of chronic obstructive pulmonary disease (COPD), increased prevalence of respiratory emergencies, and technological innovations in the field of respiratory care devices. Cost containment in the variety of disposable products used in mechanical ventilators, such as swivels, catheters, and connectors, coupled with the increasing demand for these products has led to the rise in their bulk purchase. Government bodies are also increasingly exploring ways to reduce the burden of healthcare costs and improve health of the general population and the efforts are, in turn, benefitting the global market for mechanical ventilators.
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The market is characterized by the rise in preference for on-invasive, homecare and portable ventilators, and technological innovations. The rising demand for improved healthcare devices for home-healthcare facilities will thus also have a prominent impact on the overall growth prospects of the global mechanical ventilators market in the next few years. While growth prospects of the market are excellent, the overall growth of the market is hindered to a certain extent owing to factors such as tight budgetary constraints faced by healthcare service providers and ventilator manufacturers.
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The global market for mechanical ventilators features a highly competitive vendor landscape and the presence of several prominent domestic as well as international players, observes Transparency Market Research in a recent report. Owing to the rise in level of competition that the scenario ensures, international companies are focusing on collaboration and geographical expansion opportunities through strategic partnerships with promising regional vendors. Focus on R&D activities aimed at the introduction of new products or technological advanced versions of current products has also increased to gain a stronger foothold in the market.
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Moreover, with the view of benefitting from the vast, untapped growth opportunities in developing economies across regions such as Asia Pacific and Latin America, several international companies manufacturers and assemblers are trying their hands at the development of economical products to cater well to the needs of low-income patients. Some of the leading companies in the global mechanical ventilators market are GE Healthcare, Smiths Medical, Philips Healthcare, Becton, Dickinson and Company, Fisher & Paykel Healthcare Limited, and Dragerwerk AG & Co. KGaA.
This analysis of the global mechanical ventilators market is based on a recent market research report by Transparency Market Research, titled “Mechanical Ventilators Market (Product - Critical Care, Neonatal Intensive Care, Portable, and Transport; Mode - Invasive and Non-invasive; End User - Hospitals, Trauma Centers, and Home Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2024.”
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