Pune, India, Feb. 15, 2022 (GLOBE NEWSWIRE) -- According to this report, the Ventilator Market size was USD 2.54 billion in 2019 and is expected to reach USD 9.13 billion by the end of 2027 with a CAGR of 5.0% between 2020 and 2027. We, at Fortune Business Insights, are offering analytical reports on the impact of COVID-19 on various markets so that the investors can scrutinize them and accordingly make long-term investment decisions.
Ventilator Market Developments:
March 2020 – NKV-550 Series was launched by Nihon Kohden for patients irrespective of their age, admitted in the critical care units.
April 2020 – RespirAD portable ventilator was launched by Biodesign Innovation Labs for taking care of coronavirus patients.
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Market Growth Reasons:
- Advent of New Mechanical Ventilators will Add Impetus to Market
- Rising Number of Preterm Births to Increase Demand for Pediatric Ventilator
- Koninklijke Philips, Hamilton Medical, & Others Covering Notable Share Owing to Investment in Product Development
- Engaging in mergers and acquisitions, contracts and agreements, joint ventures, and other strategies to gain a competitive edge in the market.
Market Segments:
Based on segmentation by type, the market is bifurcated into adult and paediatric & neonatal segments. Among these, the adult segment earned the highest ventilator market share in 2019. This is accountable to the high prevalence of chronic diseases among adults as compared to their younger counterpart.
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Based on segmentation by interface, the market is segmented into invasive and non-invasive segments. Among these, the invasive segment held a dominant Ventilator Market share in 2019.
Based on segmentation by type, the adult segment earned the highest share in 2019 on account of the increasing prevalence of chronic diseases among the adult population.
Regional Analysis:
- North America generated USD 0.88 billion in terms of revenue in 2019 and emerged dominant. Factors responsible for this dominance include the rising number of patients admitted to intensive care and critical care units every year. Additionally, the reimbursement policies offered by the governments of Canada and the U.S. are also aiding in the expansion of this regional market.
- The second-largest market share is earned by Europe on account of the increasing adoption of mechanical ventilation support systems.
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Regions Covered in this Report:
- North America (the U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)
- Latin America (Brazil, Mexico, and the Rest of Latin America)
- The Middle East & Africa (South Africa, GCC, and the Rest of Middle East & Africa)
Dominant Players Focusing on Developing Novel Technologies for Advanced Ventilators
Currently, Hamilton Medical AG, Medtronic, Koninklijke Philips N.V., and Getinge AB are holding 40% or more shares in this market. This is owing to their strong focus on research and development of novel technology in the advanced ventilators. Other players are engaging in mergers and acquisitions, joint ventures, collaborations, and others to maintain their positions in the Ventilator Market.
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List of the manufacturers operating in the market:
- GE Healthcare
- Hamilton Medical AG
- Vyaire Medical, Inc.
- Medtronic
- Koninklijke Philips N.V.
- Drägerwerk AG & Co. KGaA
- Getinge AB
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Other vendors
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