Ventilator Market is Expected to Reach $1,231.7 Million by 2026

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OVERVIEW

Ventilator Market was valued at $1,231.7 million in 2019; growing at a CAGR of 8.6% till 2026. The market is expected to grow at a faster pace due to the COVID-19 pandemic in 2020.

In terms of volume, the ventilator market was valued at 146.3 K Units in 2019 and is expected to garner XX K Units by 2026; witnessing a CAGR of 8.8% from 2020 to 2026.

The ventilators are also known as respirators or breathing machines that provide patients with oxygen when one is unable to breathe on their own. Ventilators are used in intensive care medicine, home care, and emergency medicine, and anesthesiology. The Ventilators can be inserted through the mouth or nose, and down the trachea, or through a surgical opening, tracheostomy. Ventilators help patients to breathe in oxygen and blow out carbon dioxide. Ventilators are equipped with alarm systems and monitoring for patient-related parameters and ventilatory function, backup batteries, oxygen tanks, and remote control.

The rising prevalence of respiratory diseases has increased the demand for the ventilator. For instance, according to the World Health Organization (WHO), Respiratory diseases are leading causes of death in the world. Each year 65 million people suffer from chronic obstructive pulmonary disease (COPD) and 3 million die from it, which makes it the 3rd leading cause of death globally. Worldwide 334 million people have asthma, affecting 14% of all children. Each year 10 million people develop tuberculosis (TB), and 1.4 million dies from it. Around 1.6 million people die each year from lung cancer. About 4 million people die prematurely from the chronic respiratory disease globally.

Volume-mode Ventilation, Pressure-mode Ventilation, Combined-mode Ventilation, and Others are the type segment of the market scope, the interface segment is further divided into Invasive ventilation, Non-invasive ventilation, and the application segment is categorized into Homecare, ICU, Transportation, Neonatal Intensive Care Unit, Subacute Units. The report covers the value of the global market by type, interface, and application.

The market value Pressure-mode ventilation was USD XX million in 2019, and it is expected to reach USD XX million by 2026, growing at a CAGR of XX during 2020-2026. Pressure-mode ventilation is the dominant segment and accounted for approximately 38.17% of the market in 2019. The increasing utilization of pressure-mode ventilation as it increases mean airway pressure, increase duration of alveolar recruitment, it is also protective against barotrauma, it helps in breathing, and improve patient comfort, which would propel the growth of the market.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global ventilator value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America ventilator market was USD XX million in 2019, and it is predicted to reach USD XX million by 2026, growing at a CAGR of XX during the forecast period. The increasing prevalence for Respiratory Diseases, regulatory approvals for ventilators, and competitive strategy by the companies would improve the growth of the market.

Major players operating in the ventilator industry include ResMed, Medtronic, BD, Philips, GE Healthcare, Teijin, Fisher & Paykel, Drive Devilbiss, eVent Medical, Hamilton Medical, Draegerwerk, Breas Medical, Smiths Group, Getinge.

Formation of strategic collaborations and commercialization of approved products are the few business strategies adopted by the key companies, with a focus on maintaining a competitive advantage over others and expand the business on a global scale.