February 19, 2021
As cited by the business intelligence report titled ‘Global ICU Ventilator Market Size study, by Product Type (High-End ICU Ventilators, Basic ICU Ventilators, Mid-End ICU Ventilators), by Type (Adult Ventilators, Neonatal Ventilators, Pediatric Ventilators), by Mode (Combined-Mode Ventilation, Volume-Mode Ventilation, Pressure-Mode Ventilation, Other), by End User (Hospitals, Specialty Clinics, Long Term Care Centres, Rehabilitation Centres) and Regional Forecasts 2020-2027’ available with Market Study Report LLC, global ICU ventilator market was worth USD 1.7 billion in 2019 and is projected to exhibit 7.8% CAGR over 2020-2027, subsequently accounting USD 3.1 billion by the end of the stipulated timeframe.
Increasing prevalence of respiratory diseases across the globe, ongoing technological advancements in the healthcare sector, and growing geriatric population are key factors stimulating global ICU ventilator market growth.|
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For the uninitiated, ICU ventilators, also referred to as breathing machines, are life support machines which assist patients in the respiration process. Their primary function is to provide mechanical support to lungs by exhaling or inhaling breathable air. They are mainly used for providing temporary respiratory support to patients suffering from trauma, congenital defects, or who are undergoing treatment with anesthesia.
Elaborating on the latest developments in global ICU ventilator industry, the Covid-19 pandemic has propelled the demand for ventilators and other critical medical supplies for effective treatment of infected patients.
On the contrary, growing concerns regarding reimbursement, and high costs associated with maintenance and deployment of ICU ventilators will continue to plague the industry growth over the analysis timeframe.
Speaking of product terrain, global ICU ventilator market is split into mid-end ICU ventilators, high-end ICU ventilators, and basic ICU ventilators. With regards to mode of ventilation, the industry is divided into pressure-mode ventilation, volume-mode ventilation, combined-mode ventilation, and others. Moving on, the end-user landscape of the industry is categorized into rehabilitation centers, long-term care centers, specialty clinics, and hospitals among others.
As per the regional analysis, North America holds a substantial portion of global ICU ventilator market share, primarily due to high concentration of product manufacturers and rising burden of respiratory disorders in the region.
Meanwhile, Asia-Pacific is slated to accrue significant gains, exhibiting a robust CAGR over 2020-2027. Flourishing healthcare infrastructure and booming elderly population are contributing to the regional industry growth.
Prominent players influencing the global ICU ventilator industry trends are Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Koninklijke Philips N.V., Heyer Medical AG, Medtronic plc, GE Healthcare, Schiller AG, Vyaire Medical Inc., Dragerwerk AG & Co. KGaA, Hamilton Medical, and Fisher & Paykel Healthcare Corp Ltd among others.