According to the research 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, global ICU ventilator market was valued at USD 1.7 billion in 2019 and is projected to register a CAGR of 7.8% during 2020-2027.
 

Growing prevalence of COVID-19 has propelled the demand for ICU ventilators and other complex medical supplies in order to avoid the spread of virus and provide better healthcare to the patients. Also, increasing cases of respiratory diseases along with rising geriatric population will drive the growth of global ICU ventilator market. As stated by the World Health Organization (WHO), population of people aged 65 years or above is projected to reach 1.6 billion by 2050 from 524 million in 2010, with major rise in developing countries.  
 

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For the unfamiliar, an ICU ventilator is used for providing life support and helps the patients in breathing. It is also called respirator or breathing machine as it mechanically supports lung functions by exhaling or inhaling the air for the lungs. These machines are majorly employed for patients suffering from congenital defects, illness, trauma, or who are being treated with anesthesia. As per the report, high cost of deployment & maintenance and concerns regarding medical reimbursement are few factors hampering the growth of ICU ventilator market.
 

Based on product terrain, global ICU ventilator market is segmented into high-end, basic, and mid-end. With regards to the type, the industry is bifurcated into adult ventilators, pediatric ventilators, and neonatal ventilators. As per ventilation mode, the market is classified into combined-mode, pressure-mode, volume-mode, and others. Speaking of the end-user spectrum, the market is divided into specialty clinics, hospitals, rehabilitation centers, and long-term care centers.
 

Regionally, North America ICU ventilator market is poised to be the major revenue contributor over the ensuing years, mainly due to growing prevalence of respiratory disorders and dense presence of ventilator manufacturers in the region. Whereas, Asia-Pacific market is anticipated to witness highest growth rate during 2020-2027, owing to the increasing geriatric population and enhancements in healthcare infrastructure in the region.
 

Key players operating in global ICU ventilator market include Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Dragerwerk AG & Co. KGaA, Hamilton Medical, Heyer Medical AG, Medtronic plc, GE Healthcare, Schiller AG, Vyaire Medical Inc., and Fisher & Paykel Healthcare Corporation Limited.