June 05, 2020
As per the report titled ‘Mechanical Ventilators Market Size By Product, By Interface, By Ventilator Type, By Application, By Mode, By End-use, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’ available with Market Study Report LLC, global mechanical ventilators market is expected to grow rapidly through 2026.
Surging demand for ventilators owing to outbreak of COVID-19 pandemic and prevalence of other respiratory diseases across the globe are driving the growth of mechanical ventilators market. These machines are employed for patients who have undergone surgery or are unable to breath naturally. Several ailments lead to severe loss of lung control, making ventilators a necessity across hospitals and healthcare facilities.
Mechanical ventilators form an artificial airway using a hollow tube that goes into the patient’s mouth and further down to the trachea or main airway. Patients typically remain linked to the ventilator until they are be able to breathe on their own.
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Based on product type, the market is bifurcated into intensive care ventilators and portable ventilators, wherein the latter segment amassed USD 400 million in 2018 and is slated to witness considerable growth during the forecast period. The growth can be attributed to the convenient usage of these equipment during transportation of patients.
In terms of interface, the market is split into invasive ventilation and non-invasive ventilation. Among these, invasive ventilation segment is predicted to record a growth rate of 17.5% over the assessment period.
On the basis of ventilator type, neonatal ventilators segment was worth USD 300 million in 2018 and is predicted to grow exponentially in the forthcoming years.
Elaborating on the application scope, clinical segment is poised to experience robust demand for mechanical ventilators and is estimated to expand with a growth rate of 18% throughout the forecast duration.
With respect to the mode, mechanical ventilators market is fragmented into combined mode ventilation, control mode ventilation, and pressure mode ventilator. Combined mode ventilation segment garnered a valuation of USD 400 million in 2018 and is set to observe substantial gains in the upcoming years.
Speaking of the end-use spectrum, the industry is classified into hospitals, ambulatory surgical centers, and homecare. Homecare segment generated USD 500 million revenue in 2018 and is anticipated to exhibit strong growth over the forecast timeline.
As per the regional analysis, Latin America mechanical ventilators market amassed USD 87 million in 2018 and is projected to register a 9.5% CAGR through 2026. On the other hand, MEA mechanical ventilators market accrued USD 97 million in 2018 and is reckoned to expand at 16.5% CAGR during the estimated timeframe.
Major players operating in global mechanical ventilators market are Drägerwerk AG & Co. KGaA, Air Liquide, Fisher & Paykel Healthcare Limited, Medtronic, Hamilton Medical, Koninklijke Philips N.V., Getinge AB, Smiths Group plc, VYAIRE MEDICAL, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., ResMed, and ACOMA Medical Industry Co., Ltd. among others.