July 20, 2020
As per the report titled ‘Global Ventilator Market Analysis, 2020’, available with Market Study Report LLC, global ventilator market is slated to register substantial growth in the coming years, recording a CAGR of 13.0% over 2020-2025.
Increasing geriatric population, surging pervasiveness of chronic and respiratory diseases are driving the growth of global ventilator market. Moreover, the outbreak of novel coronavirus has caused havoc all across the globe and all developed and developing economies are falling short of ventilators to tackle the situation. Many countries are readily investing to upgrade their healthcare infrastructure to tackle such situations.
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Global ventilator market is classified in terms of type gamut, interface, mode terrain, end-user spectrum, and regional landscape.
Based on type gamut, global ventilator market is segmented into pediatric ventilation and neonatal ventilation. By interface mode, the market is classified into invasive ventilation and non-invasive ventilation. Speaking of mode terrain, volume mode ventilation, combined mode ventilation, and pressure mode ventilation are the key market segments.
Based on end-user spectrum, the market is classified into hospitals and clinics, ambulatory care centers, home care, and emergency medical services. Among these, hospitals and clinics segment held majority of the market share owing to increasing use of ventilators in intensive care units (ICU), and surging investments in healthcare infrastructure. However, home care segment is slated to register significant growth due to increasing healthcare expenditure, and surging disposable income.
Speaking of the regional landscape, global ventilator market is fragmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. North America accounted for notable market share in the year 2019 due to surging cancer and COVID-19 patients along with increasing pervasiveness of chronic diseases. Additionally, the spread of asthma has also increased in the recent years, which is anticipated to drive the market growth.
Meanwhile, Asia-Pacific is poised to create abundant opportunities for the market growth due to developing healthcare infrastructure in countries like India, Japan, and China and the outbreak of COVID-19 pandemic.
Major companies operating in global ventilator market are Koninklijke Philips N.V., Medtronic Plc, ResMed, Dickinson and Company, Becton, Getinge, GE Healthcare, Hamilton Medical, Air Liquide S.A, Drägerwerk AG, Smiths Group Plc, and Fisher & Paykel among others.