June 30, 2020
According to the research report titled ‘Global Ventilator Market a Analysis By Mobility, Modes, Interface, End User, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global ventilator market was worth USD 1198.54 million in 2019 and is anticipated to showcase robust CAGR during 2020-2025.
Increased pervasiveness of lungs and respiratory diseases, chronic obstructive pulmonary disease (COPD), and the outbreak of COVID-19 are major factors fostering the demand for ventilators across the globe, which in turn is driving the market growth. Growing elderly population and high occurrence of heart strokes are also aiding the market expansion. Moreover, rapid technological advancements in order to provide high quality technology and products to healthcare units and hospitals is also stimulating the industry outlook.
As per mobility, intensive care ventilators market segment is predicted to expand considerably during the forecast period. Easy availability of various types of ventilators which are primarily designed for hospital settings along with increasing collaborations between hospitals and manufacturers in order to provide better services are fueling the segmental growth. Rising number of coronavirus patients is also contributing towards the popularity of intensive care ventilators across the globe.
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In terms of interface, non-invasive ventilator market segment accounted for a significant share in 2019 and is expected to register substantial growth in the forthcoming years.
Citing the end-use landscape, worldwide ventilator market from hospital settings is reckoned to witness a high CAGR through 2025, primarily driven by rising adoption of the product in hospitals in order to treat COVID-19 patients. Additionally, various companies are penetrating the ventilators market to cater to the unmet demand. Rising number of alliances between government entities and manufacturers in order to offer ventilators to hospitals as well as healthcare units is also favoring the market scenario, cites the report.
Highlighting the geographical landscape, North America ventilator industry is projected to record remunerative growth during the analysis timeframe, trailed by Europe and Asia-Pacific regions. High occurrence of COVID-19 in the region have compelled various manufacturers to focus on improving their production capabilities. In addition, these manufacturers are concentrating on expanding their product profile by providing different types of ventilators, which in turn is anticipated to propel the growth of North America market.
Vyaire Medical, Inc., Fisher & Paykel, GE Healthcare Systems, Smiths Group plc, Dräger, Getinge, Becton, Dickinson and Company, Medtronic Plc., ResMed, and Philips Healthcare are the major companies in global ventilator market.