Surrogacy Market size is expected to reach $201.40 million by 2025According to a new report published by Report Ocean, titled, “Mechanical Ventilator Market by components, product type, mode, age group, end user, and region: Opportunity Analysis and Industry Forecast, 2020-2027.
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The global mechanical ventilator market size was valued at $2.99 billion in 2019 and is estimated to reach $12.54 billion by 2027 at a CAGR of 16.5% from 2020 to 2027. The transport/portable/ambulatory mechanical ventilators segment accounted for more than one-third of the market share in 2019, and is expected to exhibit fastest growth during the forecast period. North America and Europe, collectively, accounted for around 50% of the mechanical ventilator market share in 2019.
Major factors that contribute to the mechanical ventilator market growth include adoption of mechanical ventilators to support treatment of chronic respiratory diseases, such as asthma, chronic obstructive pulmonary disease (COPD), bronchitis, lung cancer, and increase in number of intensive care unit (ICU) admissions of critically ill geriatric patients. Further, shift in focus toward the use of portable or transport mechanical ventilators and rise in per capita healthcare expenditure are expected to supplement the market growth throughout the forecast period. On the other hand, factors such as high cost of mechanical ventilators and injuries associated with invasive ventilation restrict the market growth.
Presently, the global mechanical ventilator market is witnessing a rise in demand across the world, owing to rise in number of cases of COVID-19. In this health condition, oxygen levels drop as the virus attacks lungs of patients, which makes breathing process harder. Hence, they need external support for breathing such as mechanical ventilators. Consequently, rise in number of COVID-19 patients have propelled market players to increase or double production of mechanical ventilators, which further fuels the market growth.
Intensive care mechanical ventilators segment dominated the market in 2019, which is attributed to the increase in number of patients suffering from chronic diseases. The transport/portable ventilators segment is projected to grow with the highest from 2020 to 2027. This is attributed to the rise in demand for transport ventilators during emergencies and growth in adoption of easy-to-use portable mechanical ventilators for ease of geriatric patient population. The invasive mode segment occupied the largest share in 2019, and is anticipated to continue its dominance during the forecast period.
In 2019, adult population was the highest revenue generating segment in the market, owing to the rise in adult population who are prone to chronic respiratory diseases. However, the pediatric & neonatal segment is estimated to register fastest CAGR of during the forecast period, owing to rise in prevalence of neonatal mortality and need for convenient ventilation facilities for newborn and premature babies
Asia-Pacific is estimated to dominate the mechanical ventilator market throughout the analysis period. This is mainly attributed to the large number of ICU beds, huge patient population in need of ventilation, and increase in prevalence of respiratory diseases and cancer, rise in demand for advanced healthcare facilities along with improvement in infrastructure and growth in in-bound medical tourism in the region. Moreover, Asia-Pacific is also anticipated to be the fastest growing region during the forecast period.
The mechanical ventilator market is segmented on the basis of components, product type, mode, age group, end user, and region. On the basis of components, it is bifurcated into devices and services. By product type, it is segmented into intensive care unit/critical care, transport/portable/ambulatory, and neonatal care ventilator. By mode, the market is divided into non-invasive ventilation and invasive ventilation. On the basis of age group, the market is categorized into pediatric, adult, and geriatric and by end user, it is segmented into hospital and clinic, home care, ambulatory surgical centers, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
Key Findings Of The Study
Based on product type, the intensive care unit/critical care, segment accounted for the largest mechanical ventilator market share in 2019.
Based on age group, adult population segment is expected to grow at the highest CAGR during the forecast period
Asia Pacific held the major share of the mechanical ventilator market CAGR of 18.6%.
The report provides a Some of the key players operating in the mechanical ventilator market include Becton, Dickinson and Company (CareFusion/ Vyaire Medical Inc.), Carl Reiner GmbH, Draegerwerk AG & Co. KGaA, Getinge AB (Maquet Holding B.V. & Co. KG), General Electric Company (GE Healthcare), Hamilton Medical AG, Koninklijke Philips N.V., Medtronic Plc. (Covidien Ltd.), Mindray Medical International Limited, Smiths Group Plc., and Zoll Medical Corporation.
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