Boom Expected in North American Ventilator Market in Coming Years

The global ventilator market revenue stood at $638.7 million in 2015 and it is predicted to surge to more than $1.0 billion by 2022. Furthermore, as per the estimates of the market research firm, P&S Intelligence, the market will advance at a CAGR of 7.7% from 2016 to 2022 (forecast period). The major factors fueling the expansion of the market are the increasing incidence of respiratory diseases, soaring pollution levels, and rapid urbanization in several countries. Additionally, the increasing healthcare expenditure in many countries and the growing incidence of tobacco smoking are also driving the growth of the market.

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Moreover, more than 10 million people are diagnosed with tuberculosis and 1.4 million people die from the disease every year. Besides the rising incidence of respiratory diseases, the surging healthcare expenditure in several countries is also positively impacting the progress of the ventilator market. With the increasing healthcare burden, owing to the soaring incidence of chronic diseases, such as diabetes and cancer, the governments of many countries are making huge investments for improving medical facilities and the healthcare infrastructure.

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Depending on end user, the ventilator market is divided into home care, ambulatory care, and hospitals categories. Out of these, the hospital category contributed the highest revenue to the market during the last few years. This is credited to the increasing patient pool in hospitals, on account of the burgeoning requirement for the treatment of several medical conditions, such as hypoxemia, acute lung injuries, and sleep apnea. In the coming years, the home care category is predicted to exhibit a CAGR of 8.4%.

Hence, it can be safely said that the demand for ventilators will soar in the coming years, mainly because of the rising incidence of respiratory illnesses, mushrooming population of older people, increasing healthcare expenditure, and soaring incidence of tobacco smoking all over the world.

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This release was published on openPR.