Rising Geriatric Population Escalates the Global Ventilator Market Growth at 7.36%

According to the estimations put forth by Inkwood Research, the Global Ventilator Market is estimated to evolve at a CAGR of 7.36% in terms of revenue during the forecasting years of 2019-2028.

"Browse 37 Market Data Tables and 44 Figures spread over 200 Pages, along with an in-depth TOC on the Global Ventilator Market Forecast 2019-2028."

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Critically ill patients are often at risk of multiple organ failure due to the shortage of oxygen supply. As a result, ventilators are used to assist or replace their breathing functions. Mechanical ventilation is signaled when the patient's spontaneous ventilation is insufficient to support and sustain life. Moreover, it is also a measure taken to manage and control oxygenation in critically ill patients as prophylaxis, in case of the imminent failure of physiologic functions.

Increasing Aging Population is Bolstering the Market Growth

Geriatric individuals are rapidly rising with a subsequent surge in need of essential and long-term assistance or care. According to the 2015 United Nations report, World Population Aging, the number of people aged 65 years or older, is projected to grow to nearly 1.4 billion in 2050. Moreover, emerging and developing countries would witness the maximum growth in the geriatric population. With the increase in older individuals, the prevalence of conditions requiring immediate medical attention, like cardiovascular diseases, diabetes, and strokes, is also increasing. Additionally, the elderly have the highest susceptibility to the COVID-19 pandemic. The Centre for Diseases Control and Prevention (CDC) reported that eight out of ten fatalities registered in 2020, were adults over 65.

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Hospitals and Specialty Clinics are the Dominating End-users

Ventilators used in hospitals, critical-care settings, and respiratory clinics are classified under the hospitals and specialty segments. Since mechanical and non-invasive ventilators are advanced and versatile, patients suffering from chronic respiratory conditions like pneumonia and pulmonary fibrosis require them. Hence, hospitals utilize stationary or intensive care respiratory assistors to manage the patient's breathing functions.

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North America Garnered the Largest Revenue Share in 2019

North America holds the highest revenue share in the global market, owing to massive manufacturing capacities, the prevalence of chronic diseases that need respiratory assistance, and substantial investments in R & D ventures for innovations across medical devices. For instance, nearly 16 million people in the United States and 500,000 people in Canada suffer from COPD and require breathing support. However, North America's market has observed restraints due to the import of cheap raw materials and components needed for manufacturing ventilators.

The industry rivalry among competitors is intense. Several new manufacturers are also penetrating the market because of the rising demand for ventilators. As a result, global enterprises are implementing innovative strategies to extend their presence across regions and remain competitive. Some of the distinguished players in the market include General Electric Company, Medtronic Plc, Koninklijke Philips NV, Smith's Group Plc, Dragerwerk AG & Co KGaA, etc.

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