Increasing Incidence of Respiratory Diseases Fueling Ventilator Market Growth

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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According to the World Health Organization (WHO), respiratory illnesses are the leading cause of disability and death across the world. The organization reports that around 65 million people are diagnosed with the chronic obstructive pulmonary disease (COPD) and 3 million people succumb to it every year. Furthermore, asthma claims the lives of nearly 334 million people, with the disease affecting 14% of all children around the world. The organization also found that pneumonia is responsible for millions of deaths every year and it is a leading cause of death among children aged below 5 years.

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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%.

Geographically, North America is currently dominating the ventilator market. This is attributed to the growing incidence of chronic diseases and the surging population of geriatric people in the region. The U.S. is contributing the highest revenue to the regional market presently, primarily because of the high incidence of tobacco smoking in the country. The region is also expected to hold the largest share in the market during the forecast period. This will be because of the surging healthcare expenditure in Canada and the U.S.

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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