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Ventilator Market by Type, Size, Share, Growth & Forecast 2024
Ventilator provides life support to the patients in order to breathe properly or control the breathing function completely which depends upon the need of the patient. It is needed in case of respiratory failure, neurological dysfunction conditions, and cardiac insufficiency. Portable ventilators provide a wide range of applications such as ambulatory care and home care. It is a lifesaving intervention for patients in case of respiratory failure. It supports the patient with breathing assistance where the patient is connected to the ventilator via an endotracheal tube, which is directly applied to the airway. It also works as a diagnostic tool which measures the irregular functioning of the respiratory system and static compliance of the airway resistance. In the healthcare sector, various kinds of positive-pressure and negative-pressure ventilators can be used.
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Global Ventilator Market: Growth Factors
The market is driven by the factors such as increasing geriatric population and rising level of air pollution globally. Other factors that are responsible for the market growth includes increasing the prevalence of respiratory diseases, changing lifestyle, rapid urbanization, rising healthcare expenditure, the high occurrence of tobacco smoking, and increasing number of preterm births. The demand for therapeutic devices has increased in the developing countries thus creating countless opportunities for the manufacturers of ventilators. Several market players are focusing on adopting new strategies such as new product innovation and acquiring local and international players in order to achieve the market growth, enhance distribution channels, and expand portfolios. Technological advancement is another key factor that reduces the time spent on mechanical ventilation and helps to prevent lung injuries hence fueling the market growth.
Global Ventilator Market: Segmentation
The global ventilator market is classified based on the end user, product type, mode, interface, and age group. The end user segment includes home care, hospital, and ambulatory care. The hospital is the largest revenue generator among others. On the basis of product type, the market is segmented as a portable ventilator and intensive care ventilator. The portable ventilators witness high growth in the near future. Based on the mode, the market is segregated as volume, combined, pressure, and others. The interface segment includes non-invasive and invasive. Furthermore, the age group segment is fragmented into adult and infant.
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Global Ventilator Market: Regional Analysis
Increasing prevalence of the respiratory diseases and the increasing geriatric population in the North America contributed to the largest market share. The US is the major consumer of the ventilator market in North America and is expected to remain the largest market for ventilator devices globally. Increasing number of smokers and rising prevalence of respiratory diseases in the US are some other factors that are responsible for the global ventilator market growth. Asia-Pacific offers lucrative growth potential in the market owing to growing per capita income, rising geriatric population, and increasing investments in the healthcare industry. Other factors such as an expansion of private hospitals in rural areas and rising demand for cutting-edge technologies propels the global ventilator market growth in coming years.
Global Ventilator Market: Competitive Players
The major players that are operating in the global ventilator market are Becton, ResMed, Inc., Medtronic Plc., Hamilton Medical AG, Dickinson and Company, General Electric Company, and Koninklijke Philips N.V.
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Global Ventilator Market: Regional Segment Analysis
North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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