Global Mechanical Ventilators Market Driven by Rising Prevalence of Chronic Obstructive Pulmonary Disease
The rapidly expanding global population of geriatrics, rising prevalence of chronic obstructive pulmonary disease (COPD), increased prevalence of respiratory emergencies and technological innovations in the field of respiratory care devices are some of the key factors driving the global market for mechanical ventilators. Cost containment in the variety of disposable products used in mechanical ventilators, such as swivels, catheters, and connectors, coupled with the increasing demand for these products, has led to the rise in their bulk purchase.
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While growth prospects of the market are excellent, the overall growth of the market is hindered to a certain extent by factors such as tight budgetary constraints faced by healthcare service providers and ventilator manufacturers. A recent market research study published by Transparency Market Research states that the global market for mechanical ventilators had a valuation of US$2,715.7 mn in 2012. Expected to expand at a healthy 6.6% CAGR between the years 2013 and 2019, the market will reach US$4,248.7 mn by 2019.
Technological Advancements Provide a Big Boost to Market Development
The market for mechanical ventilators is significantly propelled by the rapid technological advancements in the fields of battery life of transport and portable devices and positive airway pressure devices. Government bodies are also increasingly exploring ways to reduce the burden of healthcare costs and improve health of the general population and the efforts are, in turn, benefitting the global market for mechanical ventilators. Other factors such as the rapidly rising number of ageing patients requiring ventilators and rising demand for improved healthcare devices for home-healthcare facilities are also leading to the overall positive development of the market.
Critical Care Mechanical Ventilators and North America Regional Market Dominate Other Market Segments
The key types of mechanical ventilators available in the market include neonatal, critical care, portable, and transport mechanical ventilators. Of these, the market segment of critical care ventilators held the largest share of the market in 2012 and was valued at US$1,256.3 mn. The market segment is expected to expand at a 5% CAGR between 2013 and 2019.
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The rising demand for shifting patients out of intensive care units, with an intention of reducing hospitals bills, and the rising numbers of home healthcare facilities have led to the increased demand for portable and non-invasive mechanical ventilators. The market for transport ventilators is benefitting from factors such as the rising prevalence of medical emergencies, flexibility provided by transport ventilators, and the need for managing movement of critical patients from the initial point of care to healthcare settings.
Of the key regional markets for mechanical ventilators, North America emerged as the dominant regional market for mechanical ventilators in 2012. The rapid adoption of novel technologies, good reimbursement policies, and an advanced healthcare infrastructure will allow North America to continue its dominance in the global market. The rising rate of neonatal mortality in developing regions such as India, China, Thailand, and Singapore has significantly fuelled the demand for mechanical ventilators in these regions in the past few years.
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