The global ventilators market was valued at USD 1.8 billion in 2021 and it is anticipated to grow up to USD 2.9 billion by 2031, at a CAGR of 5.0% during the forecast period.
New York, According to a new market research report published by Global Insight Services “Ventilators Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
The ventilator is basically an equipment which is used in intensive care units to help patients breathe when they are unable to do so on their own. Ventilators can be employed on the system either temporarily or permanently (as in long-term care) and are used across utilized in hospital settings, rehabilitation centers and at home. Mechanical ventilation, an endotracheal tube, and a nasogastric drain are the components of a ventilator. Ventilation devices remove carbon dioxide from the patient’s body by supplying oxygen. It is used to keep people alive, but it is not used to treat illnesses or medical disorders. The mechanical ventilation system is used for patients with chronic diseases such as chronic obstructive pulmonary disease (COPD), asthma, brain traumas, and strokes.
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Market Trends and Drivers
Rising prevalence of chronic obstructive pulmonary disease (COPD) and other respiratory disorders such as sleep apnea, acute lung injury, and hypoxemia are the most significant factors driving this market’s growth. The increasing number of preterm births and rapid growth in the geriatric population are also expected to accelerate the market’s overall growth. Moreover, the high prevalence of tobacco smoking which leads to respiratory disease will bolster the growth of the market.
Market Restraints and Challenges
The risks associated with the use of mechanical ventilators could stifle the industry’s expansion. There is potential of infection from germs entering through the artificial airway, more mechanical breathing is required. Lung injury can also occur as a result of repeated opening and closing of the lungs’ tiny air sacs. Consequently, the risks associated with the usage of devices are projected to challenge the ventilators market during the forecast period.
Major Players in the Global Ventilators Market
The key players in the market are Koninklijke Philips N.V. (Netherlands), Getinge AB (Sweden), ResMed (U.S.), Medtronic (Ireland), Fisher & Paykel Healthcare Limited (New Zealand), Avasarala Technologies Limited (India), Shenzhen Mindray Bio-Medical Electronics Co., Ltd, (China), Drägerwerk AG & CO. KGAA (Germany), Nihon Kohden Corporation (Japan), Asahi Kasei Corporation (Japan), Hamilton Medical (Switzerland), among others.
COVID-19 Impact
A worldwide emergency has been caused by the COVID-19 pandemic. One of the major equipment used to treat COVID-19 is a medical ventilator. The demand for medical ventilators has risen dramatically, pushing manufacturers to increase output by 30–50%. In 2019, it was projected that 77,000 new ventilators would be sufficient to meet the global demand. In April 2020, around 30,000 extra ventilators were required in New York City alone. Various large firms were competing to manufacture and deliver as many ventilators as possible around the world.
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Reasons to buy Ventilators Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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