A number of factors such as the surging incidence of respiratory disorders, increasing healthcare expenditure, growing urbanization rate, rising pollution level, and mounting adoption of home healthcare solutions are expected to drive the growth of the ventilator market at a CAGR of 7.7% during the foreseeable period (2016–2022). According to P&S Intelligence, the market size is expected to reach $1.0 billion by 2022 from $638.7 million in 2015. It is a mechanical life support equipment that helps patients in breathing and is used in cases of cardiac insufficiency and neurological dysfunction.
Moreover, the market is witnessing a trend of rising need for compact, low-maintenance ventilators. These ventilators are intended in a way that they can be functioned manually, in locations where electricity supply is not available. Further, the surging preference for home healthcare solutions is driving the need for these ventilators. These products are offered by General Electric Company, Koninklijke Philips N.V., ResMed Inc., Medtronic plc, Becton, Dickinson and Company, and Hamilton Medical AG.
The surging healthcare expenditure is one of the main factors boosting the growth of the ventilator market. Governments across the world are making hefty investments in the healthcare sector for the improvement of medical facilities for the people. Moreover, the surge in the incidence of chronic diseases drives the healthcare expenditure, which helps in improving accessibility to diagnostic and treatment facilities. This is leading to the increasing need for essential medical products, such as ventilators.
Furthermore, the ventilator market is classified into portable and intensive care, on the basis of product type. Of these, the intensive care category dominated the market during the historical period, and it is also expected to hold a larger revenue share in 2022. On the other hand, the portable category is projected to record faster growth during the forecast period. This can be ascribed to the rising deployment of home healthcare solutions among people around the globe.
Thus, the surging incidence of respiratory disorders and the increasing healthcare expenditure across the world are projected to propel the market growth in the coming years.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings