Mechanical Ventilator Market to Reach $12.54 Bn, Globally, at CAGR 16.5% by 2027: AMR
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Drivers, restrains, and opportunities-
Growth in geriatric population, rise in prevalence of chronic respiratory diseases, and increase in government expenditures on healthcare drive the growth of the global mechanical ventilator market. Conversely, high cost of mechanical ventilators and increase in incidences of ventilators-associated pneumonia restrain the market growth. Moreover, technological innovations, portability, and design are expected to usher a number of opportunities in the future.
COVID-19 scenario:
The intensive care unit/critical care segment to dominate the market-
Based on type, the intensive care unit/critical care segment contributed to the largest share in 2019, accounting for nearly three-fifths of the global mechanical ventilator market, and is estimated to maintain its dominant position during the forecast period. This is due to rise in ICU bed admissions and high demand for advanced & customizable mechanical ventilators based on specific need of ventilation. However, the transport/portable/ambulatory segment is estimated to portray the highest CAGR of 17.5% during the forecast period. This is owing to rise in demand for portable ventilators in ambulatory surgical centers, home care, trauma centers, and hospitals.
The invasive ventilation segment to lead the trail by 2027-
Based on mode, the invasive ventilation segment accounted for the largest share in 2019, holding nearly three-fifths of the global mechanical ventilator market, and is expected to maintain the largest share throughout the forecast period. The predominant use of invasive ventilators, owing to increase in the patients with permanent breathing disability and the patients who are unlikely to recover within a certain period, drive the growth of the segment. On the other hand, the non-invasive ventilation expected to register the highest CAGR of 17.8% from 2020 to 2027. This is attributed to the fact that noninvasive ventilation (NIV) is associated with a lower risk of mortality as compared to invasive mechanical ventilation (IMV).
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North America to rule the roost throughout the forecast period-
Based on region, North America contributed to the highest share, accounting for around one-third of the global mechanical ventilator market in 2019, and will maintain its dominance throughout the forecast period. This is owing to the well-established healthcare infrastructure, affordability of expensive and sophisticated devices, high rate of respiratory disorder, and increasing cases of COVID-19 in this region. However, the Asia-Pacific region is projected to grow at the fastest CAGR of 17.5% from 2020 to 2027. This is owing to the increasing disposable income, rise in demand for sophisticated medical facilities, healthcare reforms as well as high prevalence of diseases such as cancer and chronic respiratory diseases in this province.
Leading market players-
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