According
to the estimations put forth by Inkwood Research, the Global Ventilator Market is
estimated to evolve at a CAGR of 7.36% in terms of revenue during the forecasting
years of 2019-2028.
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Critically ill
patients are often at risk of multiple organ failure due to the shortage of
oxygen supply. As a result, ventilators are used to assist or replace their
breathing functions. Mechanical ventilation is signaled when the patient’s
spontaneous ventilation is insufficient to support and sustain life. Moreover,
it is also a measure taken to manage and control oxygenation in critically ill
patients as prophylaxis, in case of the imminent failure of physiologic
functions.
Increasing
Aging Population is Bolstering the Market Growth
Geriatric
individuals are rapidly rising with a subsequent surge in need of essential and
long-term assistance or care. According to the 2015 United Nations report,
World Population Aging, the number of people aged 65 years or older, is
projected to grow to nearly 1.4 billion in 2050. Moreover, emerging and developing
countries would witness the maximum growth in the geriatric population. With
the increase in older individuals, the prevalence of conditions requiring
immediate medical attention, like cardiovascular diseases, diabetes, and
strokes, is also increasing. Additionally, the elderly have the highest
susceptibility to the COVID-19 pandemic. The Centre for Diseases Control and
Prevention (CDC) reported that eight out of ten fatalities registered in 2020,
were adults over 65.
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Hospitals and
Specialty Clinics are the Dominating End-users
Ventilators used
in hospitals, critical-care settings, and respiratory clinics are classified
under the hospitals and specialty segments. Since mechanical and non-invasive
ventilators are advanced and versatile, patients suffering from chronic
respiratory conditions like pneumonia and pulmonary fibrosis require them.
Hence, hospitals utilize stationary or intensive care respiratory assistors to
manage the patient’s breathing functions.
North America
Garnered the Largest Revenue Share in 2019
North America
holds the highest revenue share in the global market, owing to massive
manufacturing capacities, the prevalence of chronic diseases that need
respiratory assistance, and substantial investments in R & D ventures for
innovations across medical devices. For instance, nearly 16 million people in
the United States and 500,000 people in Canada suffer from COPD and require
breathing support. However, North America’s market has observed restraints due
to the import of cheap raw materials and components needed for manufacturing
ventilators.
The industry
rivalry among competitors is intense. Several new manufacturers are also
penetrating the market because of the rising demand for ventilators. As a
result, global enterprises are implementing innovative strategies to extend
their presence across regions and remain competitive. Some of the distinguished
players in the market include General Electric Company, Medtronic Plc,
Koninklijke Philips NV, Smith’s Group Plc, Dragerwerk AG & Co KGaA, etc.
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healthcare, and energy, with an objective comprehension that acknowledges the
business environments. Our geographical analysis comprises of North & South
America, CEE, CIS, Middle East, Europe, Asia, and Africa.
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