London, March 24, 2021 (GLOBE NEWSWIRE) — As per the new report titled, “Ventilators Market by Product (Instruments, Accessories), Mobility (Intensive Care, Portable), Interface (Invasive, Non-invasive), Age Group (Adult, Pediatric, Neonatal), Mode (Volume, Pressure, Dual), End User (Hospital, ASCs, Home care) – Forecast to 2027”, published by Meticulous Research®, the ventilators market is expected to grow at a CAGR of 15.8% to reach $7.72 billion by 2027.
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Rising Incidence & Prevalence of Respiratory Diseases Fuels the Market Growth
According to the World Health Organization (WHO) database, around 65 million people across the globe suffer from moderate to severe chronic obstructive pulmonary disease (COPD), which results in about 3 million deaths each year. Moreover, the data from the Forum of International Respiratory Societies (FIRS) revealed that lung diseases account for around 4 million deaths every year. Increasing number of smokers, greater exposure to dust or chemicals, and growth in pollution levels across the globe are some of the key factors that have led to growing prevalence of respiratory diseases.
About 334 million across the globe suffer from asthma. It is the most common chronic disease of childhood, affecting 14% of all children, globally. It is estimated that over 10 million people develop tuberculosis (T.B.) and 1.4 million die from it each year, making it the most common lethal infectious disease. Lung cancer also kills 1.6 million people each year and is the deadliest cancer. According to the Forum of International Respiratory Societies, nearly 1%–6% of the global adult & pediatric population (more than 100 million people) experience sleep-disordered breathing and approximately 8.7 million people develop tuberculosis (T.B.), annually. Additionally, at least 2 billion people globally are exposed to the toxic effects of biomass fuel consumption, 1 billion are exposed to outdoor air pollution, and 1 billion are exposed to tobacco smoke. As per the data from the Center for Disease Control & Prevention, across the world, tobacco use causes more than 7 million deaths per year. The CDC has also estimated that if this trend continues, by 2030, there will be more than 8 million deaths per year related to tobacco consumption. Apart from COPD and tobacco smoking, sudden outbreaks of infectious diseases like COVID-19 lead to high mortality across the globe. Ventilation support is a very common intervention applied to the patients with respiratory diseases for the recovery along with other medications. Hence, rising incidence and prevalence of respiratory diseases across the globe are expected to drive the growth of the ventilators market during the forecast period.
The sudden outbreak of the COVID-19 pandemic is also the most prominent factor driving the demand for various medical equipment. The patients suffering from COVID-19 infections suffer from shortness of breathing, which necessitates ventilator support for such patients. Thus, the rapid surge in COVID-19 cases and its anticipated increase will drive the demand for ventilators during 2021. Thereafter, the growth in this market is likely to be supported by government initiatives towards strengthening healthcare infrastructure in order to ensure preparedness against potential disease outbreaks in the future as well.
COVID-19 Leads to Increase the Demand for Ventilators
Amidst the COVID-19 outbreak, there has been a sudden rise in the demand for critical care infrastructure, which has led to an exponential demand for ICU beds and ventilators, globally. With a rapid surge in demand for critical care infrastructure, many of the manufacturers from the non-medical industry have also stepped up to provide necessary devices, such as ICU beds, ventilators, and other related devices for critical care infrastructure. Thus, to fulfill the demand, many initiatives have been taken place, including below:
- In April 2020, the India Railways has converted 20,000 old train carriages into isolation wards for patients suspected with the COVID-19 infection.
- In March 2020, Spain has converted its 240,000 square meter IFEMA conference center into a hospital of 5,500 beds, including ICU beds to treat COVID-19 infected patients
- In March 2020, the Spanish Ministry of Health announced that the government is putting all private hospitals in the country under state control indefinitely; and has converted all the general beds into ICU beds to combat the spread of COVID-19 infections.
- In March 2020, the U.S. has turned New York’s 1.8 million sq. ft. Javits Convention Center, one of the biggest event spaces in the U.S., into a 1,000-bed hospital to handle COVID-19 patient flow.
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Thus, many of such COVID-19 clinics with ICU beds were created across the globe, ultimately driving the demand for ventilators market.
The ventilators market is mainly segmented by product, interface, age group, mobility, mode, and end user. The study also evaluates industry competitors and analyzes the market at regional and country level.
Based on the product type, in 2020, the ventilator accessories segment accounted for the largest share of the overall market due to frequent use of ventilator accessories, such as circuits and masks and increasing awareness about hospital hygiene. However, the ventilator/instrument segment is expected to grow at the highest CAGR during the forecast period. The higher demand for ventilators in healthcare settings with rising number of ICU beds and high cost of ventilator machines are supporting the growth of the market. Moreover, the rising prevalence of acute & chronic diseases, emergence of infectious diseases, such as COVID-19 and Ebola resulting in the growing demand for ICUs, and increasing number of hospitals are the factors driving the growth of this segment.
The ventilator accessories market is further divided into ventilator catheters, endotracheal tubes, ventilator masks, and other accessories. The ventilator catheters segment accounted for the largest share of the overall ventilator accessories market in 2020. Ventilation catheters provide prolonged intraoperative jet ventilation, maintain tracheal access following extubating, and allow a clear pathway for reintubation. By passing ventilator catheters through an existing endotracheal tube and leaving it in situ, clinicians are able to maintain access to the airway at all times. The distal end of the ventilator catheters has been designed to handle the high pressures of jet ventilation while preventing trauma to the patient.
Based on interface, the non-invasive ventilators segment is expected to grow at the fastest growth rate during the forecast period due to technological advancements and the growing development & adoption of new ventilators, specifically designed for NIV for both acute and chronic settings. Non-invasive ventilators are positive airway pressure ventilators to force gas or air into a patient’s lungs. Breathing can be triggered by either the patient or the machine. The constant flow permits the patient to easily take spontaneous breaths, making these ventilators a simple, reliable mechanical design.
On the basis of age group, the adult & pediatric segment commanded the largest share of the overall ventilators market in 2020. This is mainly due to the high need for ventilators for aged and adult people due to weakened immunity and high susceptibility for infectious diseases and chronic diseases. The recent outbreak of COVID-19 is found majorly among the aged population. As per the WHO, some of the reasons for higher deaths & incidence of COVID-19 in older people include the physiological changes associated with aging, decreased immune function, and multimorbidity, which exposes older adults to be more susceptible to the infection. Thus, by considering the age distribution and affected cases, the elder group is at the top, both in developing and developed countries. Moreover, the aged population is increasing across the world and hence the need for ventilators is high for controlling these deaths.
Based on mobility, the portable ventilators segment is projected to exhibit the fastest growth in coming years with rising demand for portable ventilators from household & long-term care facilities and increasing demand from emergency medical service providers across the globe.
Based on end user, higher number of hospital admission, number of experienced doctors & trained professionals, and accessibility to better healthcare infrastructure with availability of high-tech medical devices in hospitals supported the largest share of the hospitals segment in overall market in 2020. In addition, since February 2020, with the outbreak of COVID-19, hospitals are witnessing an increasing demand for ventilators. Moreover, rising urbanization, increasing incidence of premature births, rising number of CCUs, and rise in the number of ICU beds will support the demand of ventilators from hospitals.
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This research report analyzes major geographies and provides comprehensive analysis for Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), North America (U.S., Canada), Asia-Pacific (India, China, Japan, and RoAPAC), Latin America, and the Middle East & Africa. North America dominated the global ventilators market in 2020. The large share of this region is mainly attributed to the established healthcare system, greater adoption of the advanced technologies, and local presence of key players. Further, the growth in the forecast period will be driven by expected rise in the demand for technologically advanced medical equipment, growing aging population, sudden outbreaks of infectious diseases like Ebola and COVID-19, and increasing demand for long-term & home care. In addition, the North American market has various advantages such as the presence of better reimbursement structure, ongoing initiatives for boosting the production of ventilators, and the availability of medical experts and advanced medical centers.
However, the Asia-Pacific region is slated to register the fastest growth in the ventilators market during the forecast period, primarily due to the increasing number of population requiring ventilator support with rising incidence of various pulmonary diseases and increasing incidence of preterm birth, especially in India and China. The recent outbreak of COVID-19 has led local manufacturers and new startups to develop ventilators at a low cost. In addition, governments are undertaking initiatives to boost the production and non-healthcare sector companies are collaborating with healthcare companies to expand the production of ventilators & related accessories.
The report also includes extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past few years. The key players operating in the overall ventilators market are Koninklijke Philips N.V. (Netherlands), Hamilton Medical AG (Switzerland), Medtronic plc (Ireland), Vyaire Medical, Inc. (U.S.), GE Healthcare (U.S.), Fisher & Paykel Healthcare Ltd (New Zealand), Drägerwerk AG & Co. KGaA (Germany), ResMed Inc. (U.S.), Zoll Medical Corporation (U.S.), Schiller AG (Switzerland), and Getinge AB (Sweden)among others.
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Scope of the Report:
Ventilator Market, by Product
- Ventilator Catheters
- Endotracheal Tubes
- Ventilator Masks
- Other accessories
Ventilator Market, by Mobility
- Intensive Care Unit
- Portable Ventilators
Ventilator Market, by Interface
- Invasive Ventilators
- Non-invasive Ventilators
Ventilator Market, by Age Group
- Adult & Paediatric
- Neonatal & Fatal
Ventilator Market, by Mode
- Volume Mode Ventilation
- Pressure Mode Ventilation
- Dual/Combined Mode Ventilation
- Other Ventilation Modes
Ventilator Market, by End User
- Home Care Settings
- Ambulatory Surgical Centers
- Other End Users
Ventilator Market, by Geography
- North America
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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