Global Mechanical Ventilator Market Driven by Increasing Acute Respiratory Failure in COVID-19 Patients
By HospiMedica International staff writers Posted on 27 Nov 2020 |
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The global mechanical ventilator market was valued at USD 2.99 billion in 2019 and is estimated to register a CAGR of 16.5% from 2020 to 2027 to reach USD 12.54 billion by 2027, driven by the growth in geriatric population, rise in the prevalence of chronic respiratory diseases, and increase in government expenditures on healthcare. However, the high cost of mechanical ventilators and increase in incidences of ventilators-associated pneumonia are likely to restrain the market growth. Nevertheless, technological innovations, portability, and design are expected to create several opportunities for market growth in the future.
These are the latest findings of Allied Market Research (Portland, OR, USA), a full-service market research and business consulting firm.
The demand for mechanical ventilator has been increased during the COVID-19 pandemic due to the increase in number of ICU admissions worldwide. Furthermore, the growth in coronavirus cases required long-term and short-term respiratory support, which has further augmented the demand for mechanical ventilators. Mechanical ventilation is the bridge between life and death during COVID-19 as it supports critically ill patients with acute respiratory failure.
Based on type, the intensive care unit/critical care segment held 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 a 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 register the highest CAGR of 17.5% during the forecast period owing to a rise in the demand for portable ventilators in ambulatory surgical centers, home care, trauma centers, and hospitals.
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 an increase in patients with permanent breathing disability and the patients who are unlikely to recover within a certain period, will drive the segment’s growth. On the other hand, the non-invasive ventilation expected to register the highest CAGR of 17.8% from 2020 to 2027, as non-invasive ventilation (NIV) is associated with a lower risk of mortality as compared to invasive mechanical ventilation (IMV).
Based on region, North America held 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 the region. However, the Asia-Pacific market is projected to record the fastest CAGR of 17.5% from 2020 to 2027, led by 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 the region.
Related Links:
Allied Market Research
These are the latest findings of Allied Market Research (Portland, OR, USA), a full-service market research and business consulting firm.
The demand for mechanical ventilator has been increased during the COVID-19 pandemic due to the increase in number of ICU admissions worldwide. Furthermore, the growth in coronavirus cases required long-term and short-term respiratory support, which has further augmented the demand for mechanical ventilators. Mechanical ventilation is the bridge between life and death during COVID-19 as it supports critically ill patients with acute respiratory failure.
Based on type, the intensive care unit/critical care segment held 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 a 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 register the highest CAGR of 17.5% during the forecast period owing to a rise in the demand for portable ventilators in ambulatory surgical centers, home care, trauma centers, and hospitals.
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 an increase in patients with permanent breathing disability and the patients who are unlikely to recover within a certain period, will drive the segment’s growth. On the other hand, the non-invasive ventilation expected to register the highest CAGR of 17.8% from 2020 to 2027, as non-invasive ventilation (NIV) is associated with a lower risk of mortality as compared to invasive mechanical ventilation (IMV).
Based on region, North America held 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 the region. However, the Asia-Pacific market is projected to record the fastest CAGR of 17.5% from 2020 to 2027, led by 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 the region.
Related Links:
Allied Market Research
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