Critical care ventilators are majorly used in the hospitals, for patients such as neonates to adults. Though, such patients vary in condition from very critical, unstable patients to relatively stable postoperative patients.
Ventilator market was projected to be approximately USD 859.9 Million in 2018, and is expected to grow at a CAGR of 8.0% during the forecast period of 2020 to 2025. Rise in number of premature deliveries and geriatric population, increase in prevalence of respiratory diseases, and rise in number of ICU beds are some of the major factors expected to drive the growth of the ventilators market during the forecast period.
Chronic Diseases Expected to Surge the Market Demand
Moreover, growing chronic and surgical problems is a major reason for increase in demand. Chronic diseases such as cancer are increasing globally. For instance, a cancer patient may need critical care treatment and respiratory support, for which critical care ventilators are required.
Critical care ventilators are helpful for patients who undergo surgical process under general anesthesia. Because, a person affected with anesthesia suffers severe body muscles infections, including breathing muscles which makes difficult for an affected person to breathe. Hence, they require ventilation support for respiratory assistance.
Expected Dynamics Which Will Support Market Growth During the Forecast Period-
Asthma, on the other, as estimated by WHO – “Nearly 235 people suffered globally and witnessed nearly 383,000 deaths in 2015.” Thus, increasing number of affected humans with such diseases will require intensive hospitalized care.
High Cost Expected to Hamper the Market Potential to an Extent-
The high cost associated with these ventilators, especially in price-sensitive markets such as developing and emerging economies, has been hindering the market growth. Furthermore, the price is increasing due to the growing tech advancements.
COVID-19 Epidemic to Establish the Global Market
Geographically, Europe dominated the global ventilators market in 2019, followed by North America, and Asia Pacific. The factors such as well-established healthcare system, greater adoption of advanced technologies, and growing incidences & prevalence of infectious diseases are responsible for the market consumption chain. Moreover, presence of large number of hospitals, growing aging population, and greater access to healthcare supports the ventilators market.
Asia Pacific, on the other hand is expected to show impressive CAGR during the forecast period. The factors driving the growth of market includes accelerated economic growth of many countries, rising government investments in the healthcare sector, and rising prevalence of chronic diseases.
Prominent key players in the market includes-
To conclude, critical care ventilators market is going to show major growth during the COVID-19 period due to the increasing pandemic. Increasing diseases among aging patients bis another major element supporting the growth of the market. Increasing government investments in healthcare infrastructure in countries such as, India and China, and increasing innovations among key players to expected to enhance rewarding chances.