PORTLAND, Oregon, August 23, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Mechanical Ventilator Market by Product Type, Component, Mode, Age Group, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2025, the global mechanical ventilator market was valued at $2,242 million in 2017, and is projected to reach $3,819 million by 2025, growing at a CAGR of 6.8% from 2018 to 2025. The intensive care unit segment accounted for more than half of the total market share in 2017.
A mechanical ventilator is a machine designed to facilitate breathable air into and out of the lungs, to provide breathing for a patient who is physically unable to breathe or is breathing insufficiently. It comprises a control system, flexible breathing circuit, monitors, and alarms. It is one of the most common medical devices deployed in intensive care units of hospitals. The expanding geriatric population who is prone to respiratory disorders significantly drives the growth of the mechanical ventilator market.
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In addition, escalating government expenditures in healthcare that promote adoption of mechanical ventilators in the developing countries, such as China and India, propel the market growth. The swelling number of intensive care units was observed in China in 2016, which led the government to continue to be a large buyer. Such circumstances positively affect the market growth.
The intensive care unit segment generated the maximum revenue and is expected to maintain this trend in terms of both value and volume during the forecast period, owing to rise in ICU bed admissions and high demand of advanced & customizable mechanical ventilators based on specific need of ventilation.
Based on mode, the market is divided into non-invasive ventilation and invasive ventilation. The non-invasive ventilation segment is expected to grow at the highest rate from 2018 to 2025, 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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The Asia-Pacific region is expected to witness the highest growth rate throughout the forecast period, owing to its high population base, high ICU bed admissions, and enhanced government expenditure on healthcare. In addition, heightened incidence of chronic obstructive pulmonary disease (COPD) in the Asia-Pacific region is the key contributor for the market growth in the region.
Key Findings of the Mechanical Ventilator Market:
- The transport/portable/ambulatory segment is expected to register the highest CAGR of 7.2% (in terms of volume) from 2018 to 2025.
- The ambulatory surgical center segment is expected to grow at a significant CAGR of 8.5% (in terms of value) from 2018 to 2025.
- U.S. generated the highest revenue in the global mechanical ventilators market in 2017 accounting for more than four-fifth of the global market in 2017.
- The adult segment dominated the age group category of the mechanical ventilator market in 2017 and is expected to maintain this trend during the forecast period.
The major companies profiled in this report include Becton, Dickinson and Company (CareFusion/Vyaire Medical, Inc.), Carl Reiner Gmbh, Draegerwerk AG & Co. KGaA, Getinge AB (Maquet Holding B.V. & Co. KG), General Electric Company (GE Healthcare), Hamilton Medical AG, Koninklijke Philips N.V., Medtronic, Plc. (Covidien Ltd.), Mindray Medical International Limited, and Smiths Group, Plc. The other players in the value chain include Tecme SA, ResMed Corp., Fisher & Paykel Healthcare Limited, Air Liquide Medical Systems, ZOLL Medical Corporation, Allied Healthcare Products, Inc., and Schiller Healthcare India Pvt. Ltd.
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SOURCE Allied Market Research