PORTLAND, Oregon, April 12, 2016 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "World Mechanical Ventilators Market - Opportunities and Forecasts, 2015 - 2022", the world mechanical ventilators market is estimated to grow at a CAGR of 5.4% from 2016 to 2022. The intensive care mechanical ventilators segment accounted for around three-fourths of the market share in 2015, and is expected to dominate the overall market during the study period. North America and Europe, collectively, accounted for over half of the market share in 2015.
To know more about the report, visit the website at https://www.alliedmarketresearch.com/mechanical-ventilators-market
Major factors that contribute to the market growth include, adoption of mechanical ventilators to support treatment of chronic diseases, such as asthma, chronic obstructive pulmonary disease (COPD), bronchitis, lung cancer, and increasing number of intensive care unit (ICU) admissions of critically ill geriatric patients. Further, the shift in focus towards the use of 'portable or transport' mechanical ventilators and rise in per capita healthcare spending is likely to supplement the market growth throughout the forecast period. On the other hand, factors such as high cost of mechanical ventilators and injuries associated with invasive ventilation restrict the market growth.
Intensive care mechanical ventilators segment dominated the market in 2015, and this growth is attributed to the increase in number of patients suffering from chronic diseases. The portable mechanical ventilators segment is projected to grow with the highest CAGR of 7.2% (Value terms) from 2016 to 2022. This is due to the growing adoption of easy-to-use portable mechanical ventilators among the geriatric patient population and the preference from invasive ventilation to non-invasive ventilation.
In 2015, the geriatric population was the highest revenue-generating segment and accounted for around 44% due to the rise in the aged population prone to chronic respiratory diseases. However, the pediatric and neonatals segment is likely to register a fastest growing CAGR of 7.1% (Value terms) during the forecast period. The growth of this segment is caused due to rise in incidence of neonatal mortality and need of convenient ventilation facilities for newborn and premature babies.
Pediatric/neonatal and adults segment, collectively, accounted for more than half of the overall mechanical ventilators market in 2015.
The invasive mechanical ventilators segment is expected to maintain its foothold in the market throughout the forecast period; however, the non-invasive ventilator is estimated to be the fastest growing segment.
Asia-Pacific is expected to be one of the fastest growing markets, both in terms of value and volume, growing at a CAGR of 6.1% and 4.4%, respectively, from 2016 to 2022.
In 2015, the U.S. was the largest revenue generating country; however, Canada registered the fastest growing CAGR of 7.7% (Value terms) during the forecast period.
The U.K. is projected to be the fastest growing country with a CAGR of 6.7% (Value terms) from 2016 to 2022.
Asia-Pacific would continue to dominate the market throughout the analysis period. This is mainly attributed to the large number of ICU beds, huge patient population in the need of ventilation, increasing prevalence of diseases such as respiratory disease and cancer, rising demand of advanced healthcare facilities along with improving infrastructure and growing in-bound medical tourism in this region. Moreover, Asia-Pacific is also anticipated to be the fastest growing region, registering a CAGR of 6.1% during the forecast period.
The key companies profiled in this report include, Mindray Medical International Limited, Becton Dickinson and Company (CareFusion), Philips Healthcare, Carl Reiner Gmbh, Getinge Group (Maquet), Draegerwerk AG & Co. KGaA (Drager), General Electric Company (GE Healthcare), Hamilton Medical AG, Covidien (Medtronic, Inc.), and Smiths Group Plc (Smiths-Medical).
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research