Global Ventilators Market Showing Positive Growth With CAGR of 8% During the Forecast Period 2016-2023: Occams Business Research & Consulting Pvt. Ltd.
INDORE, India, September 12, 2017 /PRNewswire/ --
Ventilators are commonly used in healthcare facilities for patients to provide life support to them and to aid them in breathing in case of respiratory failure, cardiovascular disease, or dysfunctional neurological conditions. Increasing healthcare expenditure across the world is expected to contribute to the growth of global ventilators market for the forecast period 2016-2023. According to research report from Journal The Lancet captioned, 'National Spending on Health by Source for 184 Countries between 2013 and 2040', global healthcare expenditure is projected to reach up to $18.28 trillion by 2040. A study sponsored by World Bank Group and Institute of Health Metrics and Evaluation (IHME), estimated the out of patient expenditure in Asia Pacific to be more than 51% as compared to 11.4% in Western Europe and 28% in Latin America. Global ventilators market is projected to have a CAGR of 8% for the forecasted period 2016-2023. High prevalence rate of respiratory diseases, increasing geriatric population, high incidence of preterm births, expanding urbanization & growing pollution levels, changing lifestyle, and high prevalence rate of tobacco and its consumption are the main factors driving global ventilators market for the forecasted period. Presence of low cost products in the market, reimbursement concerns, complications with mechanical ventilator, and problems with technology transition are the factors restraining the growth of global ventilators market for the forecasted period.
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Prevalence of respiratory disease: Growth driver
According to World Health Organization over 300 million people in 2016 were living with at least some form of respiratory disease. The prevalence rate of respiratory disease across the globe is projected to increase by 8% till 2020, as stated by Centre for Diseases Control and Prevention (CDC). WHO expects Chronic Obstructive Pulmonary Disease (COPD) to be the fourth cause of death by 2030, globally. According to Office of Disease Prevention and Health Promotion (ODPHP), incidence of asthma and chronic pulmonary disease in North America is expected to rise by 5% per annum till 2020. Adults aged between 30-55 years accounted for majority (59%) of the asthma and chronic pulmonary diseases in North America. USA spends an average $20.7 billion on treatment of asthma & chronic pulmonary disease every year. Chronic pulmonary disease throughout Asia Pacific is increasing at the highest rate according to WHO. By 2025, more than 10% of Asia Pacific is expected suffer from at least one form of respiratory diseases. Increasing prevalence of respiratory diseases is giving the global ventilators market a rise for the forecasted period.
Increasing number of preterm births: Growth driver
World Health Organization (WHO) stated that more than 15 million preterm babies are born every year and the number is expected to rise by an average of 2% per annum. Preterm births were the leading cause of over one million deaths in 2015 according to WHO. Majority of preterm deaths (60%) are observed in low income countries such as South Asia & Africa due to the lack of proper healthcare facilities. India, China, Nigeria, Pakistan and Indonesia are amongst the leading countries in preterm births. More than 3.5 million preterm births were observed in India according to All India Institute of Medical Science survey in 2016. Preterm birth costs an average of $26.6 billion to USA economy according to National Academy of Medicines. Government and other competent bodies across the globe are initiating programs to reduce preterm deaths. In USA, medicaid covers almost all births since 2014. High rate of preterm births is expected to drive the global ventilators market for the forecasted period.
Asia Pacific: Fastest growing region
Asia Pacific has the fastest growth rate for global ventilators market according to OBRC analysis. The market is driven by high population rate, increasing prevalence of respiratory diseases, rising pollution, high preterm births, aging population, increasing healthcare expenditure and government policies encouraging investment in healthcare sector. India, China, Vietnam, Thailand, Indonesia and Japan are amongst the leading ventilators market in Asia Pacific according to OBRC analysis. Healthcare expenditure in Asia Pacific is expected to rise at an average of 7% per annum by 2020 according to Economic Intelligence Unit. According to Bank of America Meryl Lynch (BAML) survey, share of healthcare expenditure to GDP in Asia Pacific countries is likely to increase from 2% to 9% by 2030. Moreover, according to United Nation Economic and Social Commission of Asia Pacific (UNESCAP) stated that geriatric population (aged 60 years and above) accounted for 12.4% of total Asia Pacific population in 2016. UNESCAP estimates that by 2030, geriatric population in Asia Pacific will reach up to 30% of the total population.
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