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Global Ventilator Market it is anticipated to reach at market value of US$ 33.48 Bn by 2027
Bizizz Market Research has recently published a research report, “Ventilator Market by Application (Disinfectant, Sanitizer, Sterilant, and Others) by Grade (Distilled grade and Solution grade) by End-Use Industry (Paper & pulp, Healthcare, Water Treatment, Food & Beverages, and Others) and Region-Global Industry Trends, Estimation & Forecast, 2019 - 2027”.
As per the report, Global Ventilator Market was valued at US$ XX Bn in 2018 and it is anticipated to reach at market value of US$ 33.48 Bn by 2027, witnessing a CAGR of 22.4 % during the forecast period. Key drivers of the market are growth in technological advancements in healthcare sector, upsurge in demand for ventilators due to increasing cases of Covid-19 patients
The major factor driving the growth of global ventilators market is the increasing ratio of respiratory diseases across the globe. More than 3 million global deaths are caused by COPD every year. Moreover, in treatment of coronavirus infected persons ventilators play an important role as the patients who are in critical condition needs medical ventilation. This is expected to accelerate the demand for portable ventilators significantly.
The Ventilator Market Is Anticipated To Register A CAGR Of Over 22.4 % During The Forecast Period.
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Complications Occurred While Operating Ventilators Might Hamper the Market Growth
The ventilators are complicated to operate and have some adverse effects to the patients which might hamper the market growth. Some of the complications include improper ventilation cycle, humidification of inspired gases, and improper alarm functioning. This is expected to limit the growth of global ventilators market at a minimal extent.
North America Is Anticipated To Hold Prominent Share Whereas Asia Pacific is Projected to Witness Fastest Growth During the Forecast Period
In terms of region, North America is anticipated to lead the global market over the forecast period. The region occupied 32.5 % share in 2018. The growth of the region can be attributed to rising elderly population, increasing ratio of smokers leading to respiratory diseases. Furthermore, Asia Pacific is projected to grow at a CAGR of 23.8 % during the forecast period. Some of the local Asia companies are engaged in developing large number of ventilators with the regional and central government support after corona outbreak. This is expected to favor the regional growth in coming years.
The global market is fragmented with several global and local players. The companies are engaged in product innovation and development which is expected to strengthen their foothold in global market.
Prominent players operating in the Global Ventilator Market are: Koninklijke Philips N.V., ACOMA Medical Industry Co., Ltd., Teleflex Incorporated, Dragerwerk AG & Co. KGaA, Covidien, MAQUET Holding B.V. & Co. KG, Bunnell Incorporated, Bio-Medical Devices Intl, CareFusion Corporation, and GE Healthcare, among others.
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