Medical Ventilators Market to Show Growth Rate of 9.1%

The medical ventilators market worldwide is anticipated to grow from a US$ 1.5 billion valuation in 2022 to a US$ 3.1 billion valuation by 2030, expanding at a CAGR of 9.1%.

Medical Ventilators Market Overview:

Greater emphasis on ramping up the production to address a sudden increase in demand in the time of COVID-19 pandemic is accelerating the growth of medical ventilators market.

Increase in the number of severe cases of life-threatening novel coronavirus (COVID-19) has immensely boosted the demand for medical ventilators. Strong focus of manufacturers and governments on producing more number of medical ventilators is expected to propel the market growth during the forecast period (2022-2030). Growing demand for portable and low-cost medical ventilators creates a significant opportunity for global medical ventilators market players to set their products apart from the competition and expand their businesses.

Continuous focus on the development of portable and low-cost medical ventilators and rapid spread of coronavirus across the globe are projected to propel the global medical ventilators market growth.

Medical Ventilators Market Segmentation:

By Product:

  • Critical Care Ventilators
  • Transport Ventilators

By Application:

  • Invasive Ventilators
  • Non-Invasive Ventilator

By End-user:

  • Hospitals
  • Ambulatory Surgical Centers
  • Long Term Care Centers
  • Home Care Settings

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa (MEA)

Key Takeaways from Medical Ventilators Market Report:

Sales of critical care ventilators contributed maximum share to the total market value, owing to increasing use in critical care areas of hospitals and other care areas as well.

Extensive use of invasive ventilators in the management of chronic respiratory failure is expected to result in a notable share of the segment in the medical ventilators market. Hospital remains top end user contributing more than 38% of total demand, in line with high-quality clinical care and rising number of respiratory disease patients.

 

North America captured notable revenue share of about 30% and is expected to be the most lucrative region for the medical ventilators market during the forecast period. Increasing government funding to boost the medical industry growth in Asian countries is expected to drive growth of the medical ventilators market in the region.

What is the Impact of the COVID-19 Crisis on the Medical Ventilators Market?
focus from other diseases to coronavirus. Whereas, there were few market, which experienced a sudden boost in their sale such as medical ventilators market.

The medical ventilator was one of the most important types of equipment used to treat COVID-19 affected patients. The demand for medical ventilators skyrocketed because most of the COVID-19 patients suffered from breathing issues, which were managed only using medical ventilators.

Increasing Production Capacity – Imperative Strategy for Market Participants

Manufacturers are now focusing on boosting ventilator manufacturing capacity to meet the urgent global demand due to the coronavirus pandemic. For instance, companies such as Medtronic, Koninklijke Philips N.V., GE Healthcare, and Getinge AB are now rapidly increasing their ventilator production by 40%-60%, to supply ventilators in response to the urgent need across the globe confronting COVID-19.

Key Market Players:

  • Becton Dickinson and Company
  • Cardinal Health
  • GE Healthcare
  • Koninklijke Philips N.V.
  • Draegerwerk AG & Co. KGaA
  • Medtronic Plc.
  • Getinge AB
  • Hamilton Medical AG
  • Smiths Medical
  • Fisher & Paykel Healthcare
  • Bunnell Incorporated

For More Information: https://www.futuremarketinsights.com/reports/medical-ventilators-market

Comments are closed