The ventilator market was valued at US$ 2,620.45 million in 2019 and is projected to reach US$ 8,239.18 million by 2027; it is expected to grow at a CAGR of 12.9% from 2020 to 2027.
The growth of the market is mainly attributed to factors such as growing prevalence of respiratory diseases and increasing geriatric population. However, adverse effects on cardiopulmonary function and complications associated with air tube, air pressure, and among others are likely to hamper the market growth during the forecast period.
The rise in life expectancy worldwide drives the geriatric population growth.Most people expect to live into their sixties and beyond.
According to the World Health Organization (WHO), the global population share of people with age >60 would nearly double from 12% to 22% from 2015 to 2050. This rise in the elderly population has led to an increase in the geriatric ailments, leading to greater requirement of intensive care, which includes mechanical ventilation. Elderly patients are progressively opting for intensive care unit (ICU) treatment with mechanical ventilation (MV).Non-invasive ventilation (NIV) is a better alternative to be used for elderly patients admitted to hospitals for the treatment of respiratory diseases.
According to one of the studies published in Medicina Intensiva, the journal of the Spanish Society of Intensive and Critical Care Medicine and Coronary Units (SEMICIUC), patients with age >75 exhibit significantly greater in-ICU mechanical ventilation requirements.
Aging is the main factor that contributes to the increase in chronic-degenerative disease cases, and in a few cases, it leads to the need for interventions that require admission to ICUs. Thus, rapid growth in the geriatric population is directly proportional to the demand for ventilatory support, which is fueling the global ventilator market growth.Thus, rapidincrease in geriatric population, is expected to boost the market growth.
Based on mobility, the ventilator market is segmented into intensive care ventilators and portable/transportable ventilators.In 2019, the intensive care ventilators segment accounted for a higher share of the market.
Growth of this segment is attributed to growing prevalence of respiratory diseases and technological advancements in intensive care ventilators. However, the portable/transportable ventilators segment is likely to register a higher CAGR in ventilator market during the forecast period.
Based on type, the ventilator market is segmented into adult/pediatric ventilators and neonatal/infant. The adult/pediatric ventilators segment held a larger share of the market in 2019 and is estimated to register the highest CAGR of 13.3% during the forecast period.
Based oninterface, the ventilator market is segmented into invasive and non-invasive. The invasive segment held a larger share of the market in 2019; whereas, the non-invasive segment is estimated to register a higher CAGR of 13.5% during the forecast period.
Based on mode, the ventilator market is segmented into combined mode ventilation, volume mode, ventilation, pressure mode ventilation, neurally adjusted ventilatory assist (NAVA), inverse ratio ventilation (IRV), prone ventilation, high-frequency oscillatory ventilation (HFOV), high-frequency percussive ventilation (HFPV), and others. The combined mode ventilationsegment held the largest share of the market in 2019 and is estimated to register the highest CAGR of 14.2% during the forecast period.
Based on end user, the ventilator market is categorized into hospitals and clinics, home care, ambulatory care centers, emergency medical services (EMS). The hospitals and clinics segment held the largest share of the market in 2019 and is estimated to register the highest CAGR of 13.4% during the forecast period. The World Health Organization, National Hospital Ambulatory Medical Care Survey, World Population Prospects, European Centre for Disease Prevention and Control, and National Center for Biotechnology Informationare among the major primary and secondary sources referred for preparing this report.
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