Global Ventilator Market to Grow at a CAGR of 7.1% during Forecast Period

  • Ventilator Market

Market valued at USD 6.59 Billion in 2021 and is projected to reach USD 9.09 Billion by 2028, growing at a CAGR of 7.1% during 2022-2028. A is a device that supports or regulates the respiratory system, pumping air into the lungs. Doctors use s when a person cannot breathe well on their own. This may be because they are dying of normal nerves or they have a respiratory illness. s play a vital role in saving lives, both in hospitals and in ambulances. People who need long-term ventilation can also use it at home.

According to the WHO, around 4.7 million patients were affected by the COVID-19 virus by May 2020.Due to the ongoing challenges, one of the most common topics of discussion is the provision of s. Even before the epidemic hit, the demand for s has been steadily growing due to the increase in chronic diseases, the increase in respiratory infections, and the aging population worldwide. Many patients rely on reimbursement for treatment. In the US, Medicare Part B includes the long-term medical equipment needed, including s. It covers s to treat asthma, neuromuscular disorders, chronic respiratory failure, and 10;s are considered under Medicare. Therefore, payments in this category are paid monthly by Medicare, and patients need equipment for a longer period of time. Non-ventilated ventilation with independent s and the combination provides an inexpensive option with the best results of hospitalization thus strengthening and driving the market. However, there has been a continuous tightening of consumer demand as a whole, especially in European tenders, and this has led to a decline in total retail prices in the market. In addition, the proliferation of products in tenders makes it difficult for companies to compete and get better brands.

Technological advances in microprocessor-controlled ventilation combined with the complexity of new ventilation systems have provided a multidisciplinary team in healthcare with a variety of opportunities to improve the care of critically ill 10;Mechanical s used to provide respiratory care to new-borns; however, these devices can also cause chronic lung damage that can lead to bronchopulmonary dysplasia (a serious problem in new-borns) and bronchial intubation, which are the most common causes of death during assistance. There have been cases where mechanical ventilation has led to blindness among premature babies due to excess oxygen. Companies are using surfactants to reduce the harmful effects of airborne contamination and to prevent infection. They also provide education to healthcare professionals on the proper use of these devices to reduce the harmful effects of exposure to air.

The market for s based on type is segmented into essential care s, less acute s, emergency s, transport s, home care s, and neonatal s. On the basis of end-user, the market for s is divided into hospitals and clinics, home care, patient care center, and emergency medical services. The segment of hospitals and clinics is projected to hold the largest share of the s market. A large share of this category can be attributed to the financial capacity of hospitals to purchase high-quality equipment and the availability of trained professionals to use s.

On the basis of regional analysis, the global market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.The market in the North America is expected to register the highest CAGR at the time of forecasting. The regional market is expected to grow at a very high rate due to a number of factors, such as increased government efforts, subsequent development and healthcare infrastructure in developing countries, increased medical tourism, and growing demand for quality health care.

Major key players of the Market involve Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Dr├Ągerwerk AG & CO. KGAA (Germany), Nihon Kohden Corporation (Japan), Getinge AB (Sweden), Asahi Kasei Corporation (Japan), Air Liquide (France), Vyaire Medical, Inc. (US), GE Healthcare (US)..