The global ventilator market was valued at $638.7 million in 2015, and it is expected to grow at a CAGR of 7.7% during 2016 – 2022. The growth of the global market is largely driven by increasing level of air pollution across the globe and growing geriatric population. Some of the other factors driving the growth of the global market include increasing prevalence of respiratory diseases, changing lifestyle, rapid urbanization, increasing healthcare expenditure, and high prevalence of tobacco smoking. Growing demand for home care therapeutic devices and high growth in developing countries are expected to create ample opportunities for the manufacturers of ventilators.
Ventilator assists patients to breath, or takeover the breathing function completely, depending upon the needs of the patient. It does not treat a disease but is used as life support. It is indicated in respiratory failure conditions cardiac insufficiency and neurological dysfunction conditions.
Among the different end users, the largest revenue was generated from the sales of ventilators in hospitals in 2015. It is mainly used in hospitals for the treatment of sleep apnea, acute lung injury, hypoxemia and obstructive pulmonary disease. The global ventilator market for home care is expected to grow at a CAGR of 8.4% during 2016 – 2022.
Some of the players operating in the global ventilator market include ResMed, Inc, General Electric Company, Hamilton Medical AG, Koninklijke Philips N.V, Becton, Dickinson and Company, and Medtronic plc.
News Courtesy: P&S Market Research