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Rising Cases Of Chronic Conditions And Outbreaks To Drive Growth Of Global Ventilator Market

Global demand for ventilator market expected to generate revenue of around USD 1,169.7 million by end of 2023, growing at a CAGR of around 7.50% between 2017 and 2023

A medical device, ventilator, is particularly developed so they can assist the people to breathe when it is not possible for them to breathe naturally—also dubbed artificial respiration. Ventilators are extensively utilized during chronic lung conditions or other ailments that result in the flawed working of the respiratory system. They are usually utilized in hospitals. Nevertheless, in conditions where people require longstanding care facilities and need ventilators for the remaining lifespan, the ventilators can be utilized at home. The key factor contributing to the expansion of the global ventilators market is the growing incidence of hospitalization and re-admission of the suffering patients as they might need repeated ventilation support. Further, rising urbanization, escalating levels of pollution, unhealthy lifestyle habits, and increasing incidence of tobacco smoking further increasing the count of cases of cardiovascular and respiratory diseases, are few other factors anticipated to fuel the global market growth during the forecast period.

A key trend witnessed in the global ventilator market is the increase in the need for small, low-maintenance ventilators. These devices are developed in a manner that they can be maneuvered manually, in conditions where there is no electricity supply accessible. In addition, the mounting inclination to home-based health solutions along with growing stipulation for home care therapeutic devices and the escalating pulmonary disorder cases are also projected to drive the expansion of the global ventilator market. Apart from this, the intensifying count of premature births is also projected to fuel market expansion in the near future.

Moreover, the swift rise in the elderly population base across the world along with the growing incidence of respiratory diseases (comprising asthma and COPD) are also expected to boost the global ventilator market growth in the years to come. In addition, the elevated growth avenues in the budding markets, the development of miniaturized devices, and healthcare decentralization are other key aspects driving the global market expansion. Also, the rising expenditure on healthcare and the growing count of ICU beds are anticipated to generate new growth prospects for the global ventilators market. Nevertheless, the unfitting reimbursement scenarios, difficulties related to the usage of ventilators, and opposition from doctors for technological evolution are few of the factors expected to hamper the growth of the global ventilator market.

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Above all, the latest hit faced by the world with the discovery of novel coronavirus also seems to be increasing the need for ventilators in order to treat the rising number of the patient base. In wake of this situation, on March 26, 2020, around 10,000 ventilators have been ordered by the government from Dyson to assist in coping with the coronavirus catastrophe. The company, directed by British inventor Sir James Dyson, stated it had developed a new kind of ventilator in retort to demand on behalf of the NHS.

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