(MENAFN- EIN Presswire) Mechanical Ventilator market Share
Mechanical ventilator market provides a detailed quantitative analysis of the current market trends and future estimations.
PORTLAND, OREGON, UNITED STATES, September 14, 2023/EINPresswire/ -- Mechanical Ventilator Market was valued at $4.6 billion in 2020, and is estimated to reach $18.6 billion by 2030, growing at a CAGR of 12.82% from 2021 to 2030. Mechanical ventilator is a machine that helps patients breathe when they are having surgery or cannot breathe on their own due to a critical illness. Patients are connected to the ventilator with a hollow tube (artificial airway) that goes in their mouth and down in their main airway or trachea. Mechanical ventilator is majorly classified as intensive care and portable mechanical ventilator.
List of Key Players :
CARL REINER GmbH, VYAIRE MEDICAL INC., MINDRAY MEDICAL INTERNATIONAL LIMITED, DRAEGERWERK AG & CO. KGaA, GENERAL ELECTRIC COMPANY (GE HEALTHCARE), SMITHS GROUP PLC., MEDTRONIC PLC., HAMILTON MEDICAL AG, ASAHI KASEI CORPORATION (ZOLL MEDICAL CORPORATION), GETINGE AB (MAQUET HOLDING B.V. & CO. KG), KONINKLIJKE PHILIPS N.V. (PHILIPS)
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On the contrary, the global mechanical ventilator market is currently witnessing surge in demand for ventilators across the world, owing to rise in number of cases of COVID-19. In this health condition, oxygen levels drop as the viattacks lungs of patients, tresulting in breathlessness.
The global mechanical ventilator market is segmented into component, product type, mode, end user, age group, and region. By mode, the invasive ventilation segment occupied the largest share in 2020, and is anticipated to continue its dominance during the forecast period. On the basis of product type, the intensive care mechanical ventilators segment dominated the market in 2020, owing to increase in number of hospital admission of patients due to COVID-19 pandemic. However, the transport/portable ventilators segment is projected to grow with the highest CAGR of 13.64% from 2021 to 2030. This is attributed to rise in demand for transport ventilators during emergencies and surge in adoption of easy-to-use portable mechanical ventilators for ease of aged patient population.
Depending on age group, in 2020, the adult population was the highest revenue generator, owing to rise in adult population who are highly susceptible to chronic respiratory diseases. However, the pediatric & neonatal segment is estimated to register fastest CAGR of 12.6% during the forecast period, owing to rise in prevalence of neonatal mortality and need for convenient ventilation facilities for newborn and premature babies.
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The COVID-19 outbreak is anticipated to have a positive impact on the growth of the mechanical ventilator market. COVID-19 has negatively impacted many industries; however, it propels the demand for varimedical services, including intensive care units (beds and ventilators) and personal protective equipment for healthcare. The COVID-19 infection is associated with respiratory failure, and requires critical care with ventilator support. Mechanical ventilation has regularly been employed to oxygenate seriously ill COVID-19 patients. For instance, according to the report from Imperial College London in November 2020, 30% of COVID-19 hospitalized patients are likely to require mechanical ventilation. In addition, new delta and omicron variants of COVID-19 with high spreading rate found in mid-November 2021 have increased the risk of third wave across the world. Thus, the muted variants of COVID-19 have influenced entire healthcare sector to meet healthcare requirements, including hospital instruments such as mechanical ventilators.
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