Oct 30, 2020, 07:30 ET
CHICAGO, Oct. 30, 2020 /PRNewswire/ -- According to the new market research report "Ventilators Market by Mobility (Intensive Care, Portable), Type, Mode (Volume, Pressure, Combined), Interface (Invasive, Non-invasive), End-User (Hospital, Home Care, ACC, Emergency Medical Services) Covid-19 Impact - Global Forecast to 2025", published by MarketsandMarkets™, the market is driven by the outbreak of the covid-19 pandemic, high prevalence of respiratory diseases, rapid growth in the geriatric population, increasing number of preterm births, and the rising number of ICU beds. However, factors such as dearth of skilled medical workers, reimbursement concerns, complications associated with the use of ventilators, reluctance among physicians for the adoption of new technologies are expected to restrain the growth of this market to a certain extent during the forecast period.
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By mobility, the intensive care segment to witness the highest growth in the market
Based on mobility, the market for ventilators is segmented into intensive care ventilators and portable/transportable ventilators. The intensive care ventilators segmented is estimated to be USD 5.5 billion in 2020. It is expected to grow at AGR of 535.4% from 2019 to 2020.The intensive care ventilators segment is projected to witness the highest growth in the market during the forecast period. Growth in this segment is attributed due to the rising number of intensive care beds equipped with ventilators. The increasing ICU admission due to COVID-19 and readmissions in developed countries coupled with appropriate reimbursement is also responsible for the growth of the ICU ventilators segment. The ICU ventilators segment is further sub-segmented into high-end ICU ventilators, mid-end ICU ventilators, and basic ICU ventilators.
On the basis of type, the adult/pediatric ventilators segment is expected to account for the largest share of the ventilators market in 2019
Based on type, the market for ventilators is segmented into adult/pediatric ventilators and neonatal/infant ventilators. The adult/pediatric ventilators segment accounted for the largest share of the market in 2019. The large share of this segment is largely driven by the large adult population suffering from COVID-19, chronic diseases such as COPD & asthma, the high prevalence of smoking, and the rising geriatric population.
By interface, the invasive ventilation segment to witness the highest growth in the ventilators market
Based on the interface, the market for ventilators is segmented into invasive ventilation and non-invasive ventilation segment. The invasive ventilation segment is projected to witness the highest growth in the intensive care ventilator market during the forecast period. Growth in the invasive ventilation market can be attributed to increasing severity in COVID-19 patients and the rising prevalence of respiratory diseases, neurological diseases, and sleeping disorders.
On the basis of mode, the combined-mode ventilation segment is expected to account for the largest share of the ventilator market in 2019
Based on the mode of ventilation, the market is segmented into volume-mode ventilation, pressure-mode ventilation, combined-mode ventilation, and other modes. The combined-mode ventilation segment accounted for the largest share of the market. The large share of the segment is attributed to its advantages over conventional pressure-mode ventilation and volume-mode ventilation. The ability of combined-mode ventilation to provide both modes of ventilation makes it a desirable product in the market.
By end-user, the emergency medical services segment to witness the highest growth in the ventilators market
On the basis of end-user, the ventilator market is segmented into hospitals and clinics, home care, ambulatory care center, and emergency medical services. The emergency medical services segment is projected to witness the highest growth in the market during the forecast period. Growth in this segment is attributed to the high incidence of trauma injuries, such as road accidents and falls, sports injuries, and criminal injuries.
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North America to dominate the ventilator market during the forecast period
North America is expected to account for the largest share of the market in 2019, followed by Europe. The dominance of the North American region can be attributed to the rising geriatric population, high prevalence of smoking, high prevalence of respiratory diseases, increasing COVID-19 patient volume, highly developed healthcare system, high healthcare expenditure, and major market players in the US.
The prominent players in the intensive care ventilators market are Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Drägerwerk 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), Hamilton Medical (Switzerland), Smiths Group plc (UK), Allied Healthcare Products, Inc. (US).
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