2/5th of Medical Ventilators Demand Influenced by Critical Care Devices: Fact.MR Report
Published : 08 Sep 2021 Industry: Healthcare
The medical ventilators market is likely to experience robust expansion from 2021 to 2031, registering a CAGR of 9.9%, concludes a recently published report by Fact.MR. According to the study, the market is expected to be valued at US$ 3.6 Bn by the end of the forecast period.
From 2016 to 2020, prospects appeared equally lucrative, with an estimated growth rate of 9%, closing in at US$ 1.4 Bn. Prospects further broadened amidst the COVID-19 pandemic crisis, as healthcare providers scrambled to provide intensive care to severely infected patients. Initially, the deluge of patients led to disequilibrium in the demand supply equation, which was eventually offset.
Future expansion prospects are reliant on significant technological advancements, including the advent of microprocessor controlled ventilation. Furthermore, rising prevalence of chronic obstructive pulmonary disease and asthma will further enhance medical ventilators adoption. The Global Burden of Disease Study 2017 estimates that prevalent cases of chronic respiratory diseases were 545 million, which will increase further.
Key Takeaways from the Market Study:
- Global medical ventilators market is anticipated to expand 2.5x by 2031
- Critical care medical ventilators in high demand, accounting for 40% of global demand in 2020
- Non-invasive medical ventilators to expand impressively at a CAGR of 12.1% by 2031
- Hospitals to remain primary medical ventilators end users, accounting for 50% of total demand
- U.S to be a prominent market in North America, yielding 32% of total revenue
- China to witness an impressive 8.5% CAGR from 2021 to 2031
“Frequent incidents of pandemics and epidemics inducing respiratory complications are leading to increased hospitalization rates, prompting increased sales of medical ventilators,” comments a Fact.MR analyst
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- For instance, Philips Healthcare have developed the Trilogy EV300 ventilator that delivers enhanced performance in non-invasive (NIV) and invasive (IV) ventilation, so patients can be treated with a single device throughout their hospital stay, regardless of changing conditions.
- Likewise, Switzerland-based Hamilton Medical has received FDA approval to bring its medical device, an MR compatible ventilator the HAMILTON-MR1, to the United States. The HAMILTON-MR1 features a gaussmeter that displays the magnetic field’s shape and strength around itself, helping clinicians to safely position the unit near the MRI scanner.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Medical Ventilators Market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on the Product Type (Critical care and Transport Ventilators) Technology (Invasive and Non-invasive) Application (Hospitals, Ambulatory Surgical Centers, Region (North America, Latin America, Europe, South Asia, and Oceania, MEA)
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Consultant - Industrial Goods and Automotive