- Mechanical ventilators assist the patient in breathing with the help of masks and breathing equipment. The patient is connected to the ventilator through a tube placed in the windpipe. They are used for treating acute lung injuries, apnea, apoxemia, and Chronic obstructive pulmonary disorder (COPD).
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Respiratory disorders and the geriatric population with breathing problems are major drivers of the mechanical ventilators market. Preference for portable ventilators resulting in good homecare will increase market growth. Technological advancements like improved battery life and positive airway pressure (PAP) will entice consumers. The market size in 2013 was valued to be USD 3.3 billion in 2014. It is projected to attain revenue worth USD 5.5 billion by 2022. Regulatory agencies armed with government initiatives can hamper market growth.
Critical care, neonatal, and transport & portable ventilators are the products in the mechanical ventilators market. Critical care ventilators dominated the market in 2014. It accounted for more than 40% of the global revenue in the same year. This can be attributed to the number of hospitals on the rise. Upgrades like AutoTrak and Spontaneous Breathing Trial will help sustain the product growth. Transport & portable had a 35.4% market share in 2014. Medical emergencies and point-of-care treatments will spur the demand of these ventilators. It will experience a growth rate above 7% over the forecast phase. Neonatal will exhibit a significant growth owing to the neonatal population.
North America dominated the mechanical ventilators market in 2014 with a market share above 36%. COPD was the 3rd leading cause of death in 2011. The government has implemented strategies to reduce hospital stay and decrease healthcare costs. Asia Pacific and Latin America will experience a 7% CAGR over the forecast phase. This can be attributed to favorable government initiatives and unmet healthcare needs in the region.
Market leaders have engaged in research & development of ventilators to sustain their market presence. Key players include Covidien Plc, GE Healthcare, Teleflex Inc., Smiths Medical, and Philips Respirionics. In April 2014, Smiths Medical announced a new product named PNEPAC Parapac Plus, the most advanced mechanical ventilator commercially available in Canada and US.
Information Source: Grand View Research
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