Rising Demand for Portable Mechanical Ventilators to Define Global Mechanical Ventilator Market’s Future
Mechanical ventilators are commonly used in conventional healthcare settings or across alternate care settings to help patients breathe by mechanically assisting the process respiration, i.e. inhalation of oxygen into the lungs and the exhalation of carbon dioxide. Based on the condition of the patient, mechanical ventilators either support breathing or completely control it. The global market for mechanical ventilators has significantly developed in the past few years and highly effective product designs in portable formats are increasingly entering the market.
Transparency Market Research (TMR) states that the global mechanical ventilators market will exhibit a healthy 4.8% CAGR from 2016 to 2024, rising from US$1.1 bn in 2015 to US$1.8 bn by 2024, in terms of value. In terms of volume, the market is expected to exhibit a 5.5% CAGR over the said period.
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In this blogpost, TMR analysts highlight some of the key aspects of the market as observed in the present-day scenario:
Q. What varieties of mechanical ventilators are available in market and which account for most sales?
A. The key varieties of mechanical ventilators available in the global market include neonatal intensive care mechanical ventilators, critical care mechanical ventilators, transport mechanical ventilators, and portable mechanical ventilators. Of these, the segment of critical care ventilators accounts for a dominant share in the global market, terms of both revenue-generation and volume-wise consumption. The vast rise in incidence of medical emergencies and the rising need for managing critical emergencies in hospitals will be the key factor driving the demand for critical care mechanical ventilators.
Critical care ventilators are expected to retain dominance in the market over the forecast period, however the demand for transport mechanical and portable ventilators is also expected to gain traction. The rising trend of transferring patients, which have been on ventilator for a long time and are expected to further require ventilators for an unknown time, from hospitals to home care settings has led to an increased demand for transport mechanical and portable ventilators of late.
Q. How is the competitive landscape of the market evolving?
A. The market for mechanical ventilators has witnessed a significant rise in research and development activities in the past few years as a number of new vendors have ventured into this lucrative marketplace. Several regional vendors command prominent positions in domestic markets owing to their capability of catering to the specific needs of patients with low-cost products. However, vastly different regulatory requirements across different countries have restricted several leading regional vendors from venturing into nearby markets.
Nevertheless, owing to the vast growth opportunities across developing countries in regions such as Latin America and Asia Pacific, several international vendors are collaborating with promising domestic vendors through mergers and acquisitions to enter these regions. These regional markets are also witnessing a significant rise in research-related collaborations among market players and clinical researchers. Also, to strengthen their foothold in domestic markets and create a highly flexible patient care scenario, mechanical ventilator manufacturers and assemblers operating in these regions are increasingly focusing on the development of economic and technologically advanced ventilators.