Ventilator Market Comprehensive Review of its Applications Growth Opportunities and Future Prospects
The ventilator market is expected to cross $1.0 billion by 2022, growing at a CAGR of 7.7% between 2016-2022.
The market is driven by factors such as high prevalence of respiratory disease, growing geriatric population, high prevalence of smoking, rapid urbanization and increasing pollution level, increasing incidence of preterm births, increasing healthcare expenditure, and changing lifestyle.
Based on age group, the global ventilator market has been segmented into adult/pediatric and neonatal/infant. The adult/pediatric segment accounted for the major share in the global market in 2015, and is expected to witness the highest growth during 2016-2022.
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Based on interface, the global ventilator market has been segmented into invasive ventilator and non-invasive ventilator. The invasive segment accounted for the major share in the global market in 2015, and the non-invasive segment is expected to witness the highest growth during 2016-2022.
Asia-Pacific to witness the fastest growing region in the ventilator market during 2016-2022. The major reasons for the fastest growth of the market in the region include improving healthcare infrastructure, increasing prevalence of respiratory diseases, increasing incidence of preterm births, and increasing geriatric population. Among the countries of the Asia-Pacific region, the Japanese market for ventilators is expected to grow at a CAGR of 8.2% during the forecast period to reach $96.7 million by 2022.
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Globally, the rate of tobacco usage and tobacco attributed mortality is higher in men than in women. Passive smoking is also one of the causes of respiratory track disturbance. According to WHO, approximately 6 million people die from tobacco use each year, both from direct tobacco use and second-hand smoke. Moreover, annual tobacco related deaths are expected to increase to 7.5 million by 2020.
Some of the major players operating in the ventilator market include ResMed Inc, General Electric Company, Hamilton Medical AG, Koninklijke Philips N.V, Becton, Dickinson and Company, and Medtronic plc.
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