Key players in the global mechanical ventilators market include
Dragerwerk AG & Co. KGaA, Philips Healthcare, GE Healthcare,
Smiths Medical, Becton, Dickinson and Company, Fisher and Paykel
Healthcare Limited, Getinge Group, Medtronic Plc, ResMed, and
Hamilton Medical AG.
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Transparency Market Research finds that the global mechanical
ventilators market is characterized by the strong presence of a
number of local and regional players. These companies are just as
capable as global players in efficiently catering to the changing
consumer needs and entering neighboring markets. However, regulatory
requirements differing from country to country tend to restrict the
entry of these players in several national markets. Nevertheless,
large multinational players are entering into strategic partnerships
or acquiring small start-up companies in order to match the
competition in local markets for mechanical ventilators.
The global market for mechanical ventilators was worth US$1.1 bn in
2015 and is poised to reach a value of US$1.8 bn by 2024, registering
a 4.8% CAGR therein. In terms of volume, the mechanical ventilators
market is projected to expand at a CAGR of 5.5% during the forecast
period.
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By type of product, critical care mechanical ventilators contributed
the most toward the global market. In terms of percentage share
contribution, the segment is anticipated to account for a 48.2% share
by 2024. The portable mechanical ventilators segment is expected to
exhibit the strongest CAGR of 7.6% from 2016 to 2024 by value.
Based on mode, invasive mechanical ventilators presently form the
leading segment of the global market. However, registering a rapid
growth rate through 2024, the non-invasive mode segment is expected
to reflect a gain in market share by the end of the forecast period.
On the basis of end use, hospitals account for the major share in the
global mechanical ventilators market in terms of revenue. Home
healthcare, on the other hand, is forecast to register the highest
growth rate by 2024.
From a geographical standpoint, North America is expected to account
for a 39.7% share in the global mechanical ventilators market by 2024
and will continue its dominance during the forecast period. Asia
Pacific is the most attractive market and is slated to expand at a
CAGR of 5.5% from 2016 to 2024.
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The World Health Organization reports that more than five million
deaths are reported every year owing to chronic respiratory diseases.
The deteriorating quality of air, particularly in countries where the
economy is largely dependent on pollution-intensive industries, is
one of the chief causes of the alarming spike in the prevalence of
respiratory diseases, especially chronic obstructive pulmonary
disease (COPD). This translates into an increased demand for medical
devices, one of which is mechanical ventilators.
“On the backdrop of the constantly growing incidence of reported
respiratory diseases, the demand for mechanical ventilators in
hospitals and trauma centers has increased and, in recent times,
catalyzed the sales of the same,” the author of the report states.
In contrast, the shrinking profit margins of manufacturers, intensive
competitive rivalry, budgetary constraints faced by small healthcare
facilities, and injuries associated with the prolonged use of
ventilators threaten the growth of the global mechanical ventilators
market.
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