Global mechanical ventilators market size was valued at USD 3.3 billion in 2014. Rapid growth in the geriatric population, increase in the incidence of Chronic Obstructive Pulmonary Disease (COPD), the rise in the incidence of respiratory emergencies, and technological innovation in respiratory care devices are the major environmental factors that drive the mechanical ventilators market over the forecast period. The evolution of patient-friendly, cost-effective, and portable devices further encourages their usage.
Key drivers of the market include technological advancements and supportive government funding in emerging economies. Furthermore, growing global base of geriatric population is expected to enhance the applicability of the market, fueling its growth. However, increasing the prevalence of respiratory disorders is the major constraint of the market. Incorporation of regulatory agencies along with supportive government initiatives is expected to limit these constraints.
North America mechanical ventilators market, by technology, 2012-2022, (USD Million)
The market is anticipated to be primarily driven by the huge geriatric population base suffering from respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD) and sleep apnea. This is attributed to greater susceptibility of the geriatric population as a consequence of different immunological conditions. According to the estimates published by the United Nations in 2012, the global geriatric population was nearly 809.4 million and is expected to grow more than double by 2050 to reach an estimated population of over 2,000 million.
The mechanical ventilators available are segmented into four types depending on the use. These include critical care, neonatal, transport, and portable, and others. Critical care ventilators dominate the global revenue share for 2014 due to high adoption and installation rates in hospitals. The rise in a number of hospitals over the forecast period is expected to sustain this growth. Transport and portable segment held 35.4% of the market share in 2014. Neonatal care is also expected to witness a rise in the market share over the forecast period owing to the increase in the neonatal population.
The scope for transport and portable ventilators is extended from ambulatory to home care. Increasing cases of medical emergencies and growth in the market of point-of-care treatment are vital drivers of segment growth. Hospitals are promoting the use of portable ventilators to provide faster and continuous care to patients even prior to their arrival in the premises. Portable units fulfill the need of patients to obtain home care, thereby increasing its popularity. Upgrading of technological and production systems leading to the development of smaller, highly compact, and robust ventilators providing high performance are expected to propel segment growth.
Rising number of chronic obstructive pulmonary diseases worldwide and a surge in geriatric population base are triggering the market growth. The Asia Pacific market is considered to be the most lucrative segment of this market over the forecast period owing to increasing cases of chronic respiratory diseases, rising healthcare expenditure, and tax benefits provided by the governments in this region.
North America accounted for the largest market for mechanical ventilators in 2014 and is estimated to have a market share of over 36%. COPD was the third leading cause of death in the U.S. in 2011, according to the Center for Disease Control and Prevention (CDC). In addition, healthcare cost containment issues post the economic crisis have compelled the government to introduce new strategies to reduce the patient stay in the hospitals and impose an excise tax on medical devices to the tune of 2.3% of their annual sales from 2013. Moreover, rising geriatric population in the U.S. is leading to a corresponding rise in the incidences of respiratory disorders, which will further boost market growth.
The major share of the mechanical ventilators market share is held by the companies such as Draeger Medical, GE Healthcare, Maquet GmbH, Philips Respironics, Teleflex, and Smiths Medical.
The players are actively involved in technological advancement and new product development in order to sustain their position in the market. For example, in April 2014, Smiths Medical announced PNEPAC ParaPAC Plus in Canada and the U.S., which received approval by the U.S. FDA. It is the most advanced mechanical ventilator working entirely on pneumatics and was commercially available from May 2014.
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