Global Ventilator Market Analysis, 2020 market research report depicts a deep-dive market analysis of statistics of Global Ventilator market which consists of regional and country-wise market size, market forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end-users, applications, product type, technologies, competitive benchmarking, etc.
COVID-19 Spiked the Market Growth
COVID-19 has strategically transformed the global ventilator market dynamics in 2020. The market has seen a vibrant growth due to massive requirements coming up from diverse geographies, as the corona casualties are steadily growing in many countries. Almost all the major developed and emerging economies have been suffering from a shortage of ventilators. The year 2020 is proving to be a strategic inflection point for the Ventilator market. The market will continue to remain vibrant for the next 4-5 years even if the effect of COVID-19 is marginalized. The major countries would invest massively in upgrading their healthcare infrastructure as a measure of preparedness to counter such sudden pandemics.
Some of the other major factors contributing to the growth of ventilators are the rising aging population and the prevalence of chronic diseases. Moreover, the growth of ventilators is persistent due to respiratory disease owing to the smoking habits of individuals.
According to MarkNtel Advisors’ research report titled “Global Ventilator Market Analysis, 2020”, the Global Ventilator market is anticipated to grow at a CAGR of around 13% during 2020-25. According to WHO, in 2010, it was estimated that around 24 million individuals were aged over 65+ years of age approximately around 8% of the total world population. By 2050, it is anticipated to increase by nearly triple to 1.5 billion around 16% of the total world population.
Homecare Segment is Gaining Steady Popularity
The hospital segment acquired the largest market share on an account of the deployment of ventilators in hospitals intensive care units (ICUs) amplifying the number of patients and surging investments in healthcare infrastructure. However, the home care segment also holds a substantial market share owing to the growing healthcare expenditure and rising healthcare per capita income of individuals.
North America & Europe to be the Hotspot for Ventilators Manufacturers
North America acquired the largest market share in 2019, owing to the rising number of cancer cases, massive COVID-19 casualties, and the prevalence of other chronic diseases. Around 1.7 million cases of chronic diseases were diagnosed in 2019, while more than 0.5 million Americans acquired COVID-19. About 606,880 Americans died of cancer in 2019 which translates to about 1,660 deaths per day, according to the American Cancer Society. Moreover, the incidence of asthma has increased in three decades. Asthma afflicts around 334 million individuals worldwide. Asthma causes about 489,000 deaths per year or more than 1,300 deaths per day, according to WHO. Besides, Asia-Pacific is also a lucrative market for ventilators as the medical healthcare infrastructure is growing day by day in countries such as China, India, and Japan. Moreover, amid the Corona Virus outbreak, the ventilator sales have surged globally as stated in the MarkNtel Advisors’ research report “Global Ventilator Market Analysis, 2020”. In April 2020, Indian Railways developed a low-cost ventilator named “Jeevan” for treating the patients of COVID-19 which is a prototype costing only around USD1,500. According to MarkNtel Advisors, Philips, ResMed, Medtronic, Becton Dickinson, GE Healthcare, Getinge, Air Liquide, Hamilton Medical, Smith’s Group, Drager, Fisher, and Paykel are few of the leading players covered in "Global Ventilator Market Analysis, 2020”.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Ventilator Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What would be the growth rate or CAGR of the Global Ventilator Market during 2020-25?
A. The growth rate of the Global Ventilator Market during 2020-25 is forecast to be around 13%.
Q. Who are the key competitors or players operating in the Global Ventilator Market?
A. Philips, ResMed, Medtronics, Becton Dickinson are few of the leading players in the Global Ventilator Market.
Q. Which end-user segment would emerge as an opportunity area for players in Global Ventilator Market?
A. The hospital segment is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which region would emerge as an opportunity area for players in Global Ventilator Market?
A. North America region grabbed a significant market share continues to grow at the highest CAGR, presenting immense opportunities for manufacturers and suppliers of the Global Ventilator Market.
