Mechanical Ventilators Market
According to a new market report published by Transparency Market Research "Mechanical Ventilators Market (Critical Care, Neonatal and Transport & Portable Mechanical Ventilators, and Swivels & Connectors)- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global mechanical ventilators market was valued at USD 2,715.7 million in 2012 and is expected to grow at a CAGR of 6.6% from 2013 to 2019, to reach an estimated value of USD 4,248.7 million in 2019.
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Mechanical ventilation is the process of artificial ventilation in which a patient is provided breathing assistance through an external device directly applied to the airway. The global market for mechanical ventilation has witnessed significant growth in the past two decades, predominantly characterized by technological innovation and increase in preference for portable and home-care ventilators. Technological innovation in the design, structure and usage settings of mechanical ventilators has altered the nature of disposables used in such devices.
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The global mechanical ventilators market is categorized into critical care ventilators, neonatal ventilators, and transport and portable ventilators. Introduction of non-invasive ventilation technology has revolutionized the overall market, thus triggering phenomenal demand for these devices in home care and emergency response settings. Rapid growth in the geriatric population, increase in incidence of chronic obstructive pulmonary disease and other respiratory emergencies, and technological innovation in respiratory care devices are the major environmental factors that drive growth of the global mechanical ventilators market. The market for critical care mechanical ventilators accounted for the largest share of the overall mechanical ventilators market in 2012. This market segment was worth USD 1,256.3 million in 2012 and is expected to grow at a CAGR of more than 5% from 2013 to 2019.
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Geographically, the global mechanical ventilators market is dominated by North America in terms of revenue. Our forecasts suggest that the same trend will continue during the forecast period due to availability of better healthcare infrastructure, advanced reimbursement policy and rapid adoption of novel technologies. In case of emerging economies of China, India, Thailand, and Singapore, factors such as improvement in healthcare technologies, high incidence of neonatal mortality, unmet medical needs and economic development will contribute to market growth in the Asian region. The overall Asia-Pacific market for mechanical ventilators is expected to record the highest growth at a CAGR of over 7% from 2013 to 2019.
The global mechanical ventilators market is led by a small number of multinational companies such as Draeger Medical GmbH, Maquet GmbH & Co. KG, Philips Respironics, Inc., Smiths Medical, Covidien PLC and others. However, the market also comprises regional and local market players which are capable of catering to the local market needs through customization of their devices.