Albany, NY -- (SBWIRE) -- 02/22/2017 -- 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.
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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Non-invasive Mechanical Ventilators Gaining Preference over Invasive Variants
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.
Increased Demand for Mechanical Ventilators in Hospitals and Trauma Centers
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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