The global ventilator market was valued at $638.7 million in 2015, and it is expected to grow at a CAGR of 7.7% during 2016 - 2022.
New York, NY -- (SBWIRE) -- 11/30/2016 -- The growth of the global market is largely driven by increasing level of air pollution across the globe and growing geriatric population. Some of the other factors driving the growth of the global market include increasing prevalence of respiratory diseases, changing lifestyle, rapid urbanization, increasing healthcare expenditure, and high prevalence of tobacco smoking. Growing demand for home care therapeutic devices and high growth in developing countries are expected to create ample opportunities for the manufacturers of ventilators.
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Among the two types of ventilators, the portable ventilators would witness faster growth during the forecast period. Growing geriatric population, wider application of portable ventilators such as home care and ambulatory care, and increasing demand for home healthcare are the major factors driving the growth of the portable ventilator market.
North America accounted for the largest share in the global market in 2015, owing to the growing geriatric population, and increasing prevalence of respiratory diseases in the region. The U.S. contributed largest revenue to the North American as well as global ventilator market. The country is expected to remain the largest market for ventilator devices globally. The increasing prevalence of respiratory disease and high prevalence of tobacco smoking are the key driving factor of the U.S. ventilator.
Among the different end users, the largest revenue was generated from the sales of ventilators in hospitals in 2015. It is mainly used in hospitals for the treatment of sleep apnea, acute lung injury, hypoxemia and obstructive pulmonary disease. The global ventilator market for home care is expected to grow at a CAGR of 8.4% during 2016 – 2022.
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Some of the players operating in the global ventilator market include ResMed, Inc, General Electric Company, Hamilton Medical AG, Koninklijke Philips N.V, Becton, Dickinson and Company, and Medtronic plc.
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