North America Mechanical Ventilator Market Expected to Reach $963 Million by 2025Download Sample Reports Overview
According to a new report published by Research Dive, titled, "North America Mechanical Ventilator Market : Opportunity Analysis and Industry Forecast, 2019-2025," the North America mechanical ventilator market was valued at $623.4 million in 2018 and is projected to reach $963.4 million by 2025, growing at a CAGR of 6.3% from 2019-2025.
Mechanical ventilator is also known as a respirator or breathing machine. It provides oxygen to a patient who is unable to breathe or is breathing insufficiently. It comprises a control system, flexible breathing circuit, monitors, and alarms and is one of the most common medical devices deployed in intensive care units of hospitals. Further, mechanical ventilator helps make sure that there is a continue breathing during surgery. The increase in geriatric population who is prone to respiratory disorders significantly drives the growth of the mechanical ventilator market.
In addition, ever-increasing government expenditures in healthcare that promote adoption of mechanical ventilators in the North America further propels the market growth. Rise in number of accidents in this region is anticipated to further fuel the market growth of ventilators.
By product type the market is divided into intensive care unit/critical care, transport/portable/ambulatory and neonatal care. The transport segment is expected to register the highest growth rate during the forecast period, owing to rise in demand for portable mechanical ventilators in ambulatory surgical centers, home care, trauma centers, and hospitals, it will lead to improve the patient safety and comfort and will increase the efficacy of care.
Based on mode of ventilation, the market is divided into non-invasive ventilation and invasive ventilation. The non-invasive ventilation segment is expected to grow at the highest rate from 2019-2025, attributed to the fact that noninvasive ventilation (NIV) is associated with a lower risk of mortality as compared to invasive mechanical ventilation (IMV).
According to Onkar Sumant, Manager, Healthcare at Research Dive, “The surge in demand for portable mechanical ventilators has supplemented the need for transport mechanical ventilators in North America, which further propelled the growth of the mechanical ventilator market.”
Key Findings of The Study
- The transport/portable/ambulatory segment is expected to register the highest growth rate from 2019-2025.
- The hospital and clinic segment accounted for the maximum revenue in 2018, and is anticipated to maintain this trend throughout the forecast period.
- The adult segment dominated the age group category of the mechanical ventilator market in 2018 and is expected to maintain this trend during the forecast period.
- The non-invasive ventilation segment is estimated to exhibit the highest CAGR from 2019-2025 in the mode category of the mechanical Ventilator market.
The North America region is expected to witness grow at a steady rate during the forecast period owing to the high ICU bed admissions, and enhanced government expenditure on healthcare. In addition, heightened incidence of chronic obstructive pulmonary disease (COPD) in this region is the key contributor for the market growth in the region.
The major companies profiled in this report include Becton, Dickinson and Company (CareFusion/Vyaire Medical, Inc.), Carl Reiner Gmbh, Draegerwerk AG & Co. KGaA, Getinge AB (Maquet Holding B.V. & Co. KG), General Electric Company (GE Healthcare), Hamilton Medical AG, Koninklijke Philips N.V., Medtronic, Plc. (Covidien Ltd.), Mindray Medical International Limited, and Smiths Group, Plc. The other players in the value chain include Tecme SA, ResMed Corp., Fisher & Paykel Healthcare Limited, Air Liquide Medical Systems, ZOLL Medical Corporation, Allied Healthcare Products, Inc., and Schiller Healthcare India Pvt. Ltd.