Amid the COVID-19 pandemic, the global medical ventilator market is anticipated to reach $1.73 billion by 2027 with a compound annual growth rate (CAGR) of roughly 8.3%, according to a recently published report from Acumen Research and Consulting.
North America is expected to hold the highest revenue share of the global ventilator market in the forecast period, due to high government spending on healthcare. The region is also seeing an influx in the number of hospitalized patients suffering from respiratory diseases, including COVID-19, which is increasing the demand for ventilators.
The Asia-Pacific ventilator market is also slated to see exponential growth over the forecast period, due to an increasing geriatric population coupled with a rise in respiratory problems. In addition, major players in the industry are focusing on developing economies in order to reach untapped markets.
Across the globe, increasing incidences of chronic respiratory diseases and an increasing geriatric population is increasing demand for ventilators. Heightened investments by major players to develop and introduce new technological innovations is also expected to drive global demand. Case in point:
- Earlier this year, Nihon Kohden launched its new NKV-550 Series Ventilator System, which offers a full suite of applications necessary in a critical-care setting for patients of all ages.
- In April, researchers at Rice University developed an innovative emergency ventilator design that could help hospitals in short supply of these critical machines. Rice developed schematics for the open-source ApolloBVM, an automated bag-valve-mask. This would help lower-acuity COVID-19 patients, who are awaiting the availability of a standard hospital ventilator.
On the flip side, reimbursement woes in developing countries and complications associated with the use of ventilators are expected to hamper growth of the global market.
Finally, the global ventilator market is segmented into mobility, mode, type, interface, and end user. The mobility segment is further bifurcated into intensive care ventilators and portable/transportable ventilators. Among end use, the hospital segment is expected to account for the major revenue share of the global ventilator market during the forecast period.