Published Date: 2020-05-25
Request a sample
According to the Graphical Research new growth forecast report titled North America Mechanical Ventilators Market share is set to exceed USD 500 million by 2026. The growing COVID-19 pandemic in the region has created high demand for the mechanical ventilators to handle the impending surge of critically ill patients. Rising target population base that requires long-term treatment for chronic respiratory conditions are expected to fuel the market growth positively. According to the Institute of Health Metrics and Evaluation (IHME), the 41 states of the U.S. will need more beds along with the ventilators in the coming months as the pandemic continues to spread. Hence, owing to the above mentioned factors the North America mechanical ventilators market will witness an exponential growth in the coming period.
Rising base of geriatric population coupled with chronic diseases such as diabetes, cardiovascular diseases and chronic respiratory emergencies are some other factors that are fueling the market growth. Growing investments in healthcare industry along with significant technological advancements in ventilators are projected to witness a lucrative growth for a substantial period. Furthermore, rising government initiatives in emerging economies are likely to fuel the market development. Hence, owing to these attributes the market will register a substantial growth in the coming years. However, high cost of the devices may hinder the market growth across the region.
Intensive care ventilators segment held the largest revenue in 2019 and was valued at USD 650.4 million and is projected to witness a constant growth in the upcoming years. This is owing to the rising pandemic 0f COVID-19 across the region that has been straining the healthcare systems drastically. For instance, more than 30% COVID-19 patients in the U.S. need intensive care ventilators. Insufficient supply of ventilators to handle the impending surge in critically ill patients will propel the demand for these ventilators thereby boosting the overall market growth.
Non-invasive ventilation segment witnessed the highest revenue in 2019 and is expected to follow the same trend in the upcoming years. The high lucrative growth is attributed to the factors such as cost effective, reduces work of breathing, better tolerance and convenience than invasive ventilation. Hence, owing to these factors the segmental growth is projected to witness a substantial growth in the upcoming years.
Adult ventilators segment held the largest revenue in 2019 and was valued at USD 692.2 million. This is owing to the growing geriatric population base prone to several chronic diseases such as cardiovascular disease, diabetes, respiratory ailments among others. In addition, rising number of corona virus cases among adults is further fueling the demand for mechanical ventilators that in turn is propelling the overall market growth positively in the coming years.
Resuscitation segment accounted for the largest share of the mechanical ventilators market in 2019. The dominant share of this segment can be attributed majorly owing to the growing cardiopulmonary resuscitation cases across the region. According to an article published in 2015, around 366,807 cases in the U.S. were reported to have cardiac arrest that required the intervention of ventilators. Hence owing to this, resuscitation segment is projected to be the lucrative segment over the upcoming years.
Pressure mode ventilator segment was valued over USD 381.1 million in 2019. This is attributed to the fact that pressure mode ventilator supports the patient in lowering down the work of breathing. Furthermore, several advantages such as increased patient comfort, minimal cardiovascular effects, enhanced patient & ventilator synchrony are some other factors that are anticipated to fuel the segmental growth over the forecast period.
The hospital segment held the largest revenue in 2019 and is expected to follow the same trend in the coming years. The dramatic growth in the number of hospital admissions due to rising covid-19 patients across the region is propelling the market expansion. According to the American Hospital Association, as per the current scenario of COVID-19, it is expected that around 4.9 million people would require hospitalization. Furthermore, 1.9 million COVID-19 patients would require admission to ICU and around 960,000 would essentially require mechanical ventilators. Hence, owing to these statistics the demand for mechanical ventilators will influence the overall market growth positively.
U.S. mechanical ventilators market held the largest revenue in 2019 and was valued at USD 724.5 million and is projected to witness similar trend during the forthcoming years. The high growth is owing to the rising number of COVID-19 cases and rapid spread of the disease across the country that led to the increasing number of hospital admissions. According to a survey conducted in the U.S., around 200,000 ventilator units are presently available, however, due to onset of COVID-19 the country can absorb more than 56,000 additional ventilators during the peak of this pandemic. Hence, owing to the rising cases across the country the demand for ventilators is growing with each passing day, thereby propelling the market growth positively and is expected to follow the same trend in the coming years.
The major industry players in the industry are Medtronic, Getinge, Drägerwerk, Hamilton Medical, Philips, ResMed, GE Healthcare and Fisher & Paykel among others. In order to increase the geographical presence and market share, these companies are focusing on major strategies such as partnerships, new product launches, acquisitions, collaborations and production expansions. For instance, in November 2019, Nihon Kohden announced the launch of its new ventilator named NKV-550. This move was aimed to offer the applications essential in critical care settings for infants to adults. In addition, this move will satisfy the urgent need for ventilators to treat the patients affected by COVID-19 thereby, fueling the industry growth.
North America Mechanical Ventilators Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
Market Share, By Product, 2015 – 2026 (USD Million and Units)
Market Size, By Interface, 2015 – 2026 (USD Million and Units)
Market Growth, By Ventilator Type, 2015 – 2026 (USD Million and Units)
Market Value, By Application, 2015 – 2026 (USD Million and Units)
Market Forecast, By Mode, 2015 – 2026 (USD Million and Units)
Market Trends, By End-use, 2015 – 2026 (USD Million and Units)
The above information is provided for the following region and countries:
The great explorer of the truth, the master-builder of human happiness no one rejects dislikes avoids pleasure itself because it is pleasure but because know who do not those how to pursue pleasures rationally encounter consequences that are extremely painful desires to obtain.
Read More