Published: Apr, 2018
The global mechanical ventilators market has been envisaged in a report by Transparency Market Research (TMR) to testify the presence of scores of regional as well as local competitors. The competitors could hold the capability close to that of international companies that enables them to enter neighboring markets and efficiently serve changing customer requirements. National markets have been anticipated to limit the entry of companies as a result of the rise of regulatory needs differing in each country.
However, in order to counter this restriction, large players could adopt the strategy of acquiring small startups and tactically partnering with other companies of the global mechanical ventilators market. Some of the prominent names of the market are GE Healthcare, Philips Healthcare, and Dragerwerk AG & Co. KGaA.
TMR has prognosticated the global mechanical ventilators market to rise at a 4.8% CAGR between 2016 and 2024 to secure a valuation of US$1.8 bn by the concluding forecast year. In terms of product, the market could witness the lead attained by critical care mechanical ventilators expected to collect a higher share of 48.2% by the completion of 2024. Geographically, North America could continue taking a larger share of the market during the forecast tenure until it bags a 39.7% share by 2024.
Alarming Spike in Prevalence of Respiratory Diseases Translates into High Demand
The demand for mechanical ventilators and other medical equipment has been foreseen to a see an increase on the back of the worrying rise of the incidence of chronic obstructive pulmonary disease (COPD) and other respiratory diseases. The commonness of such diseases could be a result of poor air quality, especially in countries that mainly rely on pollution-intensive industries. Chronic respiratory diseases account for over five million deaths annually, reports WHO. The sales of mechanical ventilators have been catalyzed in the recent years due to the increasing demand in trauma centers and hospitals. This could also be because of the rising prevalence of respiratory diseases.
Shrinking Profit Margins of Manufacturers Humble Market with Reduced Growth
As foretold by TMR analysts, the international mechanical ventilators market could face a slack in its growth owing to injuries caused due to the prolonged usage of medical devices. Small healthcare organizations facing budgetary constraints could be another reason for the slow growth of the market. Intensive competitive rivalry and decreasing profit margins of players have also been prophesied to threaten the rise in the demand for mechanical ventilators.
However, players could be dependent on the aggressive technological development of mechanical ventilators on the part of their portability and design innovation. The transfer of long-term ventilated patients to home care as part of the common practice of cost deviation has been projected to create handsome growth opportunities in the international mechanical ventilators market.
The information presented in this review is based on a TMR report, titled “Mechanical Ventilators Market (Product - Critical Care, Neonatal Intensive Care, Portable, and Transport; Mode - Invasive and Non-invasive; End User - Hospitals, Trauma Centers, and Home Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global mechanical ventilators market has been segmented as presented below:
Global Mechanical Ventilators Market - By Product
- Critical Care Mechanical Ventilators
- Neonatal Intensive Care Mechanical Ventilators
- Portable Mechanical Ventilators
- Transport Mechanical Ventilators
Global Mechanical Ventilators Market - By Mode
- Invasive Mechanical Ventilators
- Non-Invasive Mechanical Ventilators
Global Mechanical Ventilators Market - By End User
- Trauma Centers
- Home Healthcare
Global Mechanical Ventilators Market - By Region
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific (APAC)
- New Zealand
- Rest of APAC
- Middle East and Africa (MEA)
- Saudi Arabia
- Rest of MEA
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