The ventilators market is projected to grow at a CAGR of 7.9% during the forecast period of 2016 to 2021. The increasing focus on home care, growth in geriatric population, increasing incidence of respiratory diseases, and increasing preterm birth rate are the major factors driving the growth of the global ventilators market.
The portable/transportable ventilators segment is expected to witness the highest growth during the forecast period. The increasing number of ambulances and preference for home care are key drivers for this segment. Owing to the requirement of ventilators in different designs, specifications, and models in robust situations, market players are focused on the development of high-end portable ventilators.
Based on the age group, the adult/pediatric ventilators segment is expected to grow at the higher rate during the forecast period. This is primarily attributed to the increasing prevalence of respiratory diseases and rising geriatric population in developed markets across North America and Europe. The development of improved technologies that prevent lung injury and reduce time spent on mechanical ventilation is a key focus area for players.
The non-invasive ventilation (NIV) segment is expected to grow at higher rate during the forecast period of ventilators market, by interface. The use of NIV helps avoid many complications associated with mechanical ventilation, especially the occurrence of nosocomial infections. This technique is increasingly being used as a major therapeutic tool in ICUs. Owing to these advantages, major players are focusing on development and innovation in this segment.
On the basis of mode of ventilation, combined-mode ventilation accounted for the largest market share in 2015; it is also estimated to register the highest CAGR during the forecast period. Higher growth in the combined-mode ventilation segment is attributed to ventilation that consists of PSV with a preset target minute volume, the inspiratory pressures of which are varied as necessary to achieve the set volume goal.
The home care end-user segment is expected to register the highest growth during forecast period. Home care ventilators are convenient and can be used in the comfort of the patient’s home. The presence of a well-developed healthcare and health insurance infrastructure in North America & Europe and growing out-of-pocket healthcare expenditure, growing per capita income, increased awareness regarding advanced technologies among patients and doctors, a large pool of respiratory disorder patients, and rising acceptance of home healthcare products in developing economies across Asia-Pacific and Latin America are the factors driving home care end user segment.
Asia-Pacific possesses lucrative growth potential for the ventilators market during the forecast period. The rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, and expansion of private hospitals in rural areas are the major factors driving the growth of the ventilators market in this region.
