Mechanical Ventilators Market is predicted to be worth US$1.8 bn by 2024, Says TMR
Albany, NY, April 26, 2018 (GLOBE NEWSWIRE) — Transparency Market Research’s recent report on the mechanical ventilators market states that it would rise steadily by clocking a CAGR of 4.8% from 2016 to 2024. At this pace, the market which was worth US$1.1 bn in 2015 will rise to US$1.8 bn by 2024-end. Vis-à-vis volume, the report projects the market to clock a 5.5% CAGR over the course of the forecast period.
Depending upon the mode, invasive mechanical ventilators at present account for a dominant share in the worldwide market. However, going forward it may pare some of its share on account of the swifter uptake of the non-invasive segment. Geographically, North America holds a dominant position in the market due to an advanced healthcare infrastructure in the region. By the end of the forecast period of 2024, its dominant share is expected to grow to 39.7%, predicts our team of in-house analysts who prepared the report.
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Exhaustive Research on Building Superior Products Drives Market
Numerous factors are stoking growth in the global market for mechanical ventilators. One of them is the substantial thrust on research-related co-operation among clinical researchers. They have been collaborating to create more technologically efficient mechanical ventilators which can be more useful. In cost-conscious developing regions, ventilator manufacturers and assemblers are seen focusing on building affordable products to satisfy local needs.
Thanks to such exhaustive product development efforts, the market for mechanical ventilators is flooded with a range of products that can be broadly grouped into neonatal intensive care mechanical ventilators, critical care mechanical ventilators, transport mechanical ventilators, and portable mechanical ventilators. Of them, the critical care mechanical ventilators currently are buoying the market with significant sales. This has led to large volumes of it being produced. The portable and transport mechanical ventilators segment also seem poised to contribute majorly to the market.
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Soaring Pollution Drives Market Growth
Constant demand for all them is being generated by the rapidly deteriorating air quality in almost every corner of the world owing to soaring pollution. Pollution leads to various breathing problems, and in extreme cases lung issues and cardiovascular diseases.
The global market for mechanical ventilators has both regional and international players operating in it. Both are seen competing against one another to capture greater market share by foraying into new territories and pouring money into product development. However, stringent regulatory requirements pertaining to entry in certain national markets is somewhat acting as a dampener on their expansionary strategies.
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A noticeable trend in the market for mechanical ventilators is the acquisition of promising start-ups by leading companies in the market. Companies eyeing growth are also seen entering into partnerships. Some of the key players in the market at present are Philips Healthcare, Dragerwerk AG & Co. KGaA, Smiths Medical, GE Healthcare, Becton, Fisher and Paykel Healthcare Limited, Getinge Group, Dickinson and Company, Medtronic Plc, Hamilton Medical AG, and ResMed.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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