A mechanical ventilator could be a form of machine that helps patients with chronic disease or inadequate breathing whereas inhaling and exhaling air in and out of the lungs. A patient is linked to a ventilator via an end tracheal tube exactly applied to the airway or NIV (Non-Invasive Ventilation mask) mask. It is also utilized as a diagnostic tool to work out the irregular functioning of respiratory system and static compliance of airway resistance. Within the current scenario, hospitals and the governments raise the alarm a couple of shortage of ventilators because of the COVID-19 crisis around the world. For this reason, several companies are focusing to raise the production of mechanical ventilators. Therefore, the mechanical medical ventilators market is experiencing a significant rise in demand because of the Covid19 crisis.
According to the study, ‘Global Mechanical Medical Ventilators Market is valued approximately USD 2,562 million in 2019 and is anticipated to grow with a healthy growth rate of more than 6.9% over the forecast period 2020-2026’ specific that there are some corporate that presently functioning further with success for dominant the foremost effective growth of the market and obtaining the productive competitive edge whereas acceptive the productive moneymaking ways that within throughout that and policies like joint ventures, mergers and acquisitions, partnership, merger and merchandise development includes Getinge AB (Maquet Holding B.V. & Co. KG), General Electric Company (GE Healthcare), Mindray Medical International Limited, Medtronic Plc. (Covidien Ltd.), Koninklijke Philips N.V., Becton, Dickinson and Company, Smiths Group Plc., Hamilton Medical AG, Draegerwerk AG & Co. KGaA, Carl Reiner Gmbh. Further, increasing cases of metabolic process diseases and Chronic Obstructive Pulmonary Disease (COPD), rapid climb within the geriatric population and improving healthcare infrastructure in rising economies are the few factors accountable for high CAGR of the market over the forecast period. According to the World Health Organization, the quantity of individuals aged 65 or older is projected to grow to almost 1.6 billion till 2050 from a calculable 524 million in 2010, with most of the increase in developing countries. Thus, growing target population base demanding long-term treatment for chronic respiratory conditions thereby, augmenting the expansion of mechanical medical ventilators within the global market. However, unfavorable reimbursement scenario and complications related to the use of ventilators are the few factors predicted to obstruct the expansion of the market over the forecast period of 2020-2026.
The regional investigation of global Mechanical Medical Ventilators market is taken into the account for the key regions like Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is that the leading country over the world in terms of market share because of the rising prevalence of respiratory diseases, increasing healthcare expenditure and the presence of well-developed healthcare infrastructure in the region. Whereas, Asia-Pacific is additionally predicted to exhibit highest growth rate over the forecast period 2020-2026, because of the rise in prevalence of chronic heart diseases & respiratory illness, along with the presence of large patient pool in the countries like China and India.
The growth of the global market for medical ventilators is predicted to be driven by key factors like the increasing prevalence of acute and chronic illness, surge within the range of the patient population, particularly within the current COVID-19 crisis, new technological innovation within the medical device trade, the widespread use of medical ventilators in end-use verticals, and therefore the rising range of product launches and approvals. Moreover, increasing geriatric population base requiring long term ventilation is anticipated to drive the demand for healthcare facilities offering long-term treatment for chronic respiratory conditions. The increasing need for emergency treatment for prolonged illnesses and extended treatment related to with lung diseases in children as well as adults is predicted to drive the expansion of the market. Thus, the Mechanical Medical Ventilators market can increase in upcoming years.
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Ankur Gupta, Head Marketing & Communications