The global Mechanical Ventilator Market size is expected to reach USD 3.9 billion by 2028, according to a new report by Grand View Research Inc. The market is expected to expand at a CAGR of 4.9% from 2021 to 2028.The unprecedented dawn of COVID-19, increasing incidence of chronic obstructive pulmonary disease (COPD), rising incidence of respiratory emergencies, and technological innovation in respiratory care devices are the major factors driving the market.
Coronavirus wave is anticipated to crest by 2021, owing to the development of Covid-19 vaccine in coupled with effective therapeutic options to treat mild to moderate symptoms of the infection. In addition, there is an expected decrease in infection rate of corona virus due to high awareness amongst population and adherence to physical distancing measure.
However, technical advancements such as rapid innovation in the field of Positive Airway Pressure (PAP) devices, portability, and improvement in battery life of transport and portable devices are the primary influencers in the market.
The WHO estimates that, at present, approximately 90.0% of COPD deaths occur in low- and middle-income countries. Therefore, the rise in prevalence of such diseases, introduction and availability of portable, cost contained, and easy-to-use mechanical ventilators for the treatment of respiratory conditions is expected to drive the market.
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Mechanical Ventilators Market Report Highlights
- Transport and portable ventilators are expected to witness a lucrative CAGR of over 5.2% over the forecast period. Hospitals are promoting use of portable breathing machines to provide faster and continuous care to patients even prior to their arrival in the premises. Portable breathing machines fulfill the need of patients to obtain home care, thereby increasing their popularity
- North America dominated the market in terms of revenue owing to the rising geriatric population in U.S., which is leading to a corresponding rise in the incidences of respiratory disorders along with manufacturing boost
- Asia Pacific and Latin America are expected to witness lucrative growth over the forecast period. This growth is due to the presence of untapped opportunities, rising expenditure level, and the introduction of favorable government initiatives
- Market participants are constantly engaged in development of new products in an attempt to improve presence and ensure sustainability