According to new research from MarketsandMarkets, the global ventilator market is projected to surge from its current $859.9 million valuation to $1.261 billion by 2023, growing at a compound annual growth rate of 8%.
The rising prevalence of respiratory diseases, the increasing incidence of preterm births, urbanization and growing pollution levels, the high prevalence of tobacco smoking, the rapid growth in the geriatric population, and the rising number of ICU beds are the major factors driving market growth.
On the basis of mobility, the intensive case ventilators segment accounted for the largest share of the global ventilators market. Moreover, the large share of this segment is attributed to the rising number of ICU beds and the rising adoption of equipping the ICU beds with ventilators.
On the basis of interface, however, the invasive ventilation segment accounted for the largest share of the ventilators market. The large share of this segment is due to the high prevalence of tobacco smoking, the increasing prevalence of chronic diseases such as COPD and asthma, the rapid growth in the geriatric population, and improving healthcare affordability in developed countries.
Not surprisingly, the hospitals and clinics segment accounted for the largest share of the ventilators market. The large share of this segment can be attributed to the increasing number of private and public hospitals, economic expansion, and the focus of government on broader healthcare policies.
Furthermore, North America accounted for the largest share of the ventilators market in 2017, followed by Europe and Asia Pacific. The presence of major market players in North America, as well as the rising geriatric population, the high prevalence of smoking and respiratory diseases, a highly developed healthcare system, and steep healthcare expenditures, have all contributed to this phenomenon.