Extensive Investing in the Healthcare Infrastructure is Surging the Demand for Ventilator Market Globally

The Global ventilator market is expected to grow at a steady rate on account of rising prevalence of chronic disease, ageing populace along with the surging number of asthma patient worldwide and burgeoning consumption of cigarette and tobacco leading to the cause of various respiratory disease. According to the WHO, more than 339 million people had Asthma globally in 2016 and most of the asthma-related deaths occur in low- and lower-middle income countries. 

However, the ventilator market is experiencing a robust growth in 2020 on account of outbreak of the COVID-19 worldwide. The bolstering corona casualties has surged the demand for ventilators in many developed and developing countries due to the rise in the shortage of ventilators. Besides this, countries are extensively investing in the healthcare infrastructure due to the burgeoning number of patients. The countries worst affected by COVID-19 such as Brazil, India, The US, etc. Hence, this is projected to place a positive influence towards the growth of Global ventilator market in the forecasted period.

The hospital segment captured the majority market share in 2020. The COVID-19 outbreak has outburst the demand for ventilator in the hospitals due to the spike in the number of patients. In addition, the rising spending towards the development of hospitals is propelling the growth of the market.

North America dominated the global ventilator market and is projected to follow the same trend during 2020-25. US grabbed the majority market share in the North America market. The growth of the segment is attributed to growing incidences of cancer cases and asthma among the children and adults, rising geriatric populace, entwined with burgeoning smoker habits among youth and burgeoning number of COVID-19 patient in the country. According to Centres for Disease Control and Prevention (CDC), nearly 14 of every 100 U.S. adults aged 18 years or older (13.7%) currently smoked cigarettes in 2018 which means an estimated 34.2 million adults in the United States currently smoke cigarettes and more than 16 million Americans live with a smoking-related disease.

The key players with a considerable market share in the Global Ventilator market include Philips, ResMed, Medtronic, Becton Dickinson, GE Healthcare, Getinge, Air Liquide, Hamilton Medical, Smith’s Group, Drager, Fisher, and Paykel.