Increasing Healthcare Spending Fueling Ventilator Market Boom

From $638.7 million in 2015, the global ventilator market is predicted to reach a revenue of more than $1.0 billion by 2022. Additionally, the market will grow at a CAGR of 7.7% from 2016 to 2022, as per the forecast of P&S Intelligence, a market research company based in India. The market is being driven by the rising incidence of respiratory diseases, soaring healthcare expenditure, increasing tobacco smoking, escalating pollution level, and surging urbanization rate in several countries.

The governments of several countries are making huge investments in the healthcare sector in order to provide better medical facilities including both diagnostic and treatment facilities to the people. The increasing incidence of chronic diseases is the main factor driving these investments in the healthcare sector. These massive investments are resulting in a sharp surge in the procurement rate of ventilators, which are one of the most essential medical devices.

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In simple terms, ventilators are mechanical systems that assist patients in breathing. These are basically life support equipment and do not provide any therapeutic treatment to patients. These devices are extensively used in cases of neurological dysfunction and cardiac insufficiency. When product type is taken into consideration, the market is divided into intensive care and portable ventilator categories. Between these, the portable ventilator category is predicted to dominate the market in the upcoming years. 

One of the major trends currently being witnessed in the ventilator market is the growing requirement for low-maintenance and compact ventilators. These ventilators are built in such a way that they can be easily operated manually, even in settings that don’t have power supply. Besides this, the growing public preference of home-based healthcare solutions is also pushing up the demand for these compact ventilators. General Electric Company, Koninklijke Philips N.V., and ResMed Inc. are some of the major market players.