Ventilation Devices Market Segmentation, Growth Insights and Forecast to 2027
MRFR has revealed new report on “Ventilation Devices Market 2027”
Global Ventilation Devices Market - Overview
A ventilator is a machine designed to move air into and out of the lungs, to provide breathing for a patient who is physically unable to breathe, or breathing insufficiently. Modern ventilators are electronically controlled by a small embedded system to allow exact adaptation of pressure and flow characteristics to an individual patient's needs. Fine-tuned ventilator settings also serve to make ventilation more tolerable and comfortable for the patient. Various products are available in the market to aid respiration. Intensive care ventilators are most widely used. The demand for ventilation devices in intensive care is due to an increase umber of critically ill patients requiring aid for respiration. Demand for these devices is also increasing in emergency care services in case of life saving treatment.
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Increase in incidences of various respiratory diseases and increasing environmental pollution favor the growth of ventilation devices. According to Forum of International Respiratory Societies, COPD affects more than 200 million people and is the fourth leading cause of death in the world. COPD is the only major disease that is increasing in prevalence worldwide and on all continents. Furthermore, studies show that underdiagnosis ranges 72–93%. Moreover, demand of these devices for their use in intensive care units further favor the growth of this market. Critical ill patients require ventilation devices for respiration due to deteriorated health conditions and inability to breath.
The global market of Ventilation Devices is expected to reach USD 6.10 billion in 2027 with a CAGR of approximately 12.45% during the forecast period 2017-2027. According to a recent study report published by the Market Research Future, the global ventilation devices market is expected to gain eminence over the forecast period. The market is forecasted to demonstrate a steady growth by 2027, surpassing its previous growth records in terms of value with a constant CAGR during the anticipated period (2017 – 2027).
Global Ventilation Devices Market - Competitive Analysis
The Ventilation Devices Market for is characterised by the presence of several well-established and small players, the global market of ventilation devices appears to be highly competitive and fragmented. Major players are increasingly expanding their footprint in the emerging nations, making it putting pressure on the regional players, especially in terms of features such as type, product portfolios, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The demand for ventilation devices is increasing in emergency care services and intensive care units. In ICU, patients require ventilation devices to aid respiration. Growing demand for advanced products has forced the companies to deliver innovative products and cost effective to their customers.
For instance, in April 2017, Philips-sponsored clinical study demonstrates significant breakthrough for COPD treatment. This study has demonstrated significant cost savings for payers and hospitals from reduced COPD readmission rates resulting from a multifaceted care program that included the use of AVAPS-AE, a proprietary mode of non-invasive ventilation in the Trilogy device. Moreover, in September 2015, Royal Philips N.V. has launched the Philips Respironics V680 ventilator in Canada, offering hospitals both invasive and non-invasive ventilation solutions.
Moreover, Company like ResMed that manufactures ventilation devices named Astral 150 and Astral 100 has acquires Maribo Medico a market leader in Sleep and Respiratory Care in Denmark. Both the company Maribo and ResMed together aims to accelerate growth while improving patient quality-of-life and reducing total healthcare system costs in Denmark. This combination is part of our global goal of improving 20 million lives by 2020.
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In February 2014, Covidien plc a leading global provider of healthcare products and recognized innovator in patient monitoring and respiratory care devices has received U.S. Food and Drug Administration (FDA) 510(k) clearance for its Puritan Bennett 980 ventilator product.