Global Ventilators Market: Overview
Multiple factors are leading to increase in demand for ventilators. Some of the include increased focus on intensive care and rapidly rising population of geriatric population worldwide. To compound the situation further is increase in chronic diseases. As the world sees failing health owing to lifestyle changes and demographics shift, market for ventilators chart an upward growth.
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Therefore, it is easy to see why the global market for ventilators is expected to grow at an impressive CAGR (Compound Annual Growth Rate), translating to a good generation of market opportunities over the forecast period of 2019-2027.
Global Ventilators Market: Competitive Landscape
The global ventilators market is undergoing critical developments in its landscape. It is setting the tone for future competition as well as paving the road to growth over the forecast period.
The global ventilators market is slightly fragmented and key players in the market landscape include Philips Healthcare (Netherlands), ResMed (US), Medtronic (Ireland), Becton, Dickinson and Company (US), Getinge (Sweden), Dräger (Germany), Smiths Group (UK), Hamilton Medical (Switzerland), GE Healthcare (US), Fisher & Paykel (New Zealand). In order to maintain competitive edge, players enter strategic collaborations work towards product development.
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Global Ventilators Market: Key Trends and Drivers
The global ventilators market is set to grow on an upward trajectory, due to factors such as rise in pre-term births and rise in ageing population. Some of these are explained below
- Geriatric population is on a rise worldwide. One in six people will be in the age group 65 and above by the end of the year 2026. The situation will be more complex in North America and Europe where the ratio would be 1 in 4. To add to it, the year 2018 has already created a landmark situation. The year is historical in the sense that for the first time since the beginning of life, number of people over the age 65 outnumbered that below the age of 5. And, this is not it. There is also a rise in number pf pre-term births that increases demands for ventilator care.
- Rise in lung related problems in rising quickly. Part of the problem is change in lifestyle. As work days get longer and stress levels right, people move to unhealthy habits such as smoking and drugs. Another reason for rise in respiratory diseases is also increase in air pollution that has pulled down immune system of a whole generation. All this contributes to related diseases. This might in turn lead to increase in use of ventilators, pushing global ventilators market to more strength. What further helps the market grow is rise in disposable incomes in emerging economies, making people able to focus more on their well-being. Besides, as more women join work force, they too become an untapped opportunity ready to generate revenue for the market.
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Global Ventilators Market: Geographical Analysis
One of the most lucrative regions in the world in terms of market growth is Asia Pacific Region Excluding Japan (APEJ). And, this trend is set to continue throughout the forecast period of 2019-2027. This significant growth in the global ventilators market owes to rise in older demographics, increase in chronic diseases, cardiovascular diseases and respiratory diseases. To add to this, the governments in this region are proactive. They are focusing their efforts and investments at improving health care outcomes.
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