A number of factors such as the surging incidence of respiratory disorders, increasing healthcare expenditure, growing urbanization rate, rising pollution level, and mounting adoption of home healthcare solutions are expected to drive the growth of the ventilator market at a CAGR of 7.1% during the foreseeable period. It is a mechanical life support equipment that helps patients in breathing and is used in cases of cardiac insufficiency and neurological dysfunction.
Moreover, the market is witnessing a trend of rising need for compact, low-maintenance ventilators. These ventilators are intended in a way that they can be functioned manually, in locations where electricity supply is not available. Further, the surging preference for home healthcare solutions is driving the need for these ventilators. These products are offered by General Electric Company, Koninklijke Philips N.V., ResMed Inc., Medtronic plc, Becton, Dickinson and Company, and Hamilton Medical AG.
The surging healthcare expenditure is one of the main factors boosting the growth of the ventilator market. Governments across the world are making hefty investments in the healthcare sector for the improvement of medical facilities for the people. Moreover, the surge in the incidence of chronic diseases drives the healthcare expenditure, which helps in improving accessibility to diagnostic and treatment facilities. This is leading to the increasing need for essential medical products, such as ventilators.
Based on end user, the ventilator market is categorized into home care, hospitals, and ambulatory care. Out of these, the hospitals category dominated the market during the historical period, and it is also expected to maintain the lead in the coming years. This is attributed to the surging pool of patients visiting hospitals for the management of various diseases, such as acute lung injuries, sleep apnea, and hypoxemia. However, the home care category is expected to witness the fastest growth during the forecast period.
Furthermore, the ventilator market is classified into portable and intensive care, on the basis of product type. Of these, the intensive care category dominated the market during the historical period, and it is also expected to hold a larger revenue share in 2022. On the other hand, the portable category is projected to record faster growth during the forecast period. This can be ascribed to the rising deployment of home healthcare solutions among people around the globe.
Geographically, North America leads the ventilator market, and it is projected to account for the largest market share in the coming years as well. This is due to the increase in incidence of respiratory illnesses, rise in geriatric population, and high healthcare expenditure. Moreover, in the regional market, the U.S. accounts for a larger revenue share, owing to the rising incidence of tobacco smoking in the country.
Thus, the surging incidence of respiratory disorders and the increasing healthcare expenditure across the world are projected to propel the market growth in the coming years.