A Ventilator is a machine that assists patients in the exchange of oxygen and carbon dioxide by moving breathable air into and out of the lungs for the patients who are physically unable to breathe or breathing insufficiently. The growing prevalence of respiratory diseases coupled with the increasing air pollution level in various parts of the world is expected to drive the growth of the market during the forecast period. For instance, according to the World Health Organisation report, every year air pollution kills nearly seven million people worldwide and the recent data shows that ninety percent of people breathe air containing high levels of pollutants in it and most cases are found in the developing countries.
Ventilators are considered as a critical element in containing the worst effect of the pandemic and avoid crises many European countries faced. Hospitals in various parts of the world are now holding back from ordering more ventilators because of the high cost due to short term demand spike. Lack of ventilators and increasing demand for an aggressive government initiative to fill the demand-supply gap is also anticipated to drive the growth of the ventilators market during the forecast period. Depending on the impact of coronavirus pandemic many developing countries are coming up with the news of the shortage resulting in the expansion of production facilities with the entry of new players.
Some of the recent updates in the market are as follows:
Rising government initiatives in healthcare and insurance sector coupled with the rising geriatric population are augmenting the growth of the market over the forecast period.
Rising government expenditures and favorable policies coupled with the growing capacity of bearing medical expenditures are primarily responsible besides the aspects of continuous product innovation and the growing burden of disease which is favoring the ventilator market trend. For instance, in Argentina, all Argentinian citizens and residents, including foreign workers or tourists, can get medical carefree of charge in the country and with a per capita health expenditure of 1,390 USD, the country is one of the leading spenders on health care in Latin America (source: the world bank). Similarly, in the People Republic of China, the premium of primary insurance received by the insurance companies was nearly 4,264.5 billion yuan in 2019, which was an increase in more than twelve percent over that of the previous year and out of this the entire sum of the life insurance primary insurance amounted nearly 2,275.4 billion-yuan. Besides, the insurance companies paid an indemnity worth of 1,289.4 billion yuan, of which, life insurance indemnity was 374.3 billion-yuan, health and casualty insurance indemnity was 264.9 billion yuan, among others [Source: National Bureau of Statistics of China]. In addition, due to the rising geriatric population in various parts of the world, the global ventilator market is anticipated to grow significantly in the coming years. For instance, according to the World Health Organization's recent report by 2050, the population under the category of 60 years and above globally is estimated to reach a size of nearly 2 billion from a population size of nearly nine hundred million in 2015. The pace of population aging is much faster in comparison to the records which will demand more advanced healthcare facilities in the coming future.
The global ventilators market has been segmented on the basis of mobility type, interface, type, mode, end-user, and geography. Based on the mobility type, the segmentation is done based on intensive care ventilators and transportable ventilators. By interface, the segmentation is done based on invasive ventilation and non-invasive ventilation. On the basis of type, the market has been classified based on geriatric, neonatal, and pediatric. Based on the mode the classification has been done into combined mode ventilation, pressure mode ventilation, volume mode ventilation, among others. And by the end-user market is segmented based on ambulatory care centers, home care, emergency medical services (EMS), hospitals, and clinics. Geographically, the global ventilators market is segmented based on North America, South America, Europe, the Middle East, and Africa, Asia Pacific, and major regional countries are also analyzed.
By the type, the geriatric segment is projected to show exponential growth over the forecast period as the old age population is more exposed to respiratory problems. The increasing geriatric population in many parts of the world is expected to be one of the prime drivers for the growth of the segment in the coming years. For instance, according to the World Bank report, the population ages sixty-five and above as the percent of the total population in Japan and Italy have increased from 21.236% and 20.084% in 2008 to 28.002% and 23,012% respectively by the end of 2019. Moreover, the increasing geriatric population is considered one of the major drivers for the growth of the overall healthcare industry which includes the potential advance market like ventilators.
Geographically, the North American region is projected to hold a significant share in the global ventilator market on account of early adoption of technology, the availability of the state-of-art infrastructure, and the presence of major market players in countries like the United States and Canada. Besides, the increasing investment in healthcare infrastructure also supports the ventilators market growth in the Asia Pacific region.