Medical Ventilators Market Pegged at US$ 3.6 Bn by 2030, Finds Fact.MR
Non-invasive mechanical ventilation is set to provide physiological and clinical advantages to long-term oxygen therapy patients and reduce hospital admissions & ICU length of stay which is expected to give traction to the medical ventilators market.
Increasing investments in the medical ventilators market by key stakeholders and the development of new products are some of the major factors expected to boost market growth. The global medical ventilators market was valued at US$ 1.4 Bn in 2020 and is expected to exhibit a CAGR of 9.6% during the forecast period (2020 – 2030).
Key Takeaways of Medical Ventilators Market Study
• The critical care ventilators segment accounted for maximum value share in the global medical ventilators market in 2019, owing to its increasing use in critical care cases.
• Extensive use of invasive ventilators in the management of chronic respiratory failure is expected to result in a notable share of the segment in the medical ventilators market.
• The hospitals segment under end user accounted for over 53% of value share in the medical ventilators market, owing to high-quality clinical care in hospitals and high preference by respiratory disease patients.
• North America captured a notable revenue share of about 32% and is expected to be the most lucrative region in the global medical ventilators market during the forecast period.
• Increasing government funding is set to boost the medical industry's growth in Asian countries. This is expected to drive the growth of the medical ventilators market in the region.
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"Continuous focus on the development of portable and low-cost medical ventilators and increasing incidence of coronavirus disease across the globe is projected to propel the growth of the global medical ventilators market," Says a Fact.MR Analyst.
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