Ventilator Industry Analysis, Growth and Forecast Report, 2030

NEW YORK - March 20, 2023 - PRLog -- 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.

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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.