According to a report by Fortune Business Insights, the global ventilator market was worth $2.54 billion in 2019 and is expected to reach $9.13 billion by the end of 2027. The global market size is estimated to gain momentum on account of the increasing number of ICU admissions that require mechanical ventilation. This is further attributed to the growing prevalence of chronic diseases that requires critical care equipment such as incubators, ventilator, and other devices.
The North America ventilator market, specifically, generated $880 million in 2019 revenue due to the rising number of patients admitted to intensive care and critical care units every year. Additionally, the reimbursement policies offered by the governments of Canada and the U.S. are also aiding in the expansion of this regional market.
On the other side, the second-largest market share is earned by Europe on account of the increasing adoption of mechanical ventilation support systems. Furthermore, Asia Pacific is likely to exhibit significant growth in the coming years on account of a rise in the development of healthcare infrastructure, increasing disposable incomes of people, and their willingness to spend on better medical facilities.
A rise in the number of critical care unit cases is a significant factor in propelling the ventilator market growth, the report states. In addition to this, the rising disposable incomes of people and their willingness to spend more on advanced healthcare services have encouraged the improvement and up-gradation of healthcare infrastructure and medical facilities.
On the negative side, the complications associated with using ventilator such as nosocomial pneumonia, bronchopleural fistula, pneumothorax, and others may result in gastric problems, cardiac output, alkalosis, and renal impairment, thereby, hampering the overall market.
The global economy is facing huge losses on account of the current outbreak of the COVID-19 pandemic. Most of the businesses are at a halt and the ones that are running through minimum contact medium, are scantily drawing bare minimum revenues. However, we hope to overcome this situation soon with the government support. We, at Fortune Business Insights, are offering analytical reports on the impact of COVID-19 on various markets so that the investors can scrutinize them and accordingly make long-term investment decisions.