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The increase in respiratory disorders due to the growing pollution, coupled with technological advancements are driving the market
NEW YORK, NY, UNITED STATES, May 6, 2022 /EINPresswire.com/ — The global Ventilator Market is forecast to reach USD 3.70 billion by 2030, according to a new report by Reports and Data. The ventilator market is witnessing a drastic increase in demand owing to the growing incidence of patients suffering from COVID-19. The number of cases are growing rapidly and the hospitals currently does not have enough for the patients that need them. Increase in the number of ICU beds and rise in geriatric population are propelling the demand of the market. The elderly and the ones with respiratory diseases are highly susceptible to the virus.
The global manufacturers are under lot of strain to manufacture large number of medical ventilators, they are sophisticated devices used by the critically ill. The factors driving the market are high incidence of chronic disease among children, and prevalence of heart diseases and respiratory problems. The worsening of pollution internationally is also impacting the market. Advancement in technology and advent of cost-effective, patient-friendly, and portable devices are further encouraging their usage. Moreover, supportive government policies in developing nations like India, and China are focusing on cost-efficient solutions to provide flexibility in patient care.
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Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth
Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.
Further key findings from the report suggest,
The adoption of the non-invasive ventilator is due to the increasing acceptance of the therapeutic method that has contributed significantly to the development of respiratory medicine over the past few decades.
Increase in the geriatric population has propelled the demand of the market product as the elderly are more prone to respiratory disorders along with heart diseases and low immune system.
The demand in North America is due to the increasing number of patients affected by COID-19 in the U.S. The government is shelling out top dollars to meet the required demand of the ventilators in the hospitals and are still falling short.
In the year 2019, 77,000 new ventilators were quite enough to fulfill the demand of the entire planet. In April 2020, the New York City alone forecasts a need for 30,000 extra machines.
On 31st March 2020, Medtronic made the specifications of Puritan Bennett (PB) 560 portable ventilator hardware public. The complete specifications produce manuals, and design documents have been made accessible to the public to overcome the excess requirement of the ventilators during the pandemic.
Key participants include Becton, Dickinson and Company, Koninklijke Philips N.V., Hamilton Medical AG, Fisher & Paykel Healthcare, Limited, Draegerwerk AG CO. KGaA, Medtronic PLC, GE Healthcare, Smiths Group PLC, ResMed Inc., and Maquet Holding B.V. & Co. KG, among others.
The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.
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For the purpose of this report, Reports and Data have segmented into the global Ventilator market on the basis of type, target population, end user, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
Target Population Outlook (Revenue, USD Billion; 2019-2030)
End User Outlook (Revenue, USD Billion; 2019-2030)
Hospitals and Clinics
Ambulatory Care Centers
Emergency Medical Services
Regional Outlook (Revenue, USD Billion; 2019-2030)
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Global Ventilator Market: Table of Contents
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.1. Primary Sources
1.4.2. Secondary Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
Chapter 3. Key Insights
Chapter 4. Global Pharma & Healthcare Market Segmentation
4.1. Global Pharma & Healthcare Market COVID-19 Impact Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.3. Market restraints analysis
4.3. Technological Insights
4.4. Porter’s Five Forces Analysis
4.5. Regulatory Framework
4.6. Price trend Analysis
4.7. Competitive Metric Space Analysis
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Frequently Asked Questions Answered in the Report:
What is the estimated revenue growth rate of the global Ventilator market over the forecast period?
What are the major factors driving the global market revenue growth?
Which are the leading manufacturers and suppliers in the global Ventilator market?
Which regional market is expected to lead in terms of revenue share in the global Ventilator market over the forecast years?
What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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This news story originally appeared at Health - Trend Magazine on9 May 2022