The Ventilator market size in the Asia Pacific is forecasted to grow at a CAGR of 9.1% between 2021 and 2026.
The rising number of patients with respiratory diseases such as asthma, lung cancer, cystic fibrosis and the ever-growing senior population sensitive to such disorders are expected to propel the market forward in the Asia Pacific. As a result of the enormous patient pool in China's population, the market is expected to develop significantly during the forecast period. India has seen an increase in the number of small and medium-sized businesses. It also includes several multinational and international businesses. In the market, there are around 850 private firms. The growing number of hospitals and basic healthcare institutions in India, both urban and rural, is driving up demand for medical devices. The main manufacturers' increasing technical advancements in ventilators is one of the primary reasons driving up demand for ventilators.
The complexity of novel ventilator modes, along with technological improvements in microprocessor-controlled breathing, has presented the multidisciplinary healthcare team with several opportunities to improve the care of critically sick ventilator patients. Advanced ventilators are also prepared for every situation and have several safeguards in place. Rapid urbanization, poor lifestyle choices, rising pollution, and a high frequency of cigarette smoking are some of the reasons contributing to an increase in the number of people suffering from respiratory and cardiovascular diseases. The rising prevalence of chronic diseases and deteriorating heart health has resulted in a significant increase in the number of heart attacks in countries such as China and India, where the environment is becoming increasingly polluted each day as a result of industrialization, increasing the spread of heart-borne diseases and the use of medical ventilators for a timely cure.
Before the coronavirus epidemic, China had a significant growth rate in the worldwide ventilator industry and was one of the major importers of medical equipment. However, since the epidemic broke out in China, the country has been on lockdown for more than two months. As a result, the market's dynamics were hampered by the lockdown, which restricted the manufacturing and export of ventilators.
As the frequency of coronavirus disease rises, so will the requirement for intensive care beds, boosting market demand. However, due to the Indian government's restriction on the export of coronavirus-related medical equipment, such as ventilators, there is a shortage of ventilators across the country. In this nation, a lack of adequate reimbursement scenarios will hamper market expansion. The market's expansion would also be hampered by the high expenses connected with the ventilator. The government's strict controls on the approval of new technology will also slow the market's development rate.
This research report on the APAC Ventilator Market has been segmented and sub-segmented into the following categories.
By Type of Interface:
Geographically, the Asia Pacific ventilator market accounted for a substantial market share in 2020 and is predicted to rise at a healthy CAGR during the forecast period. This is because Asia witnessed significant improvement in healthcare facilities in the recent past. China, India, Japan, Australia, and New Zealand are major medical ventilators in the APAC regional market.
In APAC, the Chinese ventilator market is expected to lead during the forecast period. This is because of the increase in infectious diseases such as the recent COVID-19. COVID-19 was first identified in Wuhan, China. The drastic rise in cases in this region created more demand for medical ventilators in China.
The Indian ventilator market is considered one of the fastest-growing markets in the global ventilator market. Private and government grants and investments by the government for healthcare services propel the market growth in this region. However, an increase in respiratory diseases is accelerating the demand for ventilators in India.
The Japanese ventilator market is expected to register promising CAGR during the forecast period. The increase in the widespread chronic diseases is most likely to create the market demand in this region.
The Australian ventilator market is estimated to account for a substantial share in the Asia Pacific market during the forecast period. Improvement in the hospitals for the healthcare services by Australia. In recent times, during the covid-19 period, Australian companies ordered 2000 ventilators to increase their hospitals' capacity for treating patients.
KEY MARKET PLAYERS:
Philips, Resmed, Medtronic, Becton, Dickinson and Company, Getinge, Dräger, Smiths Group, Hamilton Medical, GE Healthcare, Fisher & Paykel, Air Liquide, Asahi Kasei, and Allied Healthcare Products are some of the companies playing a key role in the Asia Pacific ventilator market.