As per the research report, the size of the Latin America Mechanical Ventilators Market is valued at USD 0.27 billion in 2023 and estimated to be growing at a CAGR of 17.49%, to reach USD 0.61 billion by 2028 during the forecast period 2023 to 2028.
The market is growing due to a rise in the geriatric population and rising prevalence of chronic diseases such as chronic obstructive pulmonary disease (COPD). Asthma, which affects children, adults, and the elderly, is one of the leading causes of death in the Latin America. Artificial respiration refers to the use of ventilators to assist patients with breathing. A respiratory or breathing machine is another name for a mechanical ventilator. It gives oxygen to a patient who can't breathe or isn't breathing well enough. It is one of the most popular medical equipment used in intensive care units of hospitals and consists of a control system, flexible breathing circuit, monitors, and alarms. During surgery, a mechanical ventilator ensures that the patient continues to breathe. The rise in the geriatric population, which is more susceptible to respiratory diseases, is driving the mechanical ventilator market forward in Latin America.
The Latin America mechanical ventilators market is hampered by a high capital requirement. Furthermore, the market's expansion is hampered by the hazards connected with mechanical ventilation techniques. The endotracheal tube in the windpipe, for instance, makes it easier for bacteria to enter the lungs and cause infection, which is known as pneumonia.
The market for mechanical ventilators in the area has also benefited from improved healthcare infrastructure. Increasing surgical procedures, the tourism and hospitality sector's growth, people's busy lifestyles, emerging public and private partnerships, increasing government assistance, and developing medical infrastructure are some of the key growth drivers of the Latin American mechanical ventilator market in coming years.
The cost of a ventilator is relatively high, especially for portable ventilators, which has hampered the expansion of portable ventilators, resulting in critical care ventilators gaining a greater market share. The growth of this market is restricted by the tight budgetary constraints faced by ventilator manufacturers and healthcare service providers, as well as the risks associated with mechanical ventilation procedures.
This research report on the Latin America Mechanical Ventilators Market has been segmented and sub-segmented into the following categories:
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Latin America is anticipated to develop rapidly over the next five years. This is attributable to a growing public awareness of the region's numerous acute and chronic respiratory diseases. Several governmental agencies have undertaken campaigns to raise public awareness about respiratory illnesses. The need for ventilators has increased significantly, particularly in the main Latin American nations with the highest number of Coronavirus cases. Despite the fact that Latin America has a highly developed healthcare infrastructure, numerous nations in the area, including Brazil, Mexico, Chile, and Argentina, are experiencing a shortage of ventilators as ICU departments are overloaded with critical coronavirus patients.
Furthermore, the WHO has cautioned that the number of illnesses in the region may rise in the ensuing years. To meet the rising demand for ventilators in hospitals, the Mexican Medical Devices Association has increased local manufacture of ventilators. The Brazilian government is also focusing on developing new ventilators in cooperation with local firms in the country. Furthermore, due to increased public awareness and adherence to physical distancing measures, the rate of coronavirus infection is projected to decrease. During the forecast period, these factors will boost demand for ventilators in Latin America. However, due to the discovery of the Covid-19 vaccine and excellent treatment alternatives to treat mild to severe symptoms of infection, a coronavirus wave in mechanical ventilators is expected in 2023.
Prominent companies leading in the Latin America Mechanical Ventilators Market profiled in the report are Dragerwerk AG & Co. KGaA, ResMed, Philips Healthcare, Medtronic Plc, GE Healthcare, Getinge Group, Smiths Medical, Fisher and Paykel Healthcare Limited, Dickinson and Company, Becton, and Hamilton Medical AG.
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