The size of the North America Ventilator Market is forecasted to be growing at a CAGR of 7.2% between 2023 to 2028 and was worth USD 870.4 million in 2023.
Ventilators are heavily used for patients who cannot breathe correctly in case of chronic diseases like asthma, respiratory syndrome, and unexpected respiratory outbreaks like COVID. The rising prevalence of respiratory disorders such as asthma and Chronic obstructive pulmonary disease (COPD) worldwide is the primary driver of the Ventilator Market. According to World Health Organisation, by 2020, COPD will be the third most significant health threat worldwide. In 2017, WHO reported 235 million people were affected by asthma. The increasing hospital admission rates for ventilation support are fuelling market growth.
The rise in Research and Development (R & R&D) on cardiovascular interventions is an opportunity for the growth of the ventilator market. In addition, introducing novel devices and new advanced technology for respiratory treatment boosts the market. The key market players are researching to get new mechanical ventilators at a lower price. For example, a key player named Dragervek AG has launched new ventilators to help with daily clinical tasks in ICU; these are called the new Evita V600 and V800. Moreover, introducing ventilation modes like Acute Non-Invasive Ventilation to avoid lung injury propels the market growth. These are the significant opportunities in the ventilator market.
Notwithstanding the hospitalization boom and the demand for critical care equipment, the ventilator market faces a few problems. Reimbursement is the only hope for many people in the United States for treatment. Even ventilators are covered in the US Medicare Part B necessary durable medical equipment policy. However, the budget constraints for ventilator manufacturers and healthcare services hinder the ventilator market. Moreover, due to pandemics, the ventilators' production got reduced due to a lack of workers and strict lockdown implemented by the government.
The ventilators may also cause chronic lung injury, which results in bronchial intubation and bronchopulmonary dysplasia. Bronchopulmonary dysplasia is a major complication in preterm babies. But, chronic lung injury will not get for every patient; it is infrequent, but it is a side effect of the ventilators. Some cases are registered that mechanical ventilation has led to blindness among preterm babies due to excessive use of oxygen. The lack of proper study for the health line workers on the ventilators is causing damage to the ventilator market. But companies are training their workers and are using surfactants to decrease the harmful effects of ventilation. These are the main challenges of the ventilator market.
This North American Ventilator Market research report has been segmented and sub-segmented into the following categories:
By Type of Interface:
Hospitals and clinics
Emergency Medical Services
The United States
Rest of North America
Geographically, the United States holds most of the North America Ventilator Market share, around 90%. In comparison, Canada follows the US in market revenue, which is estimated to grow significantly over the coming years. The primary factor that has resulted in the growth of the US's target market is the rapid growth in the number of coronavirus-affected people who need intensive care admissions, which has boosted these ventilators' demand. Besides, the increase in adults suffering from COPD and asthma has also propelled the US's Ventilator Market development. Canada is the next predominant country in North America. The rise in R&D investments is the main reason for Canada's market growth. It is expected that the pandemic had helped the market. In addition, the increase in the old age population is boosting the Ventilator market in Canada.
KEY MARKET PLAYERS:
Some of the notable vendors dominating the North American ventilator market profiled in this report are 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.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]