The global Mechanical Ventilators market is projected to reach US$3.9 billion by 2018, driven by high prevalence of respiratory ailments, increasing popularity of homecare ventilation, aging global population and technological advancements.
Mechanical ventilation primarily refers to mechanical breathing provided to patients who are unable to do so naturally owing to certain medical conditions. Technological advancements over the years have resulted in significant innovations at the product front. Advances in product technologies are realizing the opportunity of providing ventilation not only in critical care setting but also in sub-acute care and home care settings. Traditional invasive products are making way for more portable and non-invasive products, a trend that is exhibiting tremendous growth prospects with regard to improving convenience to patients and reducing healthcare costs.
Combination ventilation products with invasive and non-invasive options provide the benefits of the two technologies in one product. Despite the clear advantages, their adoption remains largely dissimilar worldwide. While these products are well embraced by the developed markets, their adoption remains significantly lower in emerging markets, such as in Asia-Pacific. The marked variance in adoption patterns reflects the development of healthcare systems in these markets. With the objective of providing only basic care, healthcare systems in most parts of Asia-Pacific remains under-developed, and hence lower adoption of combination ventilation systems. However, with cost-reduction objectives at the forefront of the advanced healthcare systems in the Western markets, the adoption of these cost saving systems is much higher in the US and Western Europe.
The US represents the single largest regional market worldwide. Manufacturers operating in the US market have been adopting strategies such as product innovation to improve pricing and product line extension to increase their market share. This has resulted in the introduction of better and technically advanced products at lower costs. North America and Western Europe represent relatively mature markets, while Asia-Pacific, East Europe, and Latin American regions show potential for growth. Asia-Pacific represents the fastest-growing regional market with dollar sales projected to grow at a compounded annual rate of 9.5% over the analysis period.
For more information on the mechanical ventilators market, see the latest research: Mechanical Ventilators Market Research
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