Critical Care Ventilators Market to Witness Superior Growth due to COVID-19 Spread | Technavio

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Scope of the report

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Technavio has announced its latest market research report titled Global Critical Care Ventilators Market 2020-2024 (Graphic: Business Wire)

This report provides a detailed analysis of the critical care ventilators market by product (portable ventilators and mounted ventilators) and geography (North America, Europe, Asia, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Becton, Dickinson and Co., Dragerwerk AG & Co. KGaA, General Electric Co., Getinge Group, Hamilton Medical AG, Koninklijke Philips NV, Medtronic Plc, ResMed Inc., Smiths Group Plc, and Vyaire Medical Inc. The growing focus toward non-invasive ventilation in critical care units is a key trend in the global critical care ventilators market which will lead to significant market growth. Non-invasive artificial airways are eliminating the need for invasive artificial airways such as an endotracheal tube or tracheostomy tube. This is providing safety, comfort, and convenience and is less expensive compared to invasive ventilation. This has increased the use of non-invasive ventilation in both homecare and critical units. All these factors are leading to a positive outlook for the critical care ventilators market.

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Critical Care Ventilators Market: Segmentation by Geography

The market is segmented into four regions encompassing North America, Europe, Asia, and ROW. North America was the largest market for critical care ventilators in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 37% of the market’s growth will originate from APAC during the forecast period. Factors such as the rising prevalence of respiratory diseases, increasing incidence of COVID-19, rapid growth in the geriatric population have fueled the demand for critical care ventilators in North America. The US is the key market for critical care ventilators in North America.

Critical Care Ventilators Market: Segmentation by Product

The critical care ventilators market is segmented into two segments based on products comprising of portable ventilators and mounted ventilators. The market observed a significant demand for portable ventilators in 2019. These ventilators are increasingly becoming popular as they provide secure and proper ventilation at any place. Also, their lightweight and slim design help healthcare staff to move them from one place to another easily. These factors are creating significant growth potential in the segment.

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Critical Care Ventilators Market: Growth Drivers

The growing influx of patients in critical care units, intensive care units, and neonatal care units will drive the growth of the market. The rising influx of patients has led hospitals to focus on providing better treatment and patient care facilities by partnering with tele-ICU providers. The tele-ICU provider companies are also benefiting in obtaining assistance in conducting preclinical and controlled clinical trials. This is helping them achieve regulatory approval for their products such as critical care ventilators. Thus the growing influx of patients is expected to positively influence the market growth during the forecast period.

Critical Care Ventilators Market: Market overview

The critical care ventilators market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. Becton, Dickinson and Co., Dragerwerk AG & Co. KGaA, and General Electric Co. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, product recalls will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Market Sizing Methodology

Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)

Critical care ventilators Market: Parent Market Overview

Technavio categorizes the global critical care ventilators market as a part of the global healthcare equipment market. The parent, global healthcare equipment market, covers products and companies engaged in research and development (R&D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases.

Growth in the global healthcare equipment market will be driven by the increasing life expectancy of individuals worldwide, increasing access to healthcare in emerging economies, and the rising adoption of sedentary lifestyles.

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