Medical Ventilator Sales to Increase by Almost 10% Over the Next Decade
In its report about the medical ventilators market, Fact.MR, a provider of market research and competitive Intelligence, provides analytics on growth drivers, technology trends, and end-user characteristics, while also highlighting strategies used by key market players to gain the upper handwithin the ventilators business.
Based on Fact.MR’s analysis, the medical ventilators market is expected to register a compound annual growth rate of 9.9% between 2021 and 2031, reaching an estimated value of US$ 3.6B by 2031.
In the period between 2021 and 2031, medical ventilator sales are projected to increase by 2.5x.
Globally, medical ventilators are forecast to grow substantially due to an ageing population, the prevalence of chronic disease, advancements in ventilator technology, and the expansion of the infrastructure of healthcare.
The growing number of chronic respiratory diseases, such as chronic obstructive pulmonary disease
(COPD) and asthma, is one of the reasons for medical ventilator market growth.Globally, over 262 million people suffer from asthma, according to figures presented by the World Health Organization, and there are roughly 3 million deaths each year as a result of COPD.
Medical technology is advancing in a way which has paved the way for the manufacture of cutting-edge monitoring ventilator systems, which now also provide detailed and tailored information regarding the individual patient’s needs.
Manufacturers are continually looking to develop ventilators that have low operating costs, and these aspects will create opportunities for growth within the market over the coming years.
COVID-19 caused a substantial increase in the sales of medical ventilators, and to help critically ill
patients suffering from COVID receive emergency ventilators, many pharmaceutical and healthcare companies partnered with each other.
The Fact.MR report concludes that the medical device market was dominated in 2020 by ventilators, with
over a 40% share, which can be attributed to an increase in the number of patients in need of intensive care globally.
A Fact.Mr analyst commented:
“In order to gain competitive edge, market players are embracing advanced technologies. There is high focus towards launching breakthrough technologies and getting approvals from international organizations. Efforts by leading companies to gain competitive strength are expected to create opportunities for growth of the market in the coming years.”
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