Based on product type, the ventilator market is categorized into portable and intensive care ventilators. The intensive care ventilator category held the larger share of the market during the historical period (2012–2015). The category is further predicted to hold a market share of 56.0% by 2022 due to the increasing prevalence of respiratory diseases and rising number of hospitals. Portable ventilators are projected to experience the faster growth during the forecast period due to their increasing adoption in homecare settings and ambulances and the rising demand for compatible technologies.
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The major end-users in the ventilator market are hospital, homecare, and ambulatory care settings. The largest share of the market was held by hospitals during the historical period, and these are further expected to hold over 70.0% share of the market by 2022. This is attributed to the availability of trained professionals, large pool of patients, and the financial capabilities of the hospitals to acquire high-end instruments. The homecare category is predicted to grow at the highest CAGR during the forecast period due to improving healthcare reimbursement scenario in Europe and North America.
The increasing adoption of non-invasive ventilators is one of the major trends in the ventilator market. As a non-invasive ventilator is administered for the management of patients with chronic and acute respiratory failure without using an invasive airway, its adoption is increasing. These ventilators also reverse the mechanical and physiological derangements associated with respiratory failure. Furthermore, the rising prevalence of COPD is also increasing the adoption of non-invasive ventilators.
Hence, the surging incidence of preterm births and increasing prevalence of smoking are driving the growth of the market.
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This post was originally published on Financial Sector