Huge Growth Expected in Ventilator Market in Future


Posted May 18, 2021 by PSMarketResearch12

The global ventilator market is expected to generate a revenue of $1.0 billion by 2022, progressing at a 7.7% CAGR during the forecast period (2016–2022).
 
Every corner of the world right now is trying to combat the novel coronavirus, which has affected millions of people. After its initial outbreak in Wuhan, China, the virus continued to spread in different countries and a large number of people have already lost their lives due to the disease. The healthcare and pharmaceuticals industries are under immense pressure at the present moment, as the number of medical professionals, medical equipment, and medication are inadequate for serving the large number of people who are suffering right now.

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Since the virus attacks the lungs of the host, people with underlying conditions are at risk the most. While a person can recover from the disease by taking proper medicine, some are being affected more and therefore have to be hospitalized. Ventilators is among the major medical devices which are needed for dealing with grave cases, owing to which, the global ventilator market is witnessing robust growth at the present moment. Ventilators are basically medical devices that help patients breathe, those who are unable to do so properly on their own or have just been through a surgical procedure.

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The hospitals category accounted for the largest revenue share of the market in the past, which can be attributed to the surging pool of patients in these medical facilities. People usually prefer to visit hospitals for the treatment of different types of diseases, including hypoxemia, acute lung injuries, and sleep apnea. Moreover, the home care category is expected to register the highest CAGR in the years to come. Geographically, North America dominated the ventilator market in the past, owing to the rising prevalence of chronic diseases and surging geriatric population in the region.

Hence, the demand for ventilators all across the globe is increasing due to the rising cases of COVID-19 and high prevalence of respiratory diseases.
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Issued By Pramod Kumar
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Tags ventilator market , ventilator market demand , ventilator market outlook , ventilator market share , ventilator market size , ventilator market trends
Last Updated May 18, 2021