PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1627743
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1627743
The ventilator market size is projected to grow at a CAGR of 6.65% to reach US$7.416 billion by 2030, from US$5.376 billion in 2025.
The rise in respiratory emergencies and chronic obstructive pulmonary disease (COPD) are the major factors strengthening the global ventilator market's growth. Technological innovations in respiratory care devices are another major factor driving an obvious market expansion, along with the emergence of more patient-friendly, cost-effective, and portable devices that further encourage their usage.
The global pandemic that affected our planet and impacted every aspect of human life has spurred innovations like those of Xerox. In April 2020, the company ramped up the production of its affordable, disposable ventilators, providing a crucial alternative to the hospital-grade ventilators that were in short supply.
The small medical device manufacturer in California named Vortran Medicalto scaled up production of the Go2Vent, a low-cost resuscitation device typically used during disasters and emergencies for first-aid treatment. Go2Vent has been approved by the FDA and doesn't require electricity. The Rail Coach Factory (RCF) in Kapurthala is the first public sector undertaking (PSU) under the Indian Railways to develop a prototype of a ventilator. This ventilator is intended for use in the isolation wards or quarantine facilities that the Indian Railways is establishing in train coaches throughout its network.
It's an original design and is expected to cost almost a fraction of a regular ventilator's costs. Thus, along with government initiatives, the manufacturers of these devices in the APAC region, especially those of emerging markets, are focusing on creating cost-efficient, non-invasive ventilation solutions to cater to local needs and provide flexibility in inpatient care. This can be exemplified by India's toaster-sized ventilator, manufactured by Noida-based AgVa Healthcare in a joint venture with Maruti Suzuki India. This device is specifically aimed at COVID-19 patients and has arrived when needed to feel the gaps.
By geography, the ventilator market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries.
In the APAC region, the ventilator market growth is the speedy advancement of rising healthcare expenditure coupled with increasing disposable income that facilitates patients' ease of access to various points of care, leading to the rapid adoption of ventilators. In the People's Republic of China, the premium of primary insurance received by the insurance companies was 4,264.5 billion yuan in 2019, an increase of 12.2 % over that of the previous year. The life insurance premium totaled 2,275.4 billion yuan, the health and casualty insurance premiums of primary insurance were 824.1 billion yuan, and the property insurance premium of primary insurance was 1,164.9 billion yuan.
Furthermore, the per capita disposable income nationwide was 30,733 yuan, an increase of 8.9 % compared to the preceding year. Besides, the growing number of medical and health institutions in China is fueling the demand for ventilators.
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