The global mechanical ventilators market has been foretold in a report by Transparency Market Research (TMR) to testify the presence of scores of regional as well as local competitors. Small and mid-sized players could hold the capability close to that of international companies that enables them to enter neighboring markets and expand their customer base. However, regulatory requirements that differ from country to country may restrict the entry of new companies in overseas markets.
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However, in order to counter this restriction, large players could adopt the strategy of partnerships and acquisitions of small startups of manufacturers of mechanical ventilators. Some of the prominent names of the market are GE Healthcare, Philips Healthcare, and Dragerwerk AG & Co. KGaA.
TMR has prognosticated the global mechanical ventilators market to rise at a 5.2% CAGR between 2017 and 2024 to secure a valuation of US$1.8 bn by the concluding forecast year. In terms of product, the market could witness the lead attained by critical care mechanical ventilators expected to collect a higher share of 48.2% by the completion of 2024. Geographically, North America could continue taking a larger share of the market during the forecast tenure until it bags a 39.7% share by 2024.
Alarming Spike in Prevalence of Respiratory Diseases Translates into High Demand
The demand for mechanical ventilators and other medical equipment has been foreseen to a see an increase on the back of the worrying rise of the incidence of chronic obstructive pulmonary disease (COPD) and other respiratory diseases. The commonness of such diseases could be a result of poor air quality, especially in countries that mainly rely on pollution-intensive industries. Chronic respiratory diseases account for over five million deaths annually, reports WHO. The sales of mechanical ventilators have been catalyzed in the recent years due to the increasing demand in trauma centers and hospitals. This could also be because of the rising prevalence of respiratory diseases.
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Shrinking Profit Margins of Manufacturers Deters Growth
As foretold by TMR analysts, the international mechanical ventilators market could face a slack in its growth owing to injuries caused due to the prolonged usage of medical devices. Small healthcare organizations facing budgetary constraints could be another reason for the slow growth of the market. Intensive competitive rivalry and decreasing profit margins of players have also been prophesied to threaten the rise in the demand for mechanical ventilators.
However, players could be dependent on the aggressive technological development of mechanical ventilators on the part of their portability and design innovation. The transfer of long-term ventilated patients to home care as part of the common practice of cost deviation has been projected to create handsome growth opportunities in the international mechanical ventilators market.
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