Mechanical Ventilator Market Estimated To Reach A Valuation Of US$ 10.5 Billion By 2033
Future Market Insights Global & Consulting Pvt. Limited The USA mechanical ventilator market is estimated to reach a valuation of US$10.5 billion by the end of 2033, with a CAGR of 5.7%. The market is driven by increasing prevalence of chronic obstructive pulmonary disease, rising incidence of respiratory distress, and technological advancements in respiratory care devices. Major manufacturers and the government have taken action to boost ventilators production to meet increased demand during the pandemic, as well as government efforts to increase market production. These developments have been met with resistance from major suppliers such as OES Medical, Hamilton Medical, Gatting, Drägerwerk AG & Co., Smiths Medical, GE Healthcare, Ventec Life Systems and Wyre Medical Inc. These include the launch of new mains-powered ICU ventilats, Philips' BIPAP A40 Expiratory Flow Limitation (EFL), and Koninklijke Philips' hospital Ventilator production to 4,000 units per week.
Опубликовано : 2 месяца назад от TheTimes Nigeria в Business
The USA mechanical ventilator market will account for over 35% of the global mechanical ventilator demand in 2033 with a CAGR of 5.7%. While the market in South Korea is expected to grow at around 6%, the market in Japan is projected to register a CAGR of around 6.8% during 2023 to 2033.
DUBAI, United Arab Emirates, March 21, 2023 (GLOBE NEWSWIRE) — Mechanical ventilator market revenue was projected to US$ 5.7 billion In 2022, it is projected to increase by one more CAGR of 5.7% 2023 to 2033, according to a recently published Future Market Insights report. Expected to reach the market by the end of 2033 US$10.5 billion,
The market for mechanical ventilators is being driven by increasing prevalence of chronic obstructive pulmonary disease, rising incidence of respiratory distress, and technological advancements in respiratory care devices.
COVID-19 had a favorable impact on the growth of the market. During COVID-19, the American Association for Respiratory Care partnered with other organizations to teach respiratory therapists how to use ventilators. This has prompted market participants to increase their production capacity to meet the increased demand.
Due to respiratory failure caused by the COVID-19 virus, upper respiratory procedures require intensive care and oxygen. Ventilators were often used to supplement oxygen for patients extremely ill with the COVID-19 virus. In late November 2021, the synthesis of additional variants of COVID-19, higher levels of airborne transmission, and a third increase in infections were discovered, raising the possibility of an unprecedented global pandemic.
In addition, major mechanical ventilator manufacturers and the government took action to boost ventilator production to meet increased demand during the pandemic. As a result, the expansion of the industry has been fueled by the existence of multiple producers as well as government efforts to increase market production. The costly expense of mechanical ventilators, as well as the risk of ventilator-associated infections such as nosocomial pneumonia, limit their use.
Hamilton Medical, Gatting, Drägerwerk AG & Co., Smiths Medical, GE Healthcare, Ventec Life Systems and Wyre Medical Inc. is a leading provider of Mechanical Ventilators.
Here are some recent developments from major mechanical ventilator providers:
• None In January 2023, OES Medical debuted a new mains-powered ICU ventilator at the ABHI UK pavilion at Arab Health 2023, to help hospitals control oxygen demand.
• None In May 2022, CorVent Medical received CE Mark clearance and began selling its RESPOND-19 ventilator in Europe. The method is intended to allow hospitals to enhance the treatment of critically ill patients with acute respiratory distress syndrome by providing easy-to-use, flexible enhancements to critical care ventilation capacity (ARDS).
• None In April 2020, Koninklijke Philips NV announced that it would increase its hospital ventilator production to 4,000 units per week. In addition, the business is expected to start production of its Philips Respironics E30 ventilator with a weekly output of 15,000 units.
This strategic decision complements the company’s current range of mechanical ventilators and adds to its unique product portfolio, providing additional options to create highly effective COVID-19 solutions.
• None In November 2020, Philips announced the launch of the ventilator BIPAP A40 Expiratory Flow Limitation (EFL), a non-invasive ventilator for COPD patients.
Future Market Insights, in its new offering, presents an unbiased analysis of the Mechanical Ventilator Market, presenting historical market data (2018-2022) and forecast figures for the period 2023-2033.
The study reveals the insights required by Product (Critical Care, Neonatal, Transport & Portable, Other Product Type), Ventilation Mode (Invasive, Non-Invasive), End-User (Hospital, Home Healthcare, Other End-Users). Five regions (North America, Latin America, Europe, Asia Pacific and the Middle East and Africa).
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Темы: Venture Capital