New York – The global ventilators market was valued at just more than $765 million in 2013 and will exceed $1 billion by 2020, representing a compound annual growth rate (CAGR) of 5%, according to business intelligence provider GBI Research.
The company’s latest report states that while the increasing prevalence of chronic obstructive pulmonary disease (COPD) will continue to be the primary driver of market growth, new technologies will also make a crucial contribution.
Srikanth Venkataraman, Senior Analyst for GBI Research, says: “The already-high prevalence of COPD will be exacerbated by the aging population, leading to more critical care admissions, where the use of mechanical ventilation is common.
“In emerging economies, such as China and India, a rise in new hospitals has led to a surge in the number of intensive care unit (ICU) beds equipped with ventilators.”
GBI Research states that attention is turning increasingly towards improved technologies that prevent lung injury, reduce the time that patients have to spend on mechanical ventilation, and improve the synchrony between the patient and ventilator.
Venkataraman continues: “Companies are focusing on developing multimodal ventilators, which act as a one-stop solution for critical care physicians handling a wide range of ICU procedures.
“Compared to older methods, these technologies also help to reduce the risk of lung injury from high inspiratory pressure and are more customized to patients with varying levels of complications. They can also promote speaking ability and improve patient comfort during mechanical ventilation.”
The increasing preference for non-invasive ventilation in the developed world will be another significant trend over the forecast period, with Europe currently leading the US in the adoption of these systems.
GBI Research attributes the low penetration of non-invasive ventilation in the U.S. to the lack of efforts towards increasing respiratory therapy and nursing time. Furthermore, there is an inaccurate perception that additional time is required to implement this treatment method.
Source: GBI Research