The global mechanical ventilators market is likely to expand at a CAGR of 12.8% during the forecast period of 2019 to 2027, notes a research report by Transparency Market Research (TMR). Thus, the market is projected to reach the valuation of US$ 5.5 Bn by 2027.
The TMR research report provides in-depth insights and comprehensive study of several crucial facets such as R&D activities, important regions, drivers, challenges, restraints, and growth opportunities in the mechanical ventilators market. Thus, this study works as a trustworthy guide to gain major information and acumens of the market for mechanical ventilators.
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Mechanical ventilator is an artificial breathing device used for patients that are not able to breathe naturally, owing to severe health conditions. Neonatal ventilators, transport and portable ventilators, and critical care ventilators are the major products available in the global mechanical ventilators market.
Over the period of past few years, there is considerable growth in the number of critically ill patients, which has resulted into surge in the number of hospitals beds all across the globe. This factor is pushing the demand opportunities for players operating in the global mechanical ventilators market. Apart from this, the market is estimated to expand on the back of increased focus of hospitals on offering superior patientcare.
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Several healthcare providers from all around the world are growing the demand for latest non-invasive and portable ventilators in recent years. Some of the key advantages of these devices include patient's ability to swallow and speak, decreased need for sedation, and decreased infection risk. On the back of these product advantages, the mechanical ventilators market is anticipated to experience high sales opportunities in the years to come.
Technological Innovations: Prominent Strategy of Market Companies
Some of the key players operating in the global mechanical ventilators market are VYAIRE, Teleflex Incorporated, GE Healthcare, Dragerwerk AG & Co. KGaA, Koninklijke Philips N.V., Medtronic plc, ResMed Inc., Smiths Medical, Getinge AB, and Bunnell Inc.
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The existence of many companies makes competition levels in the market highly intense. Thus, players are utilizing organic as well as inorganic strategies to maintain prominent market position. New product launches, acquisition & collaborative agreements with government bodies as well as other companies, and regulatory approvals are some of the prominent strategies used by market players today.
Major players in the mechanical ventilators market are increasing interest in incorporation of technological innovations. This is one of the important factors that is revolutionizing the mechanical ventilators market. A notable advancement in the designs of these devises has resulted into their increased use in hospitals, home care settings, and transport of patients. This scenario is expected to push the growth of the global market for mechanical ventilators.
North America Demonstrates Prominent Avenues for Market Growth
Europe, North America, Latin America, Middle East & Africa, and Asia Pacific are some of the prominent regions for the global mechanical ventilators market. Among all, North America seems to be dominant region of the market.
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The growth of the North America mechanical ventilators market can be attributed to many factors including early adoption of advanced medical device technologies and increase in the number of R&D projects by regional market players.
Global Mechanical Ventilators Market Segmentation
The analysts at TMR have presented all data and analysis of the global mechanical ventilators market in the form of various segments, which is performed on the basis of varied crucial parameters such as product, interface, end-user, and region. Based on interface, the market for mechanical ventilators is classified into non-invasive and invasive. On the basis of end-user, the segmentation of mechanical ventilators market is performed into hospitals and clinics, ambulatory surgical centers, home care, and others.
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