U. S. Mechanical Ventilator Market Size, Share & Trends Analysis Report By Product (Critical Care, Neonatal, Portable, Accessories, Flow Sensors, Breathing Circuits, Masks), By End-use And Segment Forecasts, 2022 - 2030.
New York, May 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "U.S. Mechanical Ventilator Market Size, Share & Trends Analysis Report By Product, By End-use And Segment Forecasts, 2022 - 2030" - www.reportlinker.com/p06277975/?utm_source=GNW
U.S. Mechanical Ventilator Market Growth & Trends
The U.S. mechanical ventilator market size is expected to reach USD 1.25 billion by 2030, . It is expected to expand at a CAGR of 2.5% from 2022 to 2030. The rising number of hospitalizations due to the coronavirus pandemic and the increased need for ventilation among patients in the U.S. contributed to the high demand for ventilators during the COVID-19 pandemic.
The rising prevalence of respiratory diseases has significantly impacted the market growth. The adoption of long-term Home Mechanical Ventilation (HMV) in case of chronic respiratory failure due to diseases, such as thoracic disease, Chronic Obstructive Pulmonary Disorder (COPD), and neuromuscular disease, is expected to increase over the forecast period.
According to a study by the World Health Organization (WHO), moderate to severe COPD affects around 65 million individuals worldwide, making it the third leading cause of death.These estimates are expected to rise over the years owing to the growing geriatric population, increasing exposure to tobacco smoke, and indoor as well as outdoor pollution.
These factors are anticipated to boost the overall market growth.
An increase in the number of government initiatives aimed at providing safe, affordable, and quality healthcare is driving the adoption of these devices. For example, the American Society of Anesthesiologists provides guidelines for the management of difficult airways and the use of different devices at various stages of respiratory diseases.
Manufacturers have increased their production capacity to meet an exponential demand during the pandemic.For instance, Vyaire, an Illinois-based respiratory equipment manufacturer, ramped up its production capacity by 50%.
To provide a safer environment for the healthcare workers, Medtronic upgraded its existing PB980 (deployed in ICUs), which will allow the control of ventilators remotely away from the isolation room. These types of initiatives positively impacted the ventilators market growth in the U.S.
However, a boost in ventilator production due to coronavirus wave is expected to be normalized by 2022 due to the decreased infection rates, dependency of patients on life support equipment, and development of an effective COVID-19 vaccine and therapeutics.
U.S. Mechanical Ventilator Market Report Highlights
• By product, the critical care ventilators segment captured the largest share of 40.0% in 2021 and is expected to continue leading throughout the forecast period. The increasing adoption of the product in intensive care units due to a surge in the COVID-19 cases is expected to drive the growth
• The masks accessories segment is expected to witness lucrative growth in the forthcoming years as these are cost-effective, disposable, and preventive devices and can be manufactured in bulk quantities to fight against the coronavirus outbreak
• Competition in the market is high as the major players are adopting strategies, such as distribution agreements, collaborations, and acquisitions, to get hold of a major share in the market
• Emerging players are involved in the development of cost-effective products to gain a dominant position in the market
• Manufacturers are bracing up to multiply the production capacity to sustain the competition
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