Northrook, IL -- (SBWIRE) -- 02/26/2020 -- Factors such as increasing number of preterm births, rapid growth in the geriatric population, rising prevalence of respiratory diseases, and rising number of ICU beds are expected to drive the growth of the ventilators market during the forecast period. In addition, the growing demand for home care therapeutics and higher growth in developing countries like China, India, and Brazil are driving the demand for ventilators.

However, inappropriate reimbursement scenario, complications associated with the use of ventilators, and resistance from physicians for technology transition are restricting the growth of this market to a certain extent.

Global Ventilator Market is projected to reach USD 1,261.9 Million by 2023 from USD 859.9 Million in 2018, at a CAGR of 8.0%.

The invasive ventilation segment will continue to dominate the ventilator market.

On the basis of interface, the ventilators market is segmented into invasive ventilation and non-invasive ventilation. Wide applications in respiratory diseases, neurological diseases, and sleeping disorders is the major factor supporting the growth of the invasive ventilation segment.

Portable/transportable ventilators are expected to grow the fastest in the ventilator market during the forecast period.

Based on mobility, the ventilators market is segmented into intensive care and portable/transportable ventilators. While the ICU ventilators accounted for the largest share in 2017, portable/transportable ventilators are expected to grow at the fastest CAGR during the forecast period. The demand for low cost, user-friendly, and flexible portable ventilators is driving the demand for portable/transportable ventilators.

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The invasive ventilation segment will continue to dominate the ventilator market.

On the basis of interface, the ventilators market is segmented into invasive ventilation and non-invasive ventilation. Wide applications in respiratory diseases, neurological diseases, and sleeping disorders is the major factor supporting the growth of the invasive ventilation segment.

The rising geriatric population, high prevalence of smoking, high prevalence of respiratory diseases, highly developed healthcare system, high healthcare expenditure, and the presence of major market players in the US are the key factors driving the ventilators market in North America.

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Leading Companies

The prominent players in the global ventilators market are Philips Healthcare (Netherlands), ResMed (US), Medtronic (Ireland), Becton, Dickinson and Company (US), Getinge (Sweden), Dr?ger (Germany), Smiths Group (UK), Hamilton Medical (Switzerland), GE Healthcare (US), Fisher & Paykel (New Zealand), Air Liquide (France), Zoll Medical (US), Allied Healthcare Products (US), Airon Mindray (China), and Schiller (Switzerland).