Sarasota, FL -- (SBWIRE) -- 08/07/2018 -- Global ventilator market was valued at approximately USD 757.9 million in 2017 and is expected to generate revenue of around USD 1,169.7 million by end of 2023, growing at a CAGR of around 7.50% between 2017 and 2023.

Ventilators are essential and used in various application of patient care. At accident location and during transportation, ventilation is delivered with the help of an emergency ventilator. Furthermore, in hospitals during operation, anesthesia machine provides ventilation. Intensive care ventilators are used during a critical stay in intensive care. During treatment on intermediate care wards, patients need mechanical breathing support. Mechanical ventilation is necessary and has application in various fields in the hospital. Mechanical ventilation is required to start soon for neonates after birth using a ventilator or manual ventilation bag, in the operating room.

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The increasing incidences of mortality due to chronic diseases amongst the elderly populations and growing number of road accidents which results in the severity of patients are further expected to increase demand for ventilators. Ventilators are mostly used for patients who are unable to breathe on their own. Such factors will further drive ventilators market growth over the forecast period.

The ventilators market is segmented on the basis of mobility into intensive care, portable. Intensive care segment held major revenue share throughout the forecast period. The growth is attributed due to growing number of ICU beds equipped with ventilators.

Based on the type, the market is segmented into invasive and non-invasive ventilators. Invasive ventilators held major revenue. The growth of invasive ventilators segment is attributed due to growing number of newborn babies, as the ventilator is mostly used in neonates.

Hospitals, ambulatory care centers, and others are the end-user segments of the global ventilators market. The hospital segment dominated the market in terms of revenue in 2017. The major revenue for hospitals segment is attributed due to the increased number of hospital visits by patients.

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North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are key regional segments of global ventilators market. North America and Europe are anticipated to remain the leading regions over the forecast period. There is good adoption rate of the advanced techniques owing to the growing number of patients that are suffering from chronic diseases. The Asia Pacific is expected to experience significant growth over the forecast period. Increasing awareness levels regarding healthcare and high unmet medical needs are the foremost driving factors for ventilators in the region. Developing nations such as China and India are the most promising markets owing to the huge population base and growing number of newborn babies.

Some of the key players in ventilators market include Philips Healthcare, ResMed, Medtronic, Becton, Dickinson and Company, Getinge, Dräger, Smiths Group, Hamilton Medical, GE Healthcare and Air Liquide. Industry players are mostly engaged in mergers & acquisitions to retain their market share and diversify their product portfolio.

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