Portable Ventilator Market Size to Surpass US$ 1.5 Billion by End of 2031, as per Transparency Market Research, Inc.
An increase in the incidence of chronic disorders across the globe is bolstering the portable ventilator market growth
Wilmington, Delaware, United States, , Feb. 01, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global portable ventilator industry was valued at US$ 856.4 Mn in 2021 and is estimated to expand at a CAGR of 5.7% during the forecast period from 2022 to 2031, according to the research report by TMR.
Portable ventilators are used to provide support to patients in intensive care units. These ventilators comprise batteries that can be transported conveniently within a hospital setting. Furthermore, these devices are small, lightweight, and require no external power. Better characteristics and efficiency over conventional mechanical ventilators are augmenting ventilator market demand.
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Portable Ventilator Market: Growth Drivers
The increase in the geriatric population has created significant business opportunities in the global portable ventilator market. The geriatric population is prone to chronic health conditions that require ventilator support for proper breathing. Thus, the market is likely to grow at a rapid pace during the forecast period.
Home healthcare settings became popular among the masses during the COVID-19 pandemic. Concurrently, there was an acute shortage of mechanical ventilators across the world. Portable ventilator sales gained traction during this period. Demand for portable ventilators in healthcare facilities for both long-term and short-term breathing assistance has increased, as the coronavirus infection continues to spread.
A rise in premature births has propelled the demand for portable ventilators. Additionally, government bodies across countries are focusing on the development of healthcare infrastructure, which is expected to boost market progress in the next few years.
Key Findings of the Portable Ventilator Market
Based on product type, the portable ventilator segment is estimated to witness lucrative growth due to suitability in several settings, such as patient's homes, hospitals, nursing homes, and clinics. Concurrently, these ventilators are easy to use, operate, and monitor, which has made them popular among healthcare professionals.
In terms of application, the in-hospital transport segment is anticipated to lead the global market. Portable ventilators are easily movable and can be used while moving patients who require respiratory support to ICU or operation theatre. In-hospital transportation of patients has proven to be cost-efficient due to the use of portable ventilators. Hence, the segment is estimated to generate substantial revenue in the next few years.
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Portable Ventilator Market: Regional Outlook
North America is projected to lead the global portable ventilator industry during the forecast period due to innovations in the medical sector. Furthermore, extensive R&D has led to the introduction of novel products with enhanced features, which could propel market expansion. Early adoption of advanced medical technologies, rise in healthcare expenditure, and presence of leading players are anticipated to present immense opportunities in the market in North America.
The portable ventilators market in the Asia Pacific is driven by a rise in disposable income and an increase in spending on healthcare. Product innovations and a surge in cases of COVID-19 are likely to present significant opportunities in the region.
Portable Ventilator Market: Competitive Landscape
Leading players in the market are focusing on research & development activities that include technical developments, such as the creation of non-invasive, microprocessor-controlled portable ventilators. Significant advancements in the healthcare system have increased the scope of the portable ventilator market. Leading market players are also involved in strategic collaborations and promotion activities, which are likely to propel market expansion.
Key players operating in the portable ventilator market are:
Koninklijke Philips N.V
Hamilton Medical AG
Drägerwerk AG & Co. KGaA
Vyaire Medical Inc.
Teleflex Incorporated and Smiths Medical Inc.
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Portable Ventilator Market: Segmentation
Mass casualty Critical Care
Rest of Asia Pacific
Rest of Europe
Rest of Latin America
Middle East & Africa
About Transparency Market Research
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