Portable Ventilator Market to Grow with a CAGR of 5.58% through 2028
Increasing prevalence of
chronic respiratory diseases and increasing demand for home healthcare settings
is expected to drive the Global Portable Ventilator Market growth in the
forecast period, 2024-2028.
According to TechSci Research
report, “Portable Ventilator Market - Industry
Size, Share, Trends, Opportunity, and Forecast, 2018–2028F”, the Global Portable Ventilator Market stood
at USD 827.56 million in 2022 and is anticipated to grow with a CAGR of 5.58%
in the forecast period, 2024-2028. The projected increase in patient mobility
within hospitals and long-term care centers is expected to drive the global
market size of portable ventilators during the forecast period. Portable
ventilators are utilized to deliver oxygen to patients with chronic diseases.
The rise in the geriatric population is anticipated to boost market progress in
the coming years, as older individuals are at a higher risk of chronic
conditions and may require portable ventilators for respiratory support. The
prevalence of chronic diseases is also expected to create lucrative growth
opportunities for industry vendors.
These vendors are focused on obtaining
approvals and launching advanced products to increase their market share in the
portable ventilator sector. Furthermore, the decline in air quality index (AQI)
in various cities worldwide due to air pollution has significantly impacted
individuals with respiratory issues, driving the demand for portable
ventilators. The adoption of home healthcare services and the increase in air
pollution are likely to fuel the demand for portable ventilators in the near
future. The surge in the number of preterm births has led to a high usage of
neonatal portable ventilators. Governments across the globe are making
significant investments in healthcare infrastructure, while developing
countries are witnessing a rise in healthcare expenditure, which will augment
market statistics in the near future. Portable ventilators are specifically
designed to be mobile and easily transportable, making them well-suited for use
in hospitals and long-term care centers. In crowded healthcare facilities,
portable ventilators play a critical role in the effective treatment and
management of various diseases. Moreover, portable ventilators facilitate
patient transport between different units or wards, emergency transport, and
inter-hospital transfers.
Enabling effective mobility for patients can help
reduce the risk of hospital-acquired infections and improve overall healthcare
efficiency, thereby contributing to the development of the portable ventilator
market. The increased life expectancy of individuals in the last decade has
resulted in a larger population within the elderly age group. This age group is
more susceptible to chronic respiratory conditions due to the weakening of the
immune system. Certain chronic respiratory disorders require long-term
management and treatment, which further fuels the demand for portable
ventilators. Additionally, older adults are more likely to experience mobility
issues and require assistance with daily activities. Portable ventilators,
designed to be lightweight and easy to carry, provide an ideal solution for
respiratory support in older adults. Furthermore, individuals above the age of
65 often require home healthcare services, thereby contributing to the market
dynamics of the portable ventilator industry.
The growth of the portable
ventilator market is driven by factors such as the increasing incidence of
respiratory diseases and breathing disorders among the expanding population.
Another contributing factor is the rising number of smokers, which has led to a
higher demand for portable medical ventilators. The integration of innovative
technology in the healthcare sector has improved operational efficiency and
provided intensive care solutions for patients. The market is expected to
expand further due to rapid technological advancements. These ventilators have
been designed to be used by patients anywhere and at any time, without the need
for medical setup. However, the high cost associated with portable medical
ventilators remains a significant challenge that could potentially hinder the
growth of the portable ventilators market. Additionally, the presence of
low-cost, non-branded products in the market poses a challenge for branded
ventilator manufacturers.
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data Figures spread through XX Pages and an in-depth TOC on "Global
Portable Ventilator Market”
The Global Portable Ventilator
Market is segmented into mode, age group, interface, end user, regional
distribution, and company.
Based
on end user, the hospitals & clinics segment is projected to maintain the
largest market share throughout the forecast period. This segment demonstrated
market dominance in 2022. Portable ventilators prove particularly valuable for
critically ill patients requiring respiratory support during inter-hospital
transfers, such as from the intensive care unit to the operating room. Engineered
to be lightweight and easily transportable, portable ventilators enable
healthcare professionals to deliver uninterrupted respiratory support while
relocating patients.
Based
on region, North America segment is expected to grow during the forecast
period. North America is projected to
maintain dominance in the industry throughout the forecast period, closely
followed by Europe. The high adoption rate of advanced medical technologies,
coupled with the presence of major vendors and increased healthcare expenditure,
is expected to drive market revenue in the region. In Europe, the market size
is anticipated to be propelled by the surge in awareness about the benefits of
portable ventilators and the launch of new products. Asia Pacific's industry
growth is primarily driven by increased government expenditure on healthcare
infrastructure, significant investments in R&D of new products, and a rise
in COVID-19 cases within the region. Meanwhile, economic growth and an increase
in the urban population are projected to contribute to the market share
expansion in Latin America and the Middle East & Africa during the forecast
period.
Major companies
operating in Global Portable Ventilator Market are:
- Abbott Laboratories
- Atico Medical Pvt. Ltd.
- Avasarala Technologies
- Becton, Dickinson and Company
- Beijing Aeonmed Co., Ltd.
- Drgerwerk AG & Co.
- GE Healthcare
- Getinge AB
- Hamilton Medical AG
- Koninklijke Philips N.V.
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“Factors such as the need for easily accessible patient
treatment, the rise in the prevalence of respiratory diseases, the rapid growth
in the geriatric population, the increase in the incidence rate of preterm
births, and the high prevalence of tobacco smoking are driving the market
growth. However, the availability of low-cost products from local manufacturers
and the complications associated with ventilators are limiting the market
growth. Nevertheless, the development of portable ventilators with advanced
settings, the growing demand for home care therapeutic devices, and the growth
in developing countries across APAC and Latin America are creating growth
opportunities for the market. The growth of the portable ventilator market is
driven by the rising prevalence of respiratory diseases and breathing disorders
among the expanding population. Furthermore, the increasing number of smokers
contributes to the growing demand for portable medical ventilators. The
integration of innovative technology in the healthcare sector has improved
operational efficiency and provided patients with advanced care solutions. The
market is expected to witness significant expansion due to rapid technological
advancements. These ventilators have been enabled by technological advancements
to be utilized by patients anywhere and at any time, without the need for a
medical setup.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Portable Ventilator
Market Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028 Segmented By Product Type (Manual External Defibrillator, Fully Portable
Ventilator, Wearable Cardioverter Defibrillator), By Patient Type (Adult,
Pediatric), By End User (Hospitals, Pre-Hospitals, Public Access Market,
Alternate Care Market, Home), By Region, By Competition”, has evaluated the future
growth potential of Global Portable Ventilator Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Portable Ventilator Market.
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