The global ventilator market is projected to be worth USD 2,887.32 million by 2030, growing at a CAGR of 7.1%.
This growth can be credited to the growing occurrence of chronic illnesses, including asthma and chronic obstructive pulmonary illness, across the globe. Additionally, the industry is expected to grow because of the rising number of preterm births, growing prevalence of respiratory disorders, increasing geriatric population, growing demand for ICU beds, and rising number of COVID-19 patients.
North America held the largest share of ventilator market in recent years. This can be ascribed to the growing occurrence of respiratory disorders, such as bronchitis and asthma, in this region. The U.S. holds the larger market share, because of the technical advances in ventilators, rising healthcare spending, and the availability of a huge number of ICU beds in the country. Also, the demand is propelled by the growing volume of surgeries.
The APAC ventilator market is projected to grow with the highest pace in coming years. This can be credited to the growth of affordable, patient-friendly, and portable ventilators. Moreover, the government support and the existence of numerous manufacturers and assemblers in counties like India and China are aiding in the development of non-invasive and affordable ventilator solutions, to meet the demands from patients.
The adult group category holds the larger market share, mainly because of the growing number of smokers, which leads to the rising prevalence of diseases like COPD and other respiratory diseases.
Hence, the growing occurrence of chronic illnesses, including asthma and chronic obstructive pulmonary illness, across the globe. Additionally, the industry is expected to grow because of the rising number of preterm births, growing prevalence of respiratory disorders and many more.
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