Global Home Care Ventilator Trade Is Forecasted to Grow at A CAGR of 6.7% During The Forecast Period of 2021 -2024. It Is Expected to Grow at A Rate of $US197.06 Million in The Forecast Period

Global Home Care Ventilator Trade Is Forecasted to Grow at A CAGR of 6.7% During The Forecast Period of 2021 -2024. It Is Expected to Grow at A Rate of $US197.06 Million in The Forecast Period

Auguest 18, 2021, New York, USA - Homecare ventilators are compact ventilators that are also portable. They are ideal and most suitable for home use for the patients and especially for people having breathing, respiratory and chronic obstructive pulmonary diseases. It is also required for patients who have asthma or extreme sensitivity to viral infections. Home care ventilators are exclusively used only in-home care settings.

Ventilators typically help in providing the passage of oxygen to the lungs and the flushing out of carbon dioxide from the body. They partially support breathing and help give breathing support completely to the person. It can provide invasively or non-invasively to the patient. A non-invasive ventilator is provided through the nose or the mouth and an invasive ventilator is provided through the nose. It depends on the person and the ailment he is suffering from. The current ventilators available in the market are volume-based or pressure-based.

The global Homecare ventilator market is differentiated based on the current market trends, applications, targets, and the different regions where it is available. Further, it is anticipated that the respiratory diseases segment is expected to contribute the largest market share in this market.

The Global Homecare Ventilator Market Dynamics-

The Global Home care ventilator trade is forecasted to grow at a CAGR of 6.7% during the forecast period of 2021 -2024. It is expected to grow at a rate of $US197.06 million in the forecast period.

The market is typically divided into

  • Electronic Ventilators
  • Pneumatic Ventilators
  • Electro-pneumatic ventilators

The market is driven by various factors such as the rising chronic respiratory diseases increasing with each passing year. According to the World Health Organization, these diseases account for over 5 million deaths per year and are one of the most common reasons for deaths across the world. Also, 80% of the deaths occur in middle or lower-income countries. This has consequently given rise to the development of home care ventilators.

The WHO also estimates that the number of asthma patients is also increasing and statistics suggest that the number will go on to 235 million in the forecast period. In this period it is further seen that the non-invasive segment is expected to register the highest CAGR, as compared to only invasive.

Another reason is there is going to be a rise in various spinal cord injuries, neuromuscular disorders, and rising cases of chronic breathing problems.

Topographical Segmentation of the Global Homecare ventilator market-

Geographically the market can be divided into North America, Europe, Asia-Pacific, Latin America, Middle-East, and Africa. Among these countries, North America is expected to show the highest share in the world market. This share is attributed to the increasing demand for ventilators for long-term home care and technological advancements taking place at the same time.

The outbreak of the Covid 19 pandemic has also given rise to long-term respiratory diseases. In such a scenario the availability of the Homecare ventilator system is serving as a boon for the people which are also consequently driving the demand for the development of the machines.

The rise in respiratory diseases in Europe has also contributed to the highest market share globally. Among them, Germany, France, Eastern Europe, Italy, and Spain are expected to record the highest growth and a higher CAGR in the forecast period.

China and Japan are the major dominant players in the Asia-Pacific market. India at the same time is expected to record the highest CAGR, the reason being the development of well-established market players, a strong healthcare system, and a geriatric population.

Subsequently, the Middle East and Africa are expected to show a substantial increase in the forecast period for this market; the main reasons being the rise in government initiatives, the improvements in healthcare, rising medical tourism, and the ever-growing demand for quality healthcare.

The top companies in the Global Homecare Ventilator market are-

  • Philips Healthcare-

Philips operates through four divisions and is Home healthcare, Diagnostic Imaging, Customer Services, and Patient Care. It also deals with Clinical Informatics systems.

  • Medtronic Plc-

Medtronic Plc is one of the other top players in the market and deals with Cardiac and Vascular groups and various restorative therapies.

  • GE Healthcare-

It offers data advances along with various clinical testing methods. The machines are also used for monitoring systems and scientific institutions.

  • Smith’s Group-

The company specialized in infusion therapy along with artery access and critical care techniques. The company is also known for providing various high-caliber gadgets which are typically found in emergencies in either homes or hospitals.

The other key players in the market include the Linde Group, Fisher and Paykel Healthcare, and ResMed among the others.

The number of patients requiring prolonged home care is increasing. It is not possible for people to keep their family members at a long time at the hospitals and so the demand for the home care ventilator market is increasing day by day.

In turn, this has induced the hospitals to turn to home care and at the same time ensure the safety of the patients.

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