Portable Ventilators: Introduction
- Portable ventilators are used to deliver oxygen to patients when required. These ventilators are used in hospitals and day care centres for continuous oxygen supply when a COPD patient is unconsciousness or when there is discomfort due to breathing problems. Rise in hospital admissions owing to increase in incidence of COPD and surge in emphasis on home care are projected to drive the global portable ventilators market.
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- Presently, usage of portable ventilators has increased due to the outbreak of Covid-19 across the world. As technology advances, portable ventilators are likely to be integrated with next-gen capabilities that enhance their functionality, thereby improving the way care is provided.
Key Drivers and Restraints of Global Portable Ventilators Market
- The world is currently experiencing the pandemic of an infectious disease called COVID-19. This infection leads to multiple organ failure, acute & severe respiratory disorders, pneumonia, and even death in severe cases. Hence, surge in number of people with coronavirus infections is anticipated to propel the global portable ventilators market. According to the World Health Organization, globally, 1,918,138 confirmed cases of COVID-19 were recorded as of April 15, 2020. Additionally, in the context of the novel coronavirus (2019-nCoV) outbreak, the serious coronavirus positive patients need to be put on ventilators. This in turn increases demand for portable ventilators. Hence, rise in demand for portable ventilators is likely boost the growth of the global market.
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- Life expectancy of people has increased in the last decade. This has led to large population in the above reproducible age group. The immune system of a person weakens with age. Hence, increase in geriatric population has led to high risk of contracting diseases in this age group. COPD occurs most often in older people, but can also affect the middle-aged population. Aging increases the risk of contracting respiratory diseases, which is expected to boost demand for respiratory therapeutic and diagnostic devices during the forecast period.
- Increase in government expenditure on health care provides citizens with access to health care services at affordable cost. This is a crucial factor boosting the respiratory devices/products market in emerging economies. According to WHO statistics, per capita health care expenditure has risen across the globe. The health care expenditure in South Africa increased from 8.5% to 8.8% of the GDP from 2013 to 2017.
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North America to Lead Global Portable Ventilators Market
- The global portable ventilators market can be segmented into five key regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are expected to account for major share of the global portable ventilators market during the forecast period, owing to well-established health care infrastructure and large patient population along with increase in technological developments. According to the National Statistics Group, health spending is projected to increase at an average rate of 5.8% from 2012 to 2024 in the U.S., which is 1% faster than expected average annual growth in GDP. The market in Asia Pacific is likely to expand at a higher CAGR during the forecast period. Increase in health care spending and improving health care infrastructure are projected to drive the portable ventilators market in the region during the forecast period.
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Key Players Operating in Global Portable Ventilators Market
The global portable ventilators market is consolidated due to the presence of small number of key players. Demand for portable ventilators has increased in emerging as well as developed markets owing to rise in prevalence of infectious diseases such as COVID-19. Growth strategies adopted by leading players are likely to drive the global market. Players are adopting the strategy of appointing third-party distributors to expand market presence. This has led to a surge in the number of distributors and suppliers in the emerging markets.
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