Homecare Ventilator Market: Introduction
A ventilator is a device that supports breathing. Ventilators assist in getting oxygen into the lungs and removal of carbon dioxide from the body. They help in easy breathing, especially to the people who have lost their ability to breathe. They can partially support in breathing or can control breathing entirely. Depending upon a patient’s condition, a ventilator can help support or completely control breathing.
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Global Homecare Ventilator Market: Competitive Landscape
Key players operating in the global homecare ventilator market include Fisher & Paykel Healthcare Corp. Ltd., Philips Healthcare, Medtronic Plc, ResMed Inc., and Vyaire Medical Inc. The market is much consolidated with the presence of less number of manufacturers. Increase in strategic collaborations and new product launches are expected to drive the global market during the forecast period.
Medtronic Plc
Medtronic plc. is a prominent global company that offers medical technology, services, and solutions. Medtronic operates through four segments: Cardiac & Vascular Group, Diabetes Group, Restorative Therapies, and Minimally Invasive Therapies. The company’s segments cater to hospitals, physicians, clinicians, and patients in approximately 160 countries.
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Philips Healthcare
Philips Healthcare is a subsidiary of Koninklijke Philips N.V., commonly known as Royal Philips.
Philips Healthcare operates through four divisions: Diagnostic Imaging Systems, Home Healthcare, Customer Services, and Patient Care & Clinical Informatics. The company focuses on complete cycle of care, i.e., disease prevention through screening, diagnosis, and monitoring; and health management. Philips Healthcare has presence in around 100 countries with 450+ products across the world.
Global Homecare ventilator Market: Dynamics
The global homecare ventilator market is driven by various factors at regional, national, as well as global level. Increasing prevalence of respiratory diseases and growing preference to home health care ventilators are major factors contributing to the growth of the global market. Furthermore, increase in investment by public and private sectors for the advancement of health care and surge in technological innovations are projected to propel the global market during the forecast period.
Moreover, existing market players are deploying advanced techniques and strategies to develop novel processes for manufacturing of technologically enhanced devices for homecare ventilators. This is anticipated to boost the demand for homecare ventilators for diagnosis of diseases during the forecast period. However, less awareness among people, especially in developing regions and lack of skilled professionals are likely to restrain the global market during the forecast period.
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Increase in Prevalence of Respiratory Diseases to Drive the Market
According to statistics available with the World Health Organization (WHO), chronic respiratory diseases account for over 5 million deaths each year. The quality of air is deteriorating, particularly in countries where the economy is largely dependent on pollution-intensive industries. About 80% of COPD deaths occur in low and middle income countries. This has translated into increase in prevalence of chronic respiratory diseases, and consequently the demand for medical devices used in the treatment of these diseases.
A ventilator is one such medical device used in case of loss of airway anatomy due to edema, trauma, burns, and infection; loss of protective airway mechanism due to intoxicants, brain injury, and strokes; inability to oxygenate appropriately; and in case of any expected clinical course.
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Increasing Preference for Homecare Ventilators to Drive the Market
The number of patients requiring prolonged homecare ventilation is rapidly increasing. The WHO estimates that 235 million people suffer from asthma across the world. Studies have indicated that patients on ventilator support are no profit centers for hospital administration. This has induced hospitals to move such patients to alternate care settings.
Home care givers are often faced with providing specialty care to adult and pediatric patients with medically complex needs. The patients require use of ventilator in order to maintain adequate breathing to sustain life. Homecare ventilators have become more efficient, portable, and easy to operate in different care delivery settings.
Hence, usage of portable and transport ventilators has become a preferable choice for both hospitals and patients. Furthermore, usage of portable ventilator in home health care reduces a patient’s cost of stay in the hospital and enhances the quality of life and integration with the community.
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