“Final Report will add the analysis of the impact of COVID-19 on industry.”
Report Ocean has recently published a comprehensive study on the United States Ventilator Market, covering the prediction period of 2023-2031. Throughout the years, this report has diligently examined the industry, taking into account various factors such as macroeconomic parameters, consumer buying patterns, microeconomic parameters, GDP growth rate, inflation rate, and market demand-supply scenarios.
market players, such as [Airon Corporation, Becton Dickinson and Company, Bio-Med Devices, Inc., Bunnell Incorporated, Cardinal Health, GE Healthcare, Hartwell Medical Corp., Hillrom, Oceanic Medical Products, Inc., United Hayek Industries, Inc
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
US Ventilator Market to Continue Growing in Coming Years
The United States ventilator market is growing at a high CAGR because of the increasing number of ICU admission in the country and the launch of new and innovative products by manufacturers. Read on to know more about the trends shaping the ventilator market in the United States
A recent study, conducted by the strategic consulting and market research firmReport Ocean, revealed that the United States ventilator market is forecast to grow at a CAGR of around 5% during 2022 – 2028. The demand for ventilators in the United States gained significant traction after the COVID-19 pandemic due to the increasing number of ICU admission in the country. According to the report by the World Health Organization (WHO), the United States recorded over 75 million COVID-19 cases by the end of January 2022. As a result, the demand for ventilators has been surging in the United States during the forecast period.
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Launch of New Products Offering Lucrative Growth Opportunities To United States Ventilator Market
With the significant rise in the market demand for ventilators in the United States, manufacturers are launching new products to grab a major portion of the market. They are also establishing partnerships to boost the product portfolio. Philips and the United States government, for example, teamed up to increase the production of ventilators at its factories in the country. NASA also developed a new high-pressure ventilator for the treatment of COVID-19 patients. Such developments are anticipated to drive the United States ventilator market growth during the forecast period.
United States Ventilator Market – By End-User
Based on end-users, the United States ventilator market is segmented into hospitals and clinics, home care, ambulatory care centers, and emergency medical services. Among these, the hospital segment accounts for the largest market share because of the high number of in-patient treatments and an increasing number of surgical procedures carried out in the country. Furthermore, the demand for ventilators witnessed a sharp surge in hospitals after the overwhelming rise in the COVID-19-affected patients. In addition, the high financial capability to purchase heavy medical equipment also contributes to the segment’s growth.
United States Ventilator Market – By Mode
Based on modes, the United States ventilator market is segmented into combined-mode ventilation, volume/assist-control mode ventilation, pressure-mode ventilation, and other modes. Among these, the volume/assist-control mode ventilation segment accounts for the largest share as this mode is prominently used in intensive care units and is often performed when patients require respiratory support. Increasing respiratory issues in the United States is fueling the growth of the volume/assist-control mode ventilation segment. Intensive care units mostly use assist-control (AC) mode of ventilators for mechanical ventilation. It provides lower work of breathing and improved comfort to patients with increased and variable respiratory demand. This method uses a fixed tidal volume (VT) delivered by the ventilator at predetermined intervals or when the patient takes a breath.
Impact of COVID-19 on United States Ventilator Market
A sudden COVID-19 outbreak in the United States led to an increase in ICU admissions. COVID-19 adversely affected the function of the lungs, resulting in low oxygen levels in the blood. Therefore, ventilators became necessary to provide respiratory support to the infected patients. With the surging COVID-19 cases in the United States, the demand for ventilators spiked in hospitals and other healthcare facilities. To prevent a shortage of ventilators, the US government ordered manufacturers to increase the production of ventilators, causing the market to grow rapidly.
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Market Segment:
By Mobility(Intensive Care Ventilators, Portable/Transportable Ventilators)
By Interface(Invasive Ventilation, Non-Invasive Ventilation)
By Type (Adult/Pediatric Ventilators, Infant/Neonatal Ventilators)
By Mode(Combined-Mode Ventilation, Volume/Assist-Control Mode Ventilation, Pressure-Mode Ventilation, Other Modes)
By End-User(Hospitals & Clinics, Home Care, Ambulatory Care Centers, Emergency Medical Services)
The market is highly consolidated and competitive due to the presence of industry giants who lead the market in terms of investment and innovations. The prominent market players consistently launch advanced ventilators with advanced technologies to meet the changing needs of the medical industry. They also significantly invest in expanding their production capacity to meet the market demand for ventilators after the COVID-19 pandemic. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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