The novel coronavirus (COVID-19) pandemic has positively impacted the global neonatal ventilator market. According to the World Health Organization (WHO), the world population aged 40 years and above are more prone to serious respiratory problems owing to coronavirus infection. In addition, these patients are needed to be treated with ventilator to overcome respiratory problems owing to which infection can be cured and treated. Thus, soon after the COVID-19 outbreak, many manufacturers all across the globe are entering into joint agreements to produce a large number of ventilators. Moreover, the government of various countries are taking initiatives to support the business during this pandemic situation. During this unprecedented situation, we at Research Dive are helping our clients in understand the impact of COVID-19 on the market.
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A new report by Research Dive states that the global neonatal ventilator market is set to grow at a CAGR of 7.1% and is projected to garner a revenue of $495.3 billion during the period of forecast from 2019 to 2026. The global market is segmented on the basis of product type, mode of ventilation, mobility type, technology, end user, and region. The report delivers in-depth insights on opportunities, vital segments, restraints, drivers, and prominent players of the global market. Our analysts stated that the growing prevalence of smoking, an increase in aged population, growing attentiveness related to technological development, and improvement in healthcare centers are the significant factors boosting the growth of global neonatal ventilator market. Conversely, high costs associated with neonatal ventilator system is expected to hamper the market growth during the forecast period. Moreover, growing prevalence of respiratory and neurological diseases and rising healthcare expenditure are likely to create enormous growth opportunities in the global industry in the coming years.
Non-Invasive Ventilation Segment to Subjugate the Industry
On the basis of product type, the global market for neonatal ventilator is segmented into non-invasive and invasive ventilation. The non-invasive ventilation subjugated the overall market in 2018 and is expected to reach up to $163.5 billion during the forecast period. The dominance of this segment is attributed to growing adoption of non-invasive ventilators as it provides benefits such as increased tolerance, no requirement of skilled employee to operate, availability outside of ICU, convenient to use, and reduced cost.
Combined Mode of Ventilation to Grow Exponentially
Depending on the mode of ventilation, the global industry is segmented into volume mode, combined mode, pressure mode, and others. The combined mode of ventilation segment is anticipated to rise at a CAGR of 7.7% and projected to garner $93.3 billion revenue during the period of forecast. This growth is mainly owing to increased versatility, auto PEEP, safe usage, reduced time for mechanical ventilation, decreased need of human manipulation, and prevention from causing Tachypnea.
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High Frequency Ventilator to Expand at Fastest Rate
Based on the technology, the neonatal ventilator market is segmented into mechanical ventilator, hybrid ventilator, volume targeted ventilator, and high frequency ventilator. Of these, the high frequency ventilator segment is estimated witness the fastest growth with 7.9% CAGR and is expected to surpass $147.3 billion by 2026. Decreased frequency and increased oxygenation, fresh gas flow, and amplitude are expected to boost the need for high frequency ventilator and thereby propel the segmental market growth in the coming future.
Portable/Transportable Ventilator Segment to Witness Considerable Growth
On the basis of mobility type, the global market for neonatal ventilator market is segmented into portable/transportable ventilators and intensive care ventilators. The portable/transportable ventilators segment is expected to generate $181.3 billion and grow at a CAGR of 7.7% during the forecast period. On the other hand, the intensive care ventilator are extensively used due to its beneficial factors such as advanced installation of caps, leak compensation, and proximal flow sensor that rises the precision of measurement.
Clinical Segment to be Most Lucrative
Based on the end use, the global neonatal ventilator industry is segmented into ambulatory surgical centers, clinics, hospitals, and others. The clinics segment accounted for $34.6 billion in 2018 and is estimated to rise at a CAGR of 8.1% during the period of forecast. This segment is projected to garner a revenue of $64.1 billion by 2026 owing to growing prevalence of respiratory and neurological diseases.
Major Market Players
Some of the key players functioning in the global neonatal ventilator market include Becton, Philips Healthcare, ResMed, Drager, Fisher & Paykel, Hamilton Medical Devices, Allied Healthcare Products, Air Liquide Medical Devices, Smiths Medical, and Getinge AB.
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