The global ventilator test systems market size was USD 146.9 Million and is anticipated to expand USD 190.7 Million, expanding at a CAGR of 3.6% during forecast period, 2021-2028. The growth of the market is attributed to rising prevalence of chronic obstructive pulmonary disease and rapid growth of the healthcare industry.
A ventilator is a machine that pumps air at necessary pressure for inflating the lungs of a person who is unable to breath for certain medical reasons. This machine induces positive pressure to lungs, which is negative in the case of lungs during breathing. Ventilator has two valves present that helps in inhalation and exhalation of air.
Ventilator test systems are designed to test various parameters of ventilator performance such as to measure the flow of nitrous oxide, air, and oxygen and pressure. They are also used to measure parameters including volume, flow, respiratory rate, stacked volume, I:E ratio, and oxygen concentration.
Market Drivers, Restraints, Trends, and Opportunities
- Increasing investment on the healthcare infrastructure is expected to positively influence the market growth.
- The COVID-19 pandemic increased the demand for ventilators across the globe. This, in turn, encouraged healthcare companies increase their production, positively influencing the growth of the market.
- Ongoing technological advancement in microprocessor-controlled ventilation systems is anticipated to create lucrative opportunities during the forecast period.
Global Ventilator Test System Market Segment Insights
Critical care ventilators segment to account a significant market share
Based on types, the market is segmented into critical care ventilators, neonatal ventilators, and transport & portable ventilators. The critical care ventilators segment is expected to anticipated to account for a significant market share during forecast period. Increasing number of COVID-19 cases is anticipated to spur the segment growth. Moreover, rising number of accidents is expected to drive the critical care ventilators segment growth.
Hospitals and clinics segment to exhibit a high CAGR
On the basis of applications, the market is divided into hospitals & clinics, home care, ambulatory surgical centers, and emergency medical services. The hospitals and clinics segment is expected to expand at a CAGR of 3.8% during forecast period. The hospitals and clinics segment is expected to account for more than 25% of the market share of the revenue in the projected timeline.
The home care segment is expected to exhibit a robust CAGR during the forecast period. Increasing prevalence of chronic diseases and rising geriatric population are driving the segment growth. Home care reduces the costs of healthcare, which encourages patients to deploy ventilators at home.
North America to dominate the market.
In terms of regions, the market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. The market in North America was valued around USD 43.7 Million in the year 2020, and is expected to dominate the market during the forecast period. Early adoption of latest technologies and presence of major industry players are driving the regional market growth. In North-America, the market in Canada is anticipated to expand at CAGR 3.2% during the forecast period 2021-2028. Whereas the market in Asia Pacific is anticipated to expand at a robust CGR owing to increasing government initiatives to increase the supply of ventilators and increasing number of manufacturers in emerging economies such as India and China.
Compititive Landscape
The major players of the market are TSI, Fortive, USCOM, Seaward Electronic, Datrend System, IngMar Medical, Michigan Instruments, SunMed, Philips and Instrumentation Industries. Companies are engaging in acquisition and mergers, research & development, and product development to expand their market share.