North America Ventilator Market Forecast 2019-2028
The North America ventilator market is expected to grow with a CAGR of 6.62%, across the forecast years of 2019 to 2028. The main factors propelling the market growth include the increasing aging population, rise in the incidence of respiratory diseases, surging premature births, increase in intensive care units (ICU), and initiatives by the governments and other organizations.
The North America ventilator market growth is assessed based on the analysis of Canada and the United States. The market growth in Canada is primarily attributed to the growing healthcare expenses, robust healthcare infrastructure, and awareness among the residents. The nation has witnessed a rise in demand for ventilators, given the coronavirus pandemic, and numerous strategies are being implemented to promote the production of ventilators. For instance, an 'Interim Order Respecting the Importation and Sale of Medical Devices for the Use in Relation to COVID-19', was released by Health Canada in March 2020. The regulatory declaration provides an accelerated stream for importing medical devices and ensures rapid access to the equipment.
Moreover, the approach ensures the quality, safety, and efficacy of products, in addition to the expedition. The combined contributions of public and private institutions have further escalated the market growth in Canada. The country's manufacturing units have formed an association, named, Ventilators for Canadians, to ensure the population's access to ventilators.
Some of the renowned companies in the market include, Hamilton Medical, Dragerwerk AG & Co KGAA, Getinge AB, Lowenstein Medical Innovation GmbH & Co KG, etc.
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