Respiratory Ventilator Tester Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product (Portable, Desktop, Others); Application (Anesthesia Gas Delivery Machine Testing, Oxygen Concentrator Testing, Others); End-user (Hospitals and Specialty Clinics, Ambulatory Surgical Centers, Home Care Settings, Others) and Geography
The respiratory ventilator tester market was valued at US$ 148.00 million in 2019 and is projected to reach US$ 199.20 million by 2027; it is expected to grow at a CAGR of 3.8% from 2020 to 2027.
The growth of the market is mainly attributed to factors such as growing prevalence of respiratory diseases and increasing geriatric population. However, unfavorable reimbursement scenario is likely to hamper the market growth during the forecast period.
The rise in life expectancy worldwide drives the geriatric population growth. Most people expect to live into their sixties and beyond. According to the World Health Organization (WHO), the global population share of people with age >60 would nearly double from 12% to 22% from 2015 to 2050. This rise in the elderly population has led to an increase in the geriatric ailments, leading to greater requirement of intensive care, which includes mechanical ventilation.
Elderly patients are progressively opting for intensive care unit (ICU) treatment with mechanical ventilation (MV). Non-invasive ventilation (NIV) is a better alternative to be used for elderly patients admitted to hospitals for the treatment of respiratory diseases. According to one of the studies published in Medicina Intensiva, the journal of the Spanish Society of Intensive and Critical Care Medicine and Coronary Units (SEMICIUC), patients with age >75 exhibit significantly greater in-ICU mechanical ventilation requirements.
Aging is the main factor that contributes to the increase in chronic-degenerative disease cases, and in a few cases, it leads to the need for interventions that require admission to ICUs. Thus, rapid growth in the geriatric population is directly proportional to the demand for ventilator support, which is fueling the global respiratory ventilator tester market growth. Thus, rapid increase in geriatric population, is expected to boost the market growth.
Based on product, the global respiratory ventilator tester market is segmented into portable, desktop, others. The portable segment held the largest share of the market in 2019, and same segment is anticipated to register the highest CAGR of 4.2 % in the market during the forecast period. Increasing number of patients with severe respiratory diseases, and launch of innovative technologies are the major factors contributing to the growth of the market for portable respiratory ventilator tester.
Based on application, the respiratory ventilator tester market is segmented into anesthesia gas delivery machine testing, oxygen concentrator testing, others. The anesthesia gas delivery machine testing segment held the largest share of the market in 2019, whereas the oxygen concentrator testing segment is anticipated to register the highest CAGR of 4.4% in the market during the forecast period.
Based on end user, the respiratory ventilator tester market is categorized into hospitals and specialty clinics, ambulatory surgical centers, home care settings, others. In 2019, the hospitals and clinics segment held the largest share of the market, by end user. Moreover, the same segment is expected to grow at the fastest rate during the forecast period.
The World Health Organization, National Hospital Ambulatory Medical Care Survey, World Population Prospects, European Centre for Disease Prevention and Control, and Spanish Society of Intensive and Critical Care Medicine and Coronary Units are among the major primary and secondary sources referred for preparing this report.
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