The ventilator industry garners $1,560.30 million revenue, and is projected to contribute $2,887.32 million revenue in 2030, rising at a rate of 7.1%. It is led by the growing prevalence of chronic diseases such as asthma, and chronic obstructive pulmonary disease across the world.
In addition, the industry is projected to rise in the coming years, due to increasing incidences of preterm births, a surging elderly population, a rising number of ICU beds, and a growing number of COVID-19 patients.
Ventilators are also known as breathing machines. They help the lungs to work effectively. It serves as a lifesaving machine if you have developed a disease that makes breathing difficult on your own.
It helps in pushing the air in and out of the lungs to cater to the oxygen need of the body. A fitted mask can help in getting enough oxygen from the ventilator to the lungs. In a more serious condition, a breathing tube is inserted down the throat for supplying oxygen to the lungs.
A doctor or respiratory therapist controls the amount of oxygen that needs to be pushed into the lungs by the ventilator.
Ventilators serve as breathing aids and are widely used in healthcare facilities, including nursing homes, hospitals, private residences, and long-term care institutions. Severe COVID-19 patients at high risk of respiratory failure can be benefitted effectively through ventilators.
The major advantages of ventilators include weaning, improved oxygenation, and lesser damage to the lungs are projected to boost the industry revenue.
In addition, ventilators have transformed effectively with technological developments, such as advancements in ventilator sensor technologies, and the development of portable ventilators.
Moreover, the rising demand for home healthcare services provides better opportunities to industry players. The home healthcare ventilator demand is rising, due to the convenience offered them and low cost.