Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- From 2013 to 2019, the global market for mechanical ventilators is likely to register a CAGR of 6.6%. The market was worth US$2,715.7 million in 2012 and is therefore estimated to reach an overall value of US$4,248.7 million in 2019.Transparency Market Research has released a research report titled "Mechanical Ventilators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019." The report's purpose is to distinguish between the numerous growth drivers and restraints of this market, along with historic and forecast data to provide a complete statistical view.
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According to the report, the global mechanical ventilators market has already witnessed significant growth in the past two decades. The basis of this growth has been technological innovation. The current market is growing due to an increasing preference for and usage of home-care ventilators and portable ventilators.One of the key reasons for the growth of the global mechanical ventilators market is the disposable apparatus used in these devices. The report's analyst states, "Improvements in the structural design that is combined with technological innovation and a wider range of usage settings on mechanical ventilators has greatly changed the construction, nature of use, and rate of use of disposables in the devices."
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Other driving factors for the global mechanical ventilators market are enhancement of respiratory care device technologies, increasing counts of chronic and obstructive pulmonary diseases, and a growing population of the elderly. The report's segmented view shows that critical care mechanical ventilators have held the largest market share since 2012. The segment's worth in 2012 was US$1,256.3 million. The same segment is expected to grow at a CAGR of 5% during the report's forecast period.
The geographical segmentation of the report reveals North America as the dominant region in the global mechanical ventilators market. The report also says that the region will continue this trend for the rest of the forecast period. Reasons for this have been cited as rapid adoption of novel technologies, improved reimbursement policies, and enhanced healthcare infrastructure.
The growing rate of neonatal mortality in emerging economies of China, Singapore, Thailand, and India have prompted growth in the Asia Pacific region. The region also experiences growth in the global mechanical ventilators market through other factors such as economic development and reducing unmet medical needs.The highest growth is shown by the Asia Pacific region, which has a CAGR of more than 7% within the report's forecast period.
Some of the leading companies in the global mechanical ventilators market as discussed in the report are Covidien PLC, Smiths Medical, Philips Respironics, Inc., Maquet GnBH and Co. KG, and Draeger Medical GmBH.
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Source:Transparency Market Research