Ventilators Market And Its Driving FactorsPublished On: May 22, 2018
Rising incidence of respiratory diseases with changing lifestyle, tobacco consumption, and air pollution with urbanization is promoting the demand for ventilators market.
The respiratory disease causes a massive worldwide health burden triggering the demand for global ventilators market. According to the WHO, about 65 million people suffer from chronic obstructive pulmonary disease (COPD) and 3 million dies from it each year, making it the third leading cause of death worldwide. About 334 million people suffer from asthma, the most common chronic disease of childhood affecting 14% of all children globally in 2014. However, in 2015, 10.4 million people developed tuberculosis (TB) and 1.4 million people died from it. Similarly, according to European Respiratory Society estimates, approximately 235 million people were suffering from asthma, and more than 200 million people had the chronic obstructive pulmonary disease (COPD) globally in 2014. However, 65 million endure moderate-to-severe COPD annually and this number is estimated to increase in near future.
This surge in the incidence of respiratory diseases is further supported by changing lifestyle, tobacco consumption, and rising air pollution with urbanization. For instance, according to WHO, over 1.1 billion people smoked tobacco globally in 2015 and use of tobacco (smoking and smokeless) was responsible for the death of about 6 million people across the world in 2015 and this number is estimated to reach more than 8 million by 2030.
According to the WHO Global Status Report on NCDs 2010, smoking is estimated to cause about 71% of all lung cancer deaths and 42% of chronic respiratory disease worldwide; therefore tobacco consumption drives the incidence of respiratory diseases.
In addition, the trend of urbanization is very common across the globe. For instance, according to United Nation, 30% of the world’s population was living in the urban area in 1950 and this share is projected to reach 66% by 2050. The major portion of the most developed regions is living in urban area. In contrast, Africa and Asia are urbanizing faster than the other regions and are respectively projected to become 56% and 64% urban by 2050.The rising urbanization relatively increases the level air population across the globe due to rising deforestation, rising harmful emissions from various industries and rising use of vehicles. Exposure to air pollution has many significant adverse effects on human health including their respiratory system and therefore rising level pollution with urbanization triggers the incidence of respiratory disease. Thus, increasing level of air pollution with rising urbanization and rising exposure to tobacco consumption is significantly promoting the incidence & the prevalence of respiratory diseases across the globe.
Ventilation support is a very common intervention applied to the patients with respiratory diseases for the recovery along with other medications and hence rising incidence & the prevalence of respiratory diseases across the globe are expected to drive the growth of ventilators market during the forecast period. The growth in incidence & prevalence of respiratory diseases is further triggered with the rising exposure to tobacco smoking and increasing air pollution with urbanization, which are further estimated to boost the growth of ventilators market.
‘The ventilators market is expected to grow at a CAGR of 7.2% during the forecast period to reach USD 2,636.2 million by 2023’, according to the Meticulous Research®.
Browse in depth Report: Ventilator Market- Global Opportunity Analysis and Industry Forecasts to 2023