Noninvasive Ventilation Masks And Circuits Market is expected to witness a CAGR of 9% by the year 2030. With the way in which healthcare data gets accumulated these days (which could be inclusive of medical IoT solutions, DICOM files, and patient records), ultra-modern platforms like data fabrics are in the offing, so that distributed and structured data could be well-managed. This would be healthcare industry’s situation in the upcoming period.
Adoption of non-invasive ventilation masks and circuits will increase due to large procedural benefits that they offer – masks provide an optimal fit, along with minimizing pressure and leakage points. At present, there is increased demand for non-invasive ventilation masks and circuits due to the growing incidence of coronavirus disease, especially among the elderly population and those suffering from long-term chronic respiratory disorders, which provides an opportunity for manufacturers to innovate and increase their product sales.
Increasing collaborations and R&D investments toward developing disposable and reusable consumables, along with a refined distribution network are expected to boost the growth of the non-invasive ventilation masks and circuits market. The market was valued at US$ 2.4 Bn in 2019, and is expected to progress at a CAGR of more than 9% during the forecast period (2020–2030).
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Key Takeaways from Non-invasive Ventilation Masks and Circuits Market Study
- Based on product, due to superior product efficiency, non-invasive ventilation disposable and reusable masks together generated over 82% market value share in the global non-invasive ventilation masks and circuits market in 2019.
- Various product launches by key players along with technological advancements are expected to aid market growth over the coming period. For instance, in 2019, Hamilton added to the vented and non-vented adapters for single-use masks and the non-vented adapters for reusable masks.
- In terms of end user, hospitals hold over 55% value share in the global non-invasive ventilation masks and circuits market, due to increasing prevalence of respiratory disorders and the current outbreak of COVID-19. As a result, the use of non-invasive masks and circuits is increasing across emerging countries such as China, Brazil, and India.
- North America has captured over half market value share, and is expected to be the most lucrative region in the global non-invasive ventilation masks and circuits market during the forecast period. The market in the region is characterized by the higher prevalence and diagnosis rates of infectious diseases and more awareness regarding advanced non-invasive ventilation masks & circuits.
“Increasing adoption of non-invasive ventilation masks and circuits due to their large procedural benefits and availability of low-end product in most countries are some of the factors expected to aid the growth of the global non-invasive ventilation masks and circuits market in the coming years,” says a PMR analyst.
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Collaborations & Launching of New Products – An Imperative Strategy for Market Players
Market introduction of new, innovative products and collaboration with various larger as well as regional market players are some of the major factors responsible for intense competition among players in the global non-invasive ventilation masks and circuits market. Most companies in this market space are small and medium business enterprises, which limits the competition of market players to specific regions.
What else is in the report?
Persistence Market Research offers a unique perspective and actionable insights on the non-invasive ventilation masks and circuits market, in its latest study, presenting historical demand assessment of 2015–2019 and projections for 2020–2030, based on product (non-invasive ventilation masks, non-invasive ventilation circuits), application (anesthesia, respiratory dysfunction, chronic obstructive pulmonary diseases, pneumonia, others), and end user (hospitals, ambulatory surgical centers, critical care, neonatal intensive care, homecare settings), across seven key regions.
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