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Report Predicts 4% Compound Annual Growth Rate by 2033
India, March 19, 2024 – A recent report by GlobalData, a leading data and analytics company, forecasts a significant growth trajectory for the critical care ventilator services market in India, driven by increasing cases of chronic respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD) and asthma. The report suggests that the market is poised to expand at a compound annual growth rate (CAGR) of 4% by the year 2033.
According to the report, India accounted for approximately 21% of the critical care ventilator market in the Asia-Pacific region in 2023, reflecting the nation’s growing demand for respiratory support services.
Kanchan Chauhan, Medical Devices Analyst at GlobalData, attributed the rising prevalence of respiratory diseases in India to factors such as urbanization, industrial expansion, and worsening air pollution. She emphasized that the COVID-19 pandemic has further underscored the critical importance of ventilators in treating patients with severe respiratory issues.
Furthermore, the report highlights the increasing demand for critical care admissions in India, driven by factors such as an ageing population and evolving disease trends. Chauhan noted that patients with severe respiratory illnesses often require intensive care and mechanical ventilation, thereby driving up the need for critical care services and equipment, including ventilators, in hospitals nationwide.
“In conclusion, India’s healthcare sector is undergoing a remarkable evolution driven by technological progress, particularly evident in critical care ventilators. The nation’s proactive response to the rising prevalence of respiratory diseases and an ageing population underscores its commitment to innovation, safety, and improving public health outcomes,” Chauhan stated.
The findings of the report shed light on the growing importance of critical care ventilator services in India’s healthcare landscape, emphasizing the need for continued investment and innovation to meet the rising demand for respiratory support services and improve patient outcomes.
