MECHANICAL VENTILATORS MARKET ANALYSIS
The global mechanical ventilators market is estimated to be valued at USD 5.78 Bn in 2024 and is expected to reach USD 9.41 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
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The key factors such as the rising geriatric population, growing number of intensive care unit beds, and increasing incidence of respiratory diseases will support the market growth. Additionally, technological advancements in ventilators such as use of advanced modes of ventilation, development of portable and transportable ventilators, and integration of ventilators with electronic medical records (EMRs) are expected to provide opportunities for market growth over the forecast period.
Market Driver – Increasing Incidences of Respiratory Disorders
The global respiratory devices market is being driven higher by the increasing prevalence of various respiratory diseases worldwide. Conditions such as chronic obstructive pulmonary disease (COPD) and asthma continue affecting millions of people and are major health issues in both developed and developing countries. Chronic obstructive pulmonary disease (COPD) in particular has risen to become a leading cause of death globally in recent years. The high instance of respiratory illnesses can be attributed to factors like rising air pollution levels, growing elderly population, and changing lifestyles involving smoking and lack of physical activity. For instance, according to the World Health Organization fact sheet released in March 2023, over 200 million individuals are affected by chronic obstructive pulmonary disease (COPD), causing 3.23 million deaths in 2019 and 65 million experiencing moderate-to-severe COPD. Moreover, sleep-disordered breathing affects around 1-6% of the adult population, which amounts to more than 100 million people. The urgent need to address this growing respiratory disease burden through effective therapeutic and diagnostic solutions is a key market growth catalyst. Device manufacturers are ramping up their product portfolios to meet the provider demand arising from the expanding patient pools.
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Increasing Product Launches by Key Market PlayersIncreasing adoption of inorganic growth strategies, such as product launches, by key market players is expected to drive the global respiratory devices market growth over the forecast period. For instance, in January 2020, ICU Medical, Inc., a medical device company, announced that it had launched Portex, a Polyvinyl Chloride (PVC) tracheostomy tube, which is used to facilitate the administration of positive pressure ventilation to provide a patent airway in patients prone to upper airway obstruction, and to provide access to the lower respiratory tract for airway clearance.
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Market Challenges – Increasing Product RecallsIncreasing number of product recalls by regulatory authorities such as the U.S. Food and Drug Administration is expected to hinder the market growth over the forecast period. For instance, in September 2022, the U.S. Food and Drug Administration recalled a class I BiPAP machine, a type of ventilator, which is manufactured by Koninklijke Philips N.V., a medical device company. The device was recalled because the machines may contain plastic in their motors that release volatile organic compounds which have the risk for users inhaling dangerous volatile organic compounds and the plastic could also cause device failure.
Market Opportunities – Increasing Awareness Campaigns
Increasing adoption of inorganic growth strategies such as launch of awareness campaigns. For instance, in November 2022, Reckitt Benckiser Group plc, a U.K.-based multinational consumer goods company, launched a new education and early detection campaign for patients with undiagnosed chronic obstructive pulmonary disease (COPD).
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Insights, By Product Type: Critical Care Demand Drives the Critical Care Ventilators SegmentThe product type segment includes critical care mechanical ventilators, neonatal mechanical ventilators, transport, and portable mechanical ventilators. The critical care mechanical ventilators sub-segment is estimated to hold 56.9% of the market share in 2024 owing to high demand from ICUs and emergency departments. Critical care ventilators are specifically designed to support life for patients suffering from severe respiratory disease or trauma. Their advanced functionality and monitoring capabilities make them indispensable for high-acuity respiratory support. This segment has seen rising demand due to the growing prevalence of chronic respiratory conditions worldwide. Diseases like chronic obstructive pulmonary disease (COPD), asthma, respiratory infections, and cystic fibrosis all require critical ventilator support at some point. An aging global population is another factor, as respiratory health generally declines with age. Neonatal and emergency transport ventilators simply cannot meet the monitoring and treatment demands of severe adult cases.
Insights, End User: Hospitals Generate Peak Ventilator Demand
The end user segment includes hospitals, ambulatory surgical centers, specialty clinics, and others. The hospitals sub-segment is estimated to hold 32.4% of the market share in 2024. This is because they are treating the most severe respiratory cases requiring intensive ventilator therapy. Large hospital ICU and emergency departments house scores of ventilated patients at any given time. Public hospitals especially see heavy ventilation caseloads, as they are mandated to treat all patients regardless of their ability to pay. The acute care setting within hospitals also demands highly featured critical care ventilators capable of precise, continuous respiratory support. Portable and home-use ventilators do not offer the same monitoring sophistication required in hospital floors. In addition, hospital-affiliated pulmonary and respiratory departments perform many invasive diagnostic procedures and complex surgeries requiring general anesthesia and postoperative ventilation. This contributes steady demand beyond the ICU. Respiratory specialty hospitals catering to chronic lung disease also depend greatly on mechanical ventilation for round-the-clock symptom management.
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North America remains the dominant region in the global genome engineering market and is estimated to hold 38.7% of the market share in 2024. The presence of leading medical device manufacturers, such as Medtronic, ResMed, and many others, has led to strong production capabilities and technological expertise in the region. Moreover, the large healthcare expenditure and presence of advanced healthcare infrastructure have ensured a huge demand for critical care equipment like mechanical ventilators. The U.S. alone accounts for over half the market size in the region attributable to the large patient population and demand for advanced respiratory care equipment.
The fastest growing region for the mechanical ventilators market is Asia Pacific excluding Japan. Several factors are contributing to the rise of APEJ. There is a large patient pool suffering from chronic respiratory diseases due to growing geriatric population, pollution, and changing lifestyles. This is generating increased needs for ventilators. Additionally, developing healthcare infrastructure and governments' priorities on non-communicable diseases are raising ventilator access. The presence of medical device manufacturing hubs in countries like China and India is also boosting local production.
Mechanical Ventilators Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 5.78 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 7.2% | 2031 Value Projection: | US$ 9.41 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Fisher & Paykel Healthcare Limited, Getinge, Hamilton Medical, Medtronic, ICU Medical, Inc., Dragerwerk AG & Co. KGaA, ZOLL Medical Corporation, Koninklijke Philips N.V., VYAIRE, ResMed, Max Ventilator, Inspiration Healthcare Group plc., CorVent Medical Inc., and Inovytec |
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*Definition: A mechanical ventilator is a machine or device that helps to breathe and partially or completely supports the functions of the lungs. Ventilator helps to remove carbon dioxide from the lungs and provides oxygen to the body. It also provides pressure to keep the small air sacks in the lungs from collapsing. Mechanical ventilation is a form of life support that helps to breathe (ventilate) when a person cannot breathe on own during surgery.
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