Yahoo Finance Mechanical Ventilators Market Size to Hit USD 19.2 Bn by 2030
According to Precedence Research, the global mechanical ventilators market size is predicted to hit around USD 19.2 billion by 2030 and registering growth at a CAGR of 14.01% over the forecast period 2022 to 2030.
Ottawa, Sept. 29, 2022 (GLOBE NEWSWIRE) -- The global mechanical ventilators market size was valued at USD 5.9 billion in 2021. Critically ill patients who are unable to breathe by self are supported by mechanical ventilator which is a device used to support breathing of patients. A hollow tube is inserted into the patient's oral cavity and down inside their trachea to connect the ventilator, which acts as artificial airway. Mechanical ventilators are also used to measure static compliance of airway resistance. Respiratory system abnormalities are diagnosed with this machine.
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Key Insights:
By product, the critical care ventilators segment has captured 36% revenue share in 2021.
By ventilation mode, the non-invasive segment has captured 57% market share in 2021.
By end-use, the hospitals segment has generated 46% market share in 2021.
North America region has accounted market share of 56% in 2021.
Regional Snapshots
North America proves to be a leading market for the mechanical ventilator market owing to the increasing number of chronic diseases. The government initiative to increase the production and supply of mechanical ventilator also proves to be a boon to the market growth. The increase in the number of hospitals and diagnostic centre also help the market size of the region.
The Asia Pacific market also shows a significant growth during the forecast period. The high population residing in this region demands for a high demand for mechanical ventilators as a result of the increase in long term diseases.
Report highlights
On the basis of the product the intensive care ventilator segment is expected to have a good market growth in the future. These are used in acute respiratory problems and difficulty in breathing.
The non-invasive ventilation segment had a market share of about 21% till the year 2020 and it will grow well during the forecast period. The benefits provided by these noninvasive mechanical ventilators are higher concentration of oxygen and precision, these factors are driving the market growth.
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Scope of the Report
Report Attributes | Details |
Market Size in 2021 | USD 5.9 Billion |
Revenue Forecast by 2030 | USD 19.2 Billion |
North America Market Share | 56% in 2021 |
CAGR | 14.02% from 2022 to 2030 |
Base Year | 2021 |
Forecast Year | 2022 to 2030 |
Key Players | Getinge AB, Medtronic, Vyaire Medical Inc., Drägerwerk AG & Co. KGaA, Hamilton Medical, General Electric Company, Koninklijke Philips N.V., ICU Medical, Inc., ZOLL Medical Corporation, and Shenzhen Mindray Bio-Medical Electronics Co., Ltd. |
Market Dynamics
Drivers
The pandemic of Covid-19 provided a tremendous boost to the mechanical ventilator market. Heavy sales were recorded owing to the huge demand from all over the World. Increase in the varied respiratory system disorders also helps to boost the market during the forecast period. Increase in the geriatric population leads to the increasing number of patients suffering with chronic ailments. Thus the need for mechanical ventilator arises.
Urbanization has led to use of vehicles which has polluted the air, thus increasing the number of respiratory diseases. Other medical conditions where the oxygen holding capacity of the patient drops below normal, the mechanical ventilators act as a life support hence proves to be another driving force to boost the market of such vital equpiments. All these factors act as a driving force for the growth of the ventilator market during the forecast period.
Restraints
The high cost associated with the use of mechanical ventilator makes it difficult for the people to opt for such services. The production cost of such advanced equipment also poses a challenge in front of the medical field. The increased chances of hospital acquired infection also hinders the market growth. The increased risk of COPD in the patient post treatment by mechanical ventilator also affects the market growth worldwide.
Opportunities
Patient-specific parameters, such as air pressure and flow speed, and general settings, such as air capacity, air volume, mechanical faults, power failure, battery issues, and are equipped with sensors and screens. New portable mechanical ventilators are lighter and more compact as compared to the earlier ones. The latest ventilation mechanisms combine responsive leak with circuit compensation and precision flow trigger modes to facilitate easy breathing and accurate treatment. In recent times, manufacturers have developed wireless portable ventilators to create a significant impact on patient results.
Challenges
Respiratory diseases such as asthma, tuberculosis and COPD are largely undiagnosed and neglected. This is particularly evident in developing economies as a result of the lower awareness and lack of adequate resources to diagnose these ailments. As per the WHO, more than 88% of COPD deaths and 80% of asthma deaths take place in low- and middle socioeconomic countries.
COPD develops gradually, and it is commonly diagnosed in individuals aged over 42 years, which makes it tedious to control in the later stages of the disease. Approximately 70% of COPD patients remain undiagnosed as a result of lack of awareness. Like COPD, asthma also remains highly undiagnosed and neglected in around 60% of asthmatics. The untreated number of subjects for respiratory disorders is restricting the use of mechanical ventilators.
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Recent Developments
In May 2021, CE Mark approval was granted to CorVent Medical which launched the global use of its RESPOND-19 Ventilator in the region of Europe. This system is formulated for ease of access and flexible spread of critical care ventilation capacity to help the hospitals to improve management of critical patients suffering from acute respiratory distress syndrome (ARDS).
In January 2022, OES Medical and the ABHI UK Pavilion at Arab Health 2022 joined hands to launch a new mains-powered ICU ventilator to assist hospitals deal with the oxygen demand.
Market Segmentation
By Product
Intensive Care Ventilators
High-end
Mid-end
Basic-end
Portable/Transport/Ambulatory
Neonatal Care
Others
By Ventilation Mode
Invasive Ventilation
Non-Invasive Ventilation
CPAP
BiPAP
Others
By Type
Pediatric & Neonatal
Adult
Geriatric
By Component
Devices
Services
By Application
Resuscitation
Homecare Applications
Emergency/Transport
Sleep Apnea Therapy
Anesthesiology
Clinical Applications
Others
By End-User
Hospitals
Ambulatory Care Centers
Other
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa (MEA)
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