The Mechanical Ventilators Market is estimated to be valued at US$ 5467.52 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mechanical ventilators are medical devices used to provide mechanical ventilation by delivering breatheable air in and out of the lungs. They are generally used in intensive care units for patients with respiratory failure or difficulties. Mechanical ventilators allow patients to breathe when they are physically unable to breathe or having trouble breathing adequately. The devices monitor respiration and adjust pressure, air volume, and other factors to maintain healthy oxygen levels. They are used to treat various medical conditions such as chronic obstructive pulmonary disease (COPD), pneumonia, and acute respiratory distress syndrome (ARDS).
Market Dynamics:
Two key drivers contributing to the growth of the Global Mechanical Ventilators Market Size include rising cases of respiratory diseases and increasing geriatric population. According to the World Health Organization (WHO), respiratory diseases account for one in six deaths globally each year. Chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide. The increasing incidence of respiratory diseases is resulting in the growing demand for mechanical ventilators for treatment. Additionally, the world’s geriatric population aged 60 years and above has increased from 962 million in 2017 to 1.4 billion in 2030 according to the United Nations. The elderly population is more prone to chronic respiratory conditions and critical illnesses requiring ventilation, thus propelling the mechanical ventilators market growth.
Segment Analysis
The global mechanical ventilators market is segmented by product type, interface, end-use and modality. Based on product type, the invasive ventilators segment is dominating the market as they are considered the gold standard for ventilation. Invasive ventilators provide a secure airway and are often required for critically ill patients who are unable to breathe adequately on their own.
PEST Analysis
Political: Governments across countries are increasing their healthcare budgets to boost infrastructure and availability of critical care equipment like mechanical ventilators.
Economic: RisingPer capita healthcare expenditure is driving demand for advanced medical devices. The outbreak of COVID-19 has also accelerated spending on ventilators.
Social: Growing elderly population suffering from chronic respiratory diseasesand an increasing number of pre-term births requiring ventilators are adding to market growth.
Technological: Development of portable and non-invasive ventilators that are user-friendly and provide precision in respiration are gaining popularity.
Key Takeaways
The global mechanical ventilators market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing prevalence of respiratory diseases. North America is projected to dominate the market during the forecast period. This is attributed to increasing Covid-19 cases, presence of major players and accessibility to advanced healthcare technologies.
Regional analysis: North America is expected to hold the largest share in the global mechanical ventilators market due to increasing COVID-19 cases and growing elderly population suffering from chronic respiratory conditions in the US and Canada.
Key players: Key players operating in the mechanical ventilators market are Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Getinge AB, General Electric Company, Hamilton Medical, Medtronic, ICU Medical, Inc., Dragerwerk AG & Co. KGaA, ZOLL Medical Corporation, Koninklijke Philips N.V., VYAIRE, Fisher & Paykel Healthcare Limited, ResMed, Max Ventilator (A.B.Industries), NIHON KOHDEN CORPORATION, Inspiration Healthcare Group plc., CorVent Medical Inc., Inovytec, InnAccel Technologies Pvt Ltd., and OES Medical.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it