Mechanical ventilators, also known as breath machines, are medical devices used to provide mechanical ventilation by moving breathable air into and out of the lungs. It is used when natural or spontaneous breathing is not adequate to meet the body’s oxygen needs or when the person cannot breathe on his or her own due to injury, disease, or other conditions like COVID-19. Mechanical ventilators function by taking over for the muscle that normally move the lungs and ribs. They help move air in and out of the lungs when a person cannot breathe effectively on their own. With the ongoing COVID-19 pandemic, the demand for mechanical ventilators has increased significantly worldwide. According to WHO, as of December 2021, there have been over 265 million confirmed cases of COVID-19 globally, including over 5.2 million deaths, reported to WHO.
The global mechanical ventilators market is estimated to be valued at US$5467.52 million in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
As per the statistics from WHO, as of December 2021, there were over 265 million confirmed cases of COVID-19 globally which has significantly increased the demand for mechanical ventilators globally for treating critical COVID-19 patients. Further, the increase in geriatric population, prone to contract respiratory diseases, is also fueling the market growth. According to the United Nations, the number of people over 60 years is expected to reach nearly 2.1 billion by 2050 from 900 million in 2015, thus propelling the need for mechanical ventilators. However, the high cost associated with mechanical ventilators and lack of availability in low and middle-income countries may hamper the market growth over the forecast period.
Segment Analysis
The mechanical ventilators market is segmented into intensive care ventilators, portable/transportable ventilators. Intensive care ventilators hold the largest market share of over 65% as they are commonly used in ICUs for critically ill patients. These advanced ventilators offer versatile modes of ventilation and various parameters to adjust flow and pressure.
PEST Analysis
Political: Governments across countries are investing heavily to increase ventilator production capacity due to COVID-19 pandemic. Economic: Rising healthcare costs have increased demand for cost-effective mechanical ventilators. Social: Growing geriatric population and incidence of respiratory diseases have boosted ventilator adoption. Technological: Development of invasive and non-invasive ventilation, ventilation modes have expanded application areas.
Key Takeaways
The Global Mechanical Ventilators Market Size is expected to witness high growth. The global mechanical ventilators market is estimated to be valued at US$5467.52 million in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030.
North America holds the largest market share currently due to presence of major players and rapid adoption of new technologies. Europe follows next owing to increasing ICU admissions. Asia Pacific is expected to show fastest growth due to rising healthcare infrastructure, growing population and increasing healthcare expenditure.
Key players operating in the mechanical ventilators market are Philips Healthcare, ResMed, Medtronic, Fisher & Paykel Healthcare, Dräger, Smiths Group, Hamilton Medical, Getinge, GE Healthcare, Air Liquide, Airon Corporation, Zoll Medical, Allied Healthcare Products, Schiller, and Hill-Rom. Intensive care ventilators segment dominated the market owing to increasing ICU admissions and preference by clinicians for advanced life-support ventilation therapies. Portable ventilators segment is expected to show high growth during the forecast period due to advantages such as mobility and ease of transportation.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it