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The mechanical ventilators market size is forecast to increase by USD 2.01 billion at a CAGR of 6.78% between 2023 and 2028. The growth trajectory of the market is influenced by various factors. Firstly, the expanding healthcare infrastructure and increased health expenditure bolster market development, ensuring better access to healthcare services. Secondly, the global ageing population contributes significantly to market expansion, driving the demand for healthcare products and services tailored to the needs of older adults. Lastly, the continual expansion of product portfolios through new launches injects dynamism into the market, offering innovative solutions to address evolving healthcare challenges. These factors collectively shape the landscape of the healthcare industry, fostering innovation, improving patient outcomes, and creating opportunities for market growth and advancement.
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The market is driven by the increasing prevalence of chronic respiratory conditions such as Chronic Obstructive Pulmonary Disease (COPD), Asthma, and Obstructive Sleep Apnea (OSA). Rising cases of acute respiratory distress syndrome and pulmonary embolism also contribute to market growth. Moreover, advancements in respiratory interventions and therapeutic respiratory devices propel market expansion. However, challenges such as ventilator associated pneumonia and the management of pediatric and neonatal cases pose significant hurdles. Additionally, ensuring the mobility and efficient disease management of patients remain key challenges in the market.
Growing healthcare infrastructure and health expenditure is the key factor driving the growth of the market. The ventilator market is growing significantly due to improvements in medical infrastructure. The infrastructure for planning, evaluating, delivering, and implementing public health improvements is often referred to as health infrastructure. The outbreak of the COVID-19 pandemic has increased the demand for better healthcare facilities and infrastructure readiness. To meet urgent needs and avoid shortages of emergency medical equipment, many hospitals are increasing their ventilator capacity.
For instance, National Health Expenditures (NHE) increased by 2.7% to USD 4.3 trillion in 2021 or USD 12,914 per person, and it represented 18.3% of the GDP. Spending on Medicare increased by 8.4% to USD 900.8 billion in 2021 or 21% of all NHE. Medicaid spending increased by 9.2% to USD 734.0 billion in 2021, representing 17% of all NHE spending. As a result, the market for mechanical ventilators is expanding as a result of the expanding healthcare expenditure and infrastructure. This is expected to boost the growth of the market during the forecast period.
The growing number of product innovations is the primary trend in the market. To reduce ventilator workload, companies are investing in research and development of new products that automate ventilators based on rate, support control, and time. For instance, OES Medical, a UK-based manufacturer of anesthesia accessories and equipment, introduced the Gemini-G100, an electrically driven piston ICU ventilator, in January 2022. The brand-new Gemini-G100 is intended to support intensive care teams everywhere where the availability of high-pressure oxygen gas is an issue. It doesn't put any strain on the hospital's oxygen supply and only needs electricity.
Similarly, in January 2022, OES Medical joined the ABHI UK Pavilion at Arab Health 2022 to introduce a new mains-powered ICU ventilator that is expected to help hospitals control their oxygen demand. Such a growing number of product innovations is one of the growing trends which is expected to drive the growth of the global mechanical ventilators market during the forecast period.
Several risks associated with the use of mechanical ventilators are a major challenge to the growth of the market. There are several problems that can develop from using a ventilator such as infections, collapsed lung (pneumothorax), lung damage, and inability to discontinue ventilator support. In infections, Pneumonia can be a serious issue and is more common in patients who are on a ventilator. While the pneumonia is being treated with antibiotics, a patient may need to stay on the ventilator for a longer period. A weak spot or hole in the lung may occasionally develop, allowing air to escape and leading to lung collapse. Loss of life may result from a severe lung collapse.
Moreover, the pressure of using a ventilator to force air into the lungs and extremely high oxygen levels can harm the lungs. Sometimes, despite receiving treatment, the condition that necessitated the use of a ventilator does not get better. The medical staff will then talk to you about your preferences for treatment, including whether you want to stay on the ventilator going forward. Thus, several risks associated with the use of mechanical ventilators are expected to become a major challenge for the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Fisher and Paykel Healthcare Corp. Ltd.: The company offers mechanical ventilators such as F and P 950 Humidification System.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is a critical segment within the healthcare industry, addressing a wide array of respiratory conditions. Chronic respiratory conditions like Chronic Obstructive Pulmonary Disease (COPD), Asthma, and Obstructive Sleep Apnea (OSA) necessitate the use of ventilators for effective management. From acute respiratory distress syndrome to pulmonary embolism, ventilators play a vital role in supporting patients with various respiratory interventions. This market caters to both pediatric and adult cases, offering solutions for a diverse range of patients. With advancements in technology and increasing focus on disease management, the demand for therapeutic respiratory devices continues to rise. The market also encompasses devices for neonates, addressing acute medical conditions and enhancing mobility for patients with respiratory disorders.
The market share growth by the hospitals segment will be significant during the forecast period. The increasing number of public and private specialty hospitals is expected to influence the growth of the hospital segment in this global mechanical ventilation market during the forecast period.
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The hospitals segment was valued at USD 1.84 billion in 2018. The increasing prevalence of the disease, especially among the elderly, has increased the demand for various medical devices such as hospital ventilators. Several advanced devices and innovations have improved the reliability of ventilators and increased their demand in medical facilities such as hospitals. This is expected to drive the growth of the hospital segment, which in turn drives the growth of the market during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In North America, the incidence and prevalence of several chronic diseases, such as heart disease and cancer, have increased significantly. For instance, according to projections, there were 1,898,160 new cancer cases and 608,570 cancer deaths in the US in 2021. The increasing number of cases of such chronic diseases has increased the demand for surgical intervention as part of the overall treatment.
In some cases, patients are admitted to the intensive care unit or intensive care unit for hours or days after surgery. Intensive care ventilators are used in such cases to provide temporary ventilatory or breathing assistance to patients who cannot breathe on their own. The effects of the general anesthesia used during surgery continue for some time after surgery, so patients who are transferred to the intensive care unit are put on a ventilator. This is anticipated to drive the growth of the North American ventilator market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is witnessing rapid growth owing to factors such as the increasing prevalence of respiratory conditions like Exertional Dyspnea and the rising geriatric population and aging populations. With technological advanced devices, ventilators are becoming more sophisticated, ensuring patient comfort while delivering optimal efficacy and improving treatment outcomes. Smart technology and digital sensors are revolutionizing the field, enhancing the performance of mechanical ventilators. Moreover, with the rise of non-invasive ventilators, there's a growing trend towards home care and treatment in ambulatory centers, supported by skilled healthcare providers. Regulatory standardization and healthcare reforms are further shaping the market landscape, ensuring the safety and quality of artificial breathing devices for various conditions like Spinal Cord Injury and Stroke. In addition, lifestyle influences have led to an increased demand for Non-Invasive Ventilators, especially in Home Healthcare settings where patients receive Point of Care Treatment.
Further, the market is bolstered by the expanding Therapeutic Respiratory Devices Market, addressing specific needs such as Pediatric Cases and supporting initiatives like the Vaccination Program. However, challenges persist, including the risk of Ventilator-Associated Pneumonia and the necessity for innovative Artificial Breathing Devices to ensure optimal patient care and outcomes. With a focus on patient comfort and efficiency, Non invasive ventilators have become increasingly popular, especially for Point-of-Care Treatment in various healthcare settings. However, challenges such as Ventilator-Associated Pneumonia necessitate the development of innovative solutions, including advanced Artificial breathing device, to ensure optimal patient care and safety. As the healthcare landscape continues to evolve, the mechanical ventilator market plays a crucial role in providing life-saving support to patients with respiratory conditions, driving the demand for more sophisticated and effective ventilation technologies.
Market Scope |
|
Report Coverage |
Details |
Page number |
192 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market growth 2024-2028 |
USD 2.01 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 40% |
Key countries |
US, UK, Germany, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Air Liquide SA, Allied Healthcare Products Inc., Asahi Kasei Corp., Boston Scientific Corp., Dragerwerk AG and Co. KGaA, Fisher and Paykel Healthcare Corp. Ltd., General Electric Co., Getinge AB, Hamilton Co., ICU Medical Inc., Koninklijke Philips N.V., Medtronic Plc, MicroPort Scientific Corp., Nihon Kohden Corp., ResMed Inc., SCHILLER AG, Shenzhen Mindray BioMedical Electronics Co. Ltd, Smiths Group Plc, Stryker Corp., and Vyaire Medical Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Market Segmentation by Technology
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
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