Mechanical Ventilators Market Is Projected to Gain $18,632.21 Million by 2030: Allied Market Research
The global mechanical ventilators market growth is attributed to several factors, including the rise in government spending on healthcare & health policies, and the high prevalence of chronic respiratory diseases.
Wilmington, Delaware, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, *"Mechanical Ventilators Market by Component (Services, and Devices), by Product Type (Transport/Portable/Ambulatory, Intensive Care Unit/Critical Care, and Neonatal Care), by Mode (Invasive Ventilation, and Non-invasive Ventilation), by Age Group (Adult, Pediatric & Neonatal, and Geriatric), and End User (Home Care, Hospital & Clinic, and Ambulatory Surgical Center): Global Opportunity Analysis and Industry Forecast, 2021–2030."* According to the report, the *global mechanical ventilator**s** industry* is expected to endorse $18,632.21 million by 2030, having witnessed a value of $4,652.34 million in 2020, exhibiting a CAGR of 12.82% during the forecast timeframe. *Prime Factors Influencing Market Growth**:*
The global mechanical ventilators market growth is attributed to several factors, including the rise in government spending on healthcare & health policies, and the high prevalence of chronic respiratory diseases. On the other hand, the high cost and potential risks associated with mechanical ventilators impede the growth of the market. Moreover, technological advances, portability, and design bring prolific opportunities in the upcoming years.
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*The devices segment to **retain** its lion's share during the forecast **timeframe**- *
In terms of component, the devices segment dominated the largest market share in 2020, holding more than four-fifths of the global mechanical ventilators market revenue, and is anticipated to retain its lion's share during the forecast period. This is due to an increase in the demand for various kinds of mechanical ventilation devices and a growth in the prevalence of chronic diseases. Moreover, the services segment would cite the fastest CAGR of 13.8% from 2021 to 2030. This is due to an increase in ventilator sales and an increase in hospital admittances.
*The intensive care unit/critical care segment to lead the trail by 2030- *
In terms of product type, the intensive care unit/critical care segment held the major market share in 2020, acquiring nearly three-fifths of the global mechanical ventilators market revenue, and is expected to lead the trail by 2030. This is because of the increase in the number of hospitals & clinics, a rise in chronic diseases, and the impact of Covid-19. The transport/portable/ambulatory segment, on the other hand, would exhibit the highest CAGR of 13.6% from 2021 to 2030. This is due to the availability of in-home care options and the growing geriatric population.
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*North America garnered the largest market share in 2030- *
In terms of region, the market across North America held the largest market share in 2020, accounting for around one-third of the global mechanical ventilators market revenue, and is projected to continue its dominance by 2030. This is because of the growing number of lung diseases, the presence of major players in the manufacturing and development of mechanical ventilation equipment, and the increasing number of hospitals in this region. Simultaneously, the market across Asia-Pacific is expected to register the fastest CAGR of 15.9% from 2021 to 2030. This is due to the increase in the prevalence of chronic diseases, the rise in the number of hospitals, and government initiatives taken to promote the production of ventilators.
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*Major Players in the Industry: *
· Draegerwerk AG & Co. KGaA
· Carl Reiner GmbH
· Asahi Kasei Corporation (Zoll Medical Corporation)
· Vyaire Medical Inc.
· Medtronic Plc. (Covidien Ltd.)
· General Electric Company (GE Healthcare)
· Smith's Group Plc.
· Mindray Medical International Limited
· Koninklijke Philips N.V. (Philips)
· Getinge AB (Maquet Holding B.V. & Co. KG)
· Hamilton Medical AG
This report provides a comprehensive overview of the industry's leading players in the global mechanical ventilators market. These market players have adopted various tactics to gain a competitive edge, including new technological developments, mergers and acquisitions, product launches, and partnerships. The report offers insight into the business growth of the market leaders, their operating segments, the products they offer, and the recent trends they experience.
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