Ventilators Market worth $5.7 billion | MarketsandMarkets.
Chicago, Nov. 28, 2023 (GLOBE NEWSWIRE) -- *Ventilators Market* in terms of revenue was estimated to be worth $4.2 billion in 2023 and is poised to reach $5.7 billion in 2028, growing at a CAGR of 6.4% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Factors, such as cost efficiency of home care services and growth opportunities in emerging economies are also expected to present growth opportunities for market players. The rapid growth in the global geriatric population, rising incidence of respiratory diseases (including COPD and asthma), and the cost-effective nature of home care devices and services (compared to hospital visits) are the key factors driving the home healthcare market.
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*Ventilators **Market** Scope:*
*Report Coverage* *Details*
Market Revenue in 2023 $4.2 billion
Estimated Value by 2028 $5.7 billion
Growth Rate Poised to grow at a CAGR of 6.4%
Market Size Available for 2021–2028
Forecast Period 2023–2028
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By mobility, type, interface, mode, end user
Geographies Covered North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Cost efficiency of home care services
Key Market Driver Rising obesity cases due to sedentary lifestyles
The demand for portable ventilators has seen a significant upsurge in recent years, driven by various factors, with the COVID-19 pandemic being a major catalyst. Portable ventilators have gained prominence in home healthcare settings, allowing patients with chronic respiratory conditions to receive essential respiratory support in the comfort of their homes. These devices have also played a pivotal role in emergency medicine, aiding in the transportation of critically ill patients and the creation of makeshift healthcare facilities during the pandemic. Additionally, portable ventilators are invaluable in resource-limited regions and disaster response scenarios, ensuring respiratory care accessibility in areas with limited healthcare infrastructure. Furthermore, advancements in technology have led to more compact, efficient, and customizable portable ventilators, meeting the evolving needs of healthcare providers and patients alike.
Based on interface, the invasive ventilators segment accounted for the largest share during the forecast period. Growth in the invasive ventilators market can be attributed to the rising prevalence of chronic respiratory diseases, and increasing number of elderly people, who are more likely to require invasive ventilation. Invasive mechanical ventilation is a lifesaving intervention for patients with respiratory failure. The most commonly used modes of invasive mechanical ventilation are assist-control, synchronized intermittent mandatory, and pressure support ventilation. Invasive ventilation can be used via three airways: the endotracheal tube, tracheostomy tube, and mini-tracheostomy tube.
Based on mode, the combined-mode ventilators segment accounted for the largest share of the ventilators market. Growth in this segment can be attributed to growing awareness of the benefits of combined-mode ventilators, such as improved patient outcomes and reduced mortality and increasing use of combined-mode ventilators in home care settings. These ventilators offer hybrid modes combining the features of volume-targeted and pressure-targeted ventilation, intending to avoid the high peak airway pressure that can occur during volume-mode ventilation and varying pressure that may occur during pressure-mode ventilation.
The ventilators market is geographically divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. These regions are further analyzed at the country level. North America will hold the largest share of the ventilators market in 2022. The rising elderly population, growing number of smokers, high prevalence of respiratory diseases such as COPD and asthma, highly developed healthcare system, rising healthcare expenditure, and presence of major market players in the US are the key factors driving the ventilators market in North America.
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*Ventilators market major players covered in the report, such as:*
· Koninklijke Philips N.V. (Netherlands),
· ResMed (US),
· Medtronic (Ireland),
· Drägerwerk AG & CO. KGAA (Germany),
· Nihon Kohden Corporation (Japan),
· Getinge AB (Sweden),
· Asahi Kasei Corporation (Japan),
· Air Liquide (France),
· Vyaire Medical, Inc. (US),
· GE Healthcare (US),
· Hamilton Medical (Switzerland),
· ICU Medical, Inc. (US),
· Allied Healthcare Products, Inc. (US),
· Shenzhen Mindray Bio-Medical Electronics Co., Ltd, (China),
· aXcent Medical GmbH (Germany),
· Metran Co., Ltd. (Japan),
· MAGNAMED (Brazil),
· Avasarala Technologies Limited (India),
· Airon Corporation (Florida),
· TRITON Electronic Systems Ltd. (Russia),
· Bio-Med Devices, Inc. (US),
· Hill-Rom Holdings, Inc. (US),
· HEYER Medical AG (Germany),
· Leistung Ingeniería SRL (Argentina),
· and Among Others
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The study categorizes the ventilators market based on mobility, type, interface, mode, end user and regional & global level.
*Ventilators Market, By Mobility *
· Intensive Care Ventilators
· High-end ICU ventilators
· Mid-end ICU ventilators
· Basic ICU Ventilators
· Portable/transportable ventilators
*Ventilators Market, By Type*
· Adult/pediatric Ventilators
· Neonatal/infant ventilators
*Ventilators Market, By Interface*
· Invasive Ventilators
· Non-invasive Ventilators
*Ventilators Market, By Mode*
· Combined Mode Ventilators
· Volume Mode Ventilators
· Pressure Mode Ventilators
· Other modes of ventilators
*Ventilators Market, By End User*
· Hospitals & Clinics
· Ambulatory care centers
· Emergency medical services
· Home care settings
· Other end users
*Global Ventilators Market, by Region*
· North America
· US
· Canada
· Europe* *
· Germany
· France
· UK
· Italy
· Spain
· Netherlands
· Rest of Europe
· Asia Pacific* *
· Japan
· China
· India
· Australia
· Rest of Asia Pacific
· Latin America* *
· Brazil
· Mexico
· Argentina
· Rest of Latin America
Middle East and Africa
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*Recent Developments*
· In January 2022, ICU Medical acquired Smiths Group plc, aims to support the expansion of ICU Medical’s product line, including infusion therapy and ventilators, thus expanding ICU Medical’s presence in critical care markets.
· In October 2021, GE Healthcare partnered with Apprise Health Insights. The companies together launched Oregon’s Statewide Capacity System to track 7,368 beds and approximately 800 ventilators across 60 hospitals.
· In June 2021, Vyaire Medical, Inc. partnered with GenWorks Healthcare Limited. The partnership in India expands the company's footprint and provides greater accessibility to high-quality pulmonary screening, testing, and treatment.
*Key Stakeholders:*
· Ventilator manufacturers
· Hospitals and clinics
· Home healthcare agencies
· Nursing homes
· Ambulatory care centers
· Assisted living facilities/home care settings
· Healthcare insurance providers
· Market research and consulting firms
· Venture capitalists and investors
*Report Objectives:*
· To describe, analyze, and forecast the ventilators market by type, mobility, interface, mode of ventilation, end user, and region
· To describe and forecast the ventilators market for key regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
· To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the ventilators market
· To strategically analyze the ecosystem, regulations, patent landscape, trade landscape, and case studies pertaining to the market under study
· To provide a detailed overview of the supply chain pertaining to the ventilator market ecosystem, along with the average selling prices of different types of ventilators
· To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
· To analyze market opportunities for stakeholders and provide details of the competitive landscape for market players
· To profile key players and comprehensively analyze their market shares and core competencies2 in the ventilators market
· To analyze competitive developments such as partnerships, collaborations, agreements and acquisitions, product launches, and expansions in the ventilators market
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*Pulse Oximeter Market*
*Patient Monitoring Devices Market*
*Research Insight: **https://www.marketsandmarkets.com/ResearchInsight/ventilators-market.asp*
*Content Source: **https://www.marketsandmarkets.com/PressReleases/ventilators.asp*
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