Mechanical Ventilator Market to Surpass Market Valuation of US$ 9,668.8 Million By 2032 | Astute Analytica
The global mechanical ventilator market is experiencing significant growth, driven by the increasing prevalence of chronic respiratory diseases such as COPD, asthma, and lung cancer. Technological advancements in ventilators, making them more efficient and adaptable for different clinical settings, also contribute to this growth.
New Delhi, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Global mechanical ventilator market was valued at US$ 4,772.8 million in 2023 and is estimated to generate a revenue of US$ 9,668.8 million by 2032 at a CAGR of 8.16% during the forecast period.
Over the past four years, the mechanical ventilator market has experienced some significant bumps. It’s been on a roller coaster ride of demand since 2019. The global health landscape and technological advancements in healthcare have played major roles in these changes. At first, the spread of COVID-19 led to an unprecedented need for mechanical ventilators. Clearly, that illness is no stranger to respiratory issues, so having a device that focuses entirely on managing severe respiratory conditions was essential. Even though we’re now starting to see a decrease in cases worldwide, the demand for ventilators has not gone back down to what it was pre-pandemic.
Astute Analytica predicts that aging population will cause chronic respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD) and asthma to become more common. In 2023 alone, 4 million people died from CRDs across the globe. There were also nearly 483 million cases reported worldwide within that same year. Although there’s been an increase of 28.5% in total deaths caused by CRDs between 1990 and 2019 and an increase of 39.8% in prevalence over that same span of time, rates adjusted for age have actually gone down. Preventive measures must be taken in order to curb these numbers even further — and fast — before they start skyrocketing again.
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The race for technological advancement is always present and can be found within every single industry known to humanity — including healthcare! Since Covid-19 pandemic, more hospitals now prefer non-invasive ventilation systems over invasive ones because they’re less problematic for patients and decrease the risk of infection associated with invasive mechanical ventilation. After all, they’ve already gone through enough pain and suffering in order to have ended up on a hospital bed — they don’t need any more added on top of it. Home healthcare settings are also contributing significantly to the global mechanical ventilator market. Additionally, the healthcare industry's focus is expanding beyond hospitals to include home healthcare settings, where patients benefit from the availability of portable and user-friendly ventilators.
Market Forecast (2032) US$ 9,668.8 Million
CAGR 8.16%
By Component Hardware/Devices (90.2%)
By Type Positive Pressure Ventilation (63%)
By Mode Non-Invasive (57%)
By Mobility Fixed (57%)
By End Users Hospitals (45%)
By Age Group Adult (43%)
Top Trends · Increasing portable ventilator adoption
· Rise in telehealth integration
· Enhanced focus on multipurpose ventilators
Top Drivers · Growing respiratory disease prevalence
· Aging global population
· Technological advancements
Top Challenges · High product costs
· Lack of skilled professionals
· Stringent regulatory standards
*Portable Mechanical Ventilators to Witness Growth in Demand at Highest CAGR of 8.39%*
The global portable mechanical ventilator market is witnessing rapid growth, and this trend is likely to continue in the near future. The primary reason behind this increase in demand for portable mechanical ventilators is the rise in demand for mobile healthcare services and the need for respiratory support outside traditional hospital settings. Mainly due to their ability to offer breathing assistance to patients who require help but are not confined to stationary, hospital-based units. They provide flexibility, mobility, and high-end respiratory condition management tools that make them popular among healthcare providers. Moreover, as advancements in technology lead to smaller, lighter devices with higher efficiency rates it enables better patient mobility and comfort. Smaller size also means a boost in quality of life for patients who require these devices.
*Some prominent portable mechanical ventilators witnessing strong influx of demand:*
· Philips Respironics Trilogy: A device known for its versatility which offers both invasive and non-invasive ventilatory support. It's designed for home and mobile use catering adult pediatric patients.
· Hamilton Medical's HAMILTON-T1: Designed specifically for transport & emergency usage by combining everything you'd find on a fully equipped intensive care unit ventilator into a convenient transportable size.
· Ventec Life Systems' VOCSN: This device combines five separate machines such as an oxygen concentrator, nebulizer,suction cough assist, and much more into one single portable unit optimizing patient mobility.
· ResMed Astral: Offers lightweight options along with long battery life life-supporting invasive/non-invasive ventilation options.
*US is the Largest Consumer of Mechanical Ventilators *
US stands as the largest user of mechanical ventilator market globally, reflecting its advanced healthcare infrastructure and its contribution to over 80% of the mechanical ventilator demand in North America. The dominance can be attributed to multiple factors including total demand of mechanical ventilators, burden of respiratory diseases, financial investments in healthcare technology, availability of ventilators in hospitals, regulatory frameworks, market trends and key industry players. U.S. had an age standardized rate of IMV usage 618 patients which is four times higher than England’s rate and two times higher than Canada’s rate.
Demand for mechanical ventilators in U.S. is driven by a high disease burden including chronic obstructive pulmonary disease (COPD), asthma and most recently from the impact of respiratory infections like COVID-19. The country's large population suffering from these conditions necessitates a robust supply.
Regarding diagnoses at hospitalization, acute myocardial infarction was more common in the U.S. cohort (150 per 1,000 hospitalizations) vs. England and Canada (each 40 per 1,000 hospitalizations). However reports suggest that billions have been invested to ensure availability and accessibility within the U.S., with some devices priced into millions each.
The number of mechanical ventilation devices available across hospitals in U.S. mechanical ventilator market, vary largely influenced by hospital size, location and patient population served: large hospitals based in urban areas may have hundreds while smaller rural facilities could have less than five — highlighting disparities in healthcare access despite overall high availability. Mechanical ventilators are regulated by FDA to ensure safety standards before they're used on patients — this has become especially important during COVID-19 pandemic where rapid acquisition efforts led FDA to issue emergency use authorizations for new devices without rigorous premarket review process commonly required. As for market dynamics, U.S. is moving toward development of more sophisticated, patient-friendly ventilators that incorporate AI to improve patient outcomes and operational efficiencies. This means companies will continually innovate and compete to provide systems. Major players including Medtronic, Philips Healthcare and GE Healthcare have contributed significantly in supplying mechanical ventilators not only in domestic market but also globally — a testament underscoring the country's central role in respiratory care technology sector.
*Top 6 Players in Global Mechanical ventilator market Captures Over 78% Revenue Share *
Medtronic, Koninklijke Philips N.V., Mindray Medical International Limited, Drägerwerk AG & Co. KGaA, Getinge AB, and Hamilton Medical are top 6 players in the market. Wherein, Getinge AB is leading the pact with highest market share of 21% in 2023.
As per Astute Analytica, Getinge AB and Hamilton Medical are leading the global mechanical ventilator market, with Getinge AB being the most prominent. The two companies have amassed a significant portion of the share of revenue in this sector. Their success is due to unyielding innovation, strategic positioning, and complete product portfolios that serve health systems worldwide who grow with markets. Getinge AB is a Swedish company that has a rich history in medical technology. They secured their leadership through extensive R&D to create technologically advanced and user-friendly ventilators. Healthcare workers know them for their reliability, precision, and adaptability across various clinical settings. They can be used in intensive care units as well as emergency rooms.
Their reputation is cemented by their reliability to provide quality products and patient safety assurance. Combine that with their global reach and top-tier customer service, healthcare providers trust them.
Hamilton Medical operates from Switzerland, but still manages to capture a substantial number of sales in the global mechanical ventilator market or any other one they operate in. They work hard to design ventilators that enhance patient comfort and improve outcomes, all while making clinical processes simple for both caretaker and decision-making.
The software on these devices are so advanced that they can mimic lung protective strategies for customized care. Both companies also offer the same services such as distribution networks across the globe, high-profile collaborations with healthcare institutions, active participation in clinical studies.
*Recent Developments Shaping the Global Mechanical ventilator market *
· In September 2023, a patent was awarded to engineers at Villanova for the NovaVent Mechanical Ventilator, a cost-effective solution.
· Draeger Medical, Inc. issued a recall for its Carina Ventilators in August 2023 because of contaminants found in the device's airpath. These contaminants are at levels considered unacceptable for pediatric patients using the device for over 30 days. This recall has been classified as Class I by the Food and Drug Administration, indicating a serious risk of injury or death.
· The FDA approved the Servo-air Lite, a gas-independent, non-invasive mechanical ventilator by Getinge, in July 2023.
· Also in July 2023, Portsmouth Aviation revealed its innovative negative pressure ventilator system, which is set to proceed to production and clinical trials.
*Top Players in the Global Mechanical Ventilator Market:*
· Becton, Dickinson and Company
· Bunnell Incorporated
· Carl Reiner GmbH
· Drägerwerk AG & Co. KGaA
· GE Healthcare
· Getinge AB
· Hamilton Medical
· ICU Medical, Inc
· Koninklijke Philips N.V.
· Medtronic
· Mindray Medical International Limited
· Penlon Limited
· ResMed
· Shenzhen Mindray Bio-Medical Electronics Co., Ltd
· Smiths Medical
· Vyaire Medical Inc.
· Zoll Medical Corporation
· Other prominent players
*Astute Analytica has segmented Global Mechanical Ventilator Market report based on Component, Type, Mode, Mobility, Age Group, End User and Region*
*By Component*
· Hardware/Devices,
· Services
*By Type*
· Negative pressure ventilation (NPV),
· Positive pressure ventilation (PPV)
*By Mode*
· Invasive
· Non-invasive
· CPAP
· BiPAP
· Others
*By Mobility*
· Fixed
· Portable
*By Age Group*
· Pediatric & Neonatal,
· Adult, Geriatric
*By End User*
· Hospital & Clinic,
· Home Care,
· Ambulatory Surgical Center
· Others
*By Region Outlook*
· North America (U.S., Canada, Mexico)
· Europe (Western Europe [The UK, France, Germany, Italy, Spain Rest of Western Europe], Eastern Europe [Poland, Russia, Rest of Europe])
· Asia Pacific (Japan, China, India, Australia & New Zealand, ASEAN, Rest of Asia pacific)
· South America (Brazil, Argentina, Rest of South America)
· Middle East (UAE, Saudi Arabia, Egypt, Rest of Middle East)
· Africa (South Africa, Nigeria, Rest of Africa)
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CONTACT: Vipin Singh
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/