Ventilators Market Worth $5.7 Billion | MarketsandMarkets
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Ventilators Market in terms of revenue was estimated to be worth $4.2 Billion in 2023 and is poised to reach $5.7 Billion by 2028, growing at a CAGR of 6.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of the global ventilators market is driven by the rising burden of respiratory diseases, such as COPD and asthma. COPD and asthma result in the narrowing of respiratory paths, making breathing difficults. Therefore, many patirnts with COPD and asthma require external ventilation and airway management which will dive growth for ventilators market. However, skilled workforce shortages have been exacerbated during the pandemic and can hamper the growth of the ventilators market in the coming years.
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Based on mobility, intensive care ventilators segment holds the largest share ventilators market
In 2022, the intensive care ventilators segment holds the largest share of the ventilators market. The growth of the intensive care ventilators segment is due to the susceptibility of geriatric individuals to develop severe health problems, the volume of patients being treated in critical care units is increasing, which in turn is driving the demand for intensive care beds.
Based on type, the adult/pediatric ventilators segment accounted of the ventilators market
In 2022, the adult/pediatric ventilators segment accounted of the ventilators market. The large share of the adult/pediatric ventilators segment can be attributed to the chronic diseases such as COPD & asthma, growing tobacco consumption, and the increasing geriatric population.These patients usually exhibit acute respiratory failure signs and are not candidates for less invasive respiratoy support methods. For adults, there are invasive and non-invasive techniques of mechanical ventilation.
Based on end user, the hospitals and clinics segment accounted of the ventilators market
In 2021, the hospitals and clinics segment accounted of the ventilators market. The hospitals and clinics segment will continue to dominate the market during the forecast period. The large share of this segment can be attributed to the increasing number of patients with complex medical conditions, such as multiple organ failure and severe sepsis, and growing awareness of the benefits of mechanical ventilation, such as improved patient outcomes and reduced mortality.
The Asia Pacific market is expected to grow at a higher rate during the forecast period
the APAC market is expected to grow at the highest rate during the forecast period, the growing prevalence of lifestyle related diseases such as obesity, a decreasing mortality rate, and the rising demand for home healthcare, is also driving the demand for ventilators. Moreover, improvements in the standard of living, coupled with incaresed access to healthcare, will aid market growth.
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Ventilators Market Dynamics:
Drivers:
1. Rising burden of respiratory diseases
a. Increasing incidence of COPD and asthma
b. High prevalence of tobacco smoking
2. Urbanization and rising pollution levels
3. Rising obesity cases due to sedentary lifestyles
4. Rapid growth in geriatric population worldwide
5. Growing preference for home care settings
6. Rising number of preterm births
7. Outbreak of infectious respiratory diseases
Restraints:
1. Shortage of skilled medical workers
2. Excessive purchase of ventilators during COVID-19
3. Reimbursement concerns
Opportunities:
1. Cost efficiency of home care services
2. Growth opportunities in emerging economies
Challenge:
1. Low awareness and unavailability of adequate resources in emerging economies
2. Harmful effects of certain respiratory devices on neonates
Key Market Players of Ventilators Industry:
The prominent players in the ventilators market are Koninklijke Philips N.V. (Netherlands), ResMed (US), Medtronic (Ireland), Vyaire Medical, Inc. (US), Getinge AB (Sweden), Drägerwerk AG & CO. KGAA (Germany), ICU Medical, Inc. (US), Hamilton Medical (Switzerland), GE Healthcare (US), Air Liquide (France), Asahi Kasei Corporation (Japan), Allied Healthcare Products, Inc. (US), Nihon Kohden Corporation (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd, (China), Skanray Technologies (India), Baxter International Inc, (US), aXcent Medical GmbH (Germany), Metran Co., Ltd (Japan), MAGNAMED (Brazil), Leistung Ingeniería SRL(Argentina), Avasarala Technologies Limited (India), Airon Corporation (Florida), TRITON Electronic Systems Ltd. (Russia), Bio-Med Devices, Inc. (US), and HEYER Medical AG (Germany).
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