New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- The Global Mechanical Ventilator Market reached USD 3.1 billion in 2022 and is expected to reach USD 4.8 billion by 2030 and is expected to grow with a CAGR of 5.6% during the forecast period 2023-2030. Key factors driving the growth of the market include the increasing prevalence of chronic respiratory disorders, higher investments in research and development and a rise in healthcare expenditure.
Globally, the major players in the Mechanical Ventilator Market include Draeger, Smith’s Medical, Medtronic, Philips Respironics, Becton Dickinson and Company, GCE Group, Hamilton Medical, Fisher and Paykel Healthcare, Getinge AB and Vyaire Medical.
DataM Intelligence’s Global Mechanical Ventilator Market report provides insights on the current and forecast market analysis, individual leading Mechanical Ventilator companies’ market shares, challenges, Mechanical Ventilator market drivers, barriers, trends, opportunities and key market Mechanical Ventilator companies in the market.
Get a sneak peek at the Mechanical Ventilator Market dynamics for a better understanding.
| Metrics | Details |
| CAGR | 5.6% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2023-2030 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Application, End-User and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
Global Mechanical Ventilator Market Trends
As per DataM estimates, North America is anticipated to hold the largest share of the global Mechanical Ventilator market during the forecast period.
- The market for mechanical ventilators is driven by several factors, including the increasing prevalence of chronic respiratory disorders, growing research and development efforts and higher healthcare expenditure.
- The rise in the number of chronic illnesses and surgical procedures further fuels market growth for mechanical ventilators.
- Ventilators are in high demand in ambulatory centers and hospitals, particularly for patients with spinal cord injuries, strokes, neuromuscular disorders, chronic obstructive pulmonary disease (COPD), apnea, acute lung injuries or hypoxemia.
- Technological advancements are driving novel developments, with a focus on providing better quality products and patient comfort. For instance, OES Medical launched ICU ventilators in Jan 2022 to help hospitals meet oxygen demand.
- The mechanical ventilator market is segmented into stationary and portable types, with portable ventilators holding the largest market share and projected to have the highest CAGR during the forecast period.
- Portable ventilators enable home care adoption, enhancing patient safety and comfort, leading to significant market growth.
- For example, Swasth Vayu, a portable and non-invasive airway pressure ventilator, was developed by CSIR-NAL in Jan 2021, weighing less than 3 kilograms and resembling a small briefcase.
To read more about the latest highlights related to the Mechanical Ventilator market and get a snapshot of the key insights and highlights entailed in the Global Mechanical Ventilator Market Report, Download the Sample here.
North America Dominates the Mechanical Ventilator Market
The North America Mechanical Ventilator Market holds the largest share globally, primarily driven by the increasing prevalence of chronic respiratory diseases like asthma and COPD. In the United States, around 37 million people are projected to have chronic lung diseases by 2022, according to the American Lung Association.
The market's profitable growth is further supported by growing research funding and technological advancements. Additionally, the region's high healthcare expenditure as a percentage of GDP and various organizations' initiatives contribute to market stimulation.
The presence of major key players in North America plays a significant role in driving market growth. These players continuously launch novel products, enhance existing ones through technological advancements and foster collaborations, making the region the largest market shareholder.
One such example is the GE Healthcare group's collaboration with Ford Motor Company in March 2020 to increase ventilator production, ensuring clinicians have essential medical equipment to treat patients with respiratory illnesses.
To know more about why North America is leading the market growth in the Mechanical Ventilator market, get a snapshot of the market here.
Mechanical Ventilator Market Challenges
The growth of the mechanical ventilator market may be hindered by the associated risks of the procedures. Complications such as ventilator-associated pneumonia (VAP), sepsis, acute respiratory distress syndrome (ARDS), pulmonary embolism, barotrauma and pulmonary edema are among the risks faced by patients undergoing mechanical ventilation.
These complications can lead to prolonged duration of mechanical ventilation, extended stays in the ICU and hospital, increased healthcare costs and a higher risk of disability and mortality.
Studies indicate that mortality rates for patients on mechanical ventilation range from 24% in individuals aged 15-19 years to 60% for patients aged 85 years and older.
Know the competitive analysis among the key players of the Mechanical Ventilator Market as they are set to emerge as trendsetters in the industry.
Table of Contents
| 1 | Report Methodology and Scope |
| 2 | Report Definition and Overview |
| 3 | Executive Summary |
| 4 | Market Dynamics |
| 5 | Industry Factors |
| 6 | COVID-19 Analysis |
| 7 | Mechanical Ventilator Market Segments and Region |
| 8 | Global Company Share Analysis – 10 Key Companies |
| 9 | Mechanical Ventilator Market Company and Product Profiles |
| 10 | About DataM |
Interested in knowing how the Mechanical Ventilator market grows by 2030? Click to get a snapshot of the Mechanical Ventilator Market Trends
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