DUBAI, United Arab Emirates, March 21, 2023 (GLOBE NEWSWIRE) -- The Mechanical Ventilators Market revenues were estimated at US$ 5.7 Billion in 2022 and is anticipated to grow at a CAGR of 5.7% from 2023 to 2033, according to a recently published Future Market Insights report. By the end of 2033, the market is expected to reach US$ 10.5 Billion.
The market for mechanical ventilators is being driven by the increased prevalence of chronic obstructive pulmonary disease, rising incidence of respiratory crises, and technical advancement in respiratory care equipment.
COVID-19 had a favorable influence on market growth. During COVID-19, the American Association for Respiratory Care teamed together with other organizations to teach respiratory therapists how to use ventilators. This has prompted market participants to boost their production capacity in order to fulfill the increased demand.
Because of respiratory failure due to the COVID-19 virus, the upper respiratory process requires intensive care and oxygen. The ventilator was used to supplement oxygen for extremely sick patients with the COVID-19 virus often. In late November 2021, synthesis of additional variants of COVID-19, high levels of airborne transmission, and a third upsurge in infections were discovered, leading to the possibility of an unprecedented pandemic on a global scale.
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Furthermore, major mechanical ventilator manufacturers and the government had taken action to boost ventilator production to address increased demand throughout the pandemic. As a result, the industry's expansion has been fueled by the existence of many producers as well as government attempts to enhance market output. The expensive expense of mechanical ventilators, as well as the danger of ventilator-related infections such as nosocomial pneumonia, limit their use.
Competitive Landscape
Hamilton Medical, Getinge, Drägerwerk AG & Co., Smiths Medical, GE Healthcare, Ventec Life Systems, and Vyaire Medical Inc. are the prominent providers of Mechanical ventilators.
A few of the recent developments of key Mechanical Ventilator providers are as follows:
- In January 2023, OES Medical debuted a new mains-powered ICU ventilator at the ABHI UK Pavilion at Arab Health 2023 to help hospitals control oxygen demand.
- In May 2022, CorVent Medical gained CE Mark clearance and began selling their RESPOND-19 Ventilator in Europe. This method is meant to allow hospitals to enhance the treatment of critically sick patients with acute respiratory distress syndrome by providing an easy-to-use, flexible augmentation of critical care ventilation capacity (ARDS).
- In April 2020, Koninklijke Philips N.V. announced that it will increase its hospital ventilator output to 4,000 units per week. In addition, the business expected to begin production of its Philips Respironics E30 ventilator with a weekly output of 15,000 units.
This strategic decision supplemented the company's current line of mechanical ventilators and added to its unique product portfolio, providing additional options to build highly effective COVID-19 solutions.
- In November 2020, Philips announced the introduction of Ventilator BiPAP A40 Expiratory Flow Limitation (EFL), a noninvasive ventilator for COPD patients.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Mechanical Ventilators Market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Product (Critical Care, Neonatal, Transport & Portable, Other Product Types), By Ventilation Mode (Invasive, Non-invasive), by End-user (Hospitals, Home Healthcare, Other End-Users), across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Market Segments Covered in Mechanical Ventilator Industry Analysis
By Product Type:
- Critical Care
- Ventilators
- Accessories
- Neonatal
- Ventilators
- Accessories
- Transport & Portable
- Ventilators
- Accessories
- Other Product types
By Ventilation:
- Invasive
- Non-invasive
By End-User:
- Hospitals
- Home Healthcare
- Others
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Table of Content
1. Executive Summary | Mechanical Ventilator Market
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Mechanical Ventilators
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
Read More TOC…
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