Rockville, MD , Dec. 18, 2024 (GLOBE NEWSWIRE) -- The global Medical Ventilator Market is estimated at US$ 1.9 billion in 2024 and is foreseen to increase at a CAGR of 9.9% during the next 10 years (2024 to 2034), estimates Fact.MR, a market research and competitive intelligence provider, in its recently updated research report.
Rising cases of chronic respiratory disorders and a surge in the cases of COVID-19 mutations across the world are creating lucrative opportunities for medical ventilator suppliers. Chronic obstructive pulmonary disease (COPD) is one of the major disorders hampering the health of many individuals. Most of these patients require air respiratory devices to combat the adverse effects of COPD.
- According to the World Health Organization, in low- and middle-income economies, approximately 90% of COPD patients under the age of 70 pass away.
Ups and downs in cases related to corona variants are expected to drive the need for medical ventilators in healthcare settings across the world. Technological advancements, advent of advanced portable breathing technologies, and clearance of the latest medical ventilators will boost the profits of manufacturers. Strategic moves by companies to consolidate their market position through the acquisition of new or small companies and collaborations with other players are expected to be highly observed over the coming years.
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Key Takeaways from Market Study:
- The global medical ventilator market is calculated to reach US$ 4.8 billion by 2034.
- The United States is expected to account for 44.5% of the North American market share in 2024.
- Demand for medical ventilators in Japan is forecasted to rise at a CAGR of 10.4% in the coming 10 years.
- Non-invasive medical ventilator demand is anticipated at a market value of US$ 1 billion in 2024.
- Transport and portable medical ventilator sales are projected to reach US$ 2.2 billion by 2034.
“Integration of advanced technologies such as smart sensors, artificial intelligence, and the Internet of Robotics is leading to the development of sophisticated medical ventilators,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Medical Ventilator Market:
Becton Dickinson and Company; Smiths Group Plc.; Getinge AB; Cardinal Health Inc.; GE Healthcare; Drägerwerk AG & Co. KGaA; Leistung Equipamentos LTDA; Koninklijke Philips N.V; Hamilton Medical AG; Smith Medical Inc.; Air Liquide; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; Fisher & Paykel Healthcare; Bunnell Incorporated.
Non-invasive Ventilation Systems Effective in Managing Breathing Emergences in Healthcare Settings:
Non-invasive ventilators have emerged as lifesaving respiratory devices for amyotrophic lateral sclerosis (ALS) patients. Non-invasive neonatal ventilators are also finding high application in the treatment of tuberculosis patients. Cost-effectiveness, effective results, and positive delivery of oxygen are contributing to the increasing popularity of non-invasive ventilators.
- On March 15, 2024, Vapotherm, Inc. declared the launch of its Access365™ Home Ventilation Solution. This technology is expected to emerge as an effective respiratory solution for patients with late-stage hypercapnic chronic obstructive pulmonary disease (COPD).
Medical Ventilator Industry News:
- In July 2023, Getinge received a clearance from the United States Food and Drug Administration (US FDA) for Servo-air® Lite. It is a wall gas, independent non-invasive mechanical ventilator.
- Philips Healthcare developed the Trilogy EV300 ventilator that delivers enhanced performance in non-invasive (NIV) and invasive (IV) ventilation. As such, patients can be treated with a single device throughout their hospital stay, regardless of changing conditions.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global medical ventilator market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on product type (critical care medical ventilators, transport & portable medical ventilators, neonatal medical ventilators), technology (invasive medical ventilators, non-invasive medical ventilators), and end user (hospitals, ambulatory surgical centers, long-term care centers, home care settings, emergency health services), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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