Market Scope
Market Research Future (MRFR) suggests that the Mechanical Ventilators Market Forecast was valued at USD 2,546 Million in the year 2019. Additionally, the market size is presumed to expand at a rate of 4.3% between 2017 and 2027 (assessment period).
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Significant Boosters and Deterrents
The unprecedented advent of the COVID19 pandemic has fostered the demand for mechanical ventilators at a significant pace. The Society of Critical Care Medicine reveals that in 2020, the total number of hospital ventilators in the United States was close to 160,000 units. An extra stockpile of around 12,800 with Strategic National Stockpile is expected to be made available in similar scenarios in the future. Strict measures taken by the government bodies as well as the manufacturers to address the challenges of the pandemic have expedited the inflow of advanced mechanical ventilators, in face of escalating cases.
Furthermore, the accelerated cases of Chronic Obstructive Pulmonary Disease or COPD, rapidly expanding elderly population and frequent technical innovations could also benefit the global market. Alarming rise in respiratory emergencies and the resultant increase in the need for advanced respiratory care devices will also facilitate market growth.
Reputed Companies
Some of the major contenders in the mechanical ventilators industry are GE Healthcare (US), Hamilton Medical (Switzerland), Medtronic (Ireland), Getinge AB (Sweden), Macquet Gmbh Co. KG (Germany), Koninklijke Philips N.V. (Netherlands), Smith’s Medical (US), ACOMA Medical Industry Co. Ltd (Japan), Becton, Dickinson, and Company (BD) (US), Draeger Medical GmbH (Germany), to name a few.
Market Segmentation
Product type, mode, age group and end-user are the major segments highlighted in the MRFR report.
- Product types mentioned are transport/portable/ambulatory, neonatal care and intensive care Unit. Intensive care unit/critical care form the biggest segment since their adoption rate is the highest and are extensively installed in hospitals. Also, with the COVID-19 cases escalating worldwide, the demand for intensive care unit/critical care ventilators is expected to mount significantly. Transport/portable/ambulatory segment can show the fastest growth since these products are extremely efficient in a variety of applications across several care delivery settings, whether it is home care or ambulatory centers.
- The modes considered in the report include non-invasive and invasive. Non-invasive ventilation has secured the leading position, given its cost-effectiveness, higher tolerance, and the convenience of using that foster its demand. In addition, the easy availability outside ICU settings can also boost the need for non-invasive ventilation in the future.
- Age groups studied in the MRFR report include adult and pediatric. Adult segment forms the highest share in the global industry, owing to the soaring smoker population along with the escalation in the cases of various respiratory diseases. Additionally, the burgeoning elderly population and the surge in chronic diseases like asthma and chronic obstructive pulmonary disease (COPD) also add to the segmental growth.
- Major market end-users are home care, ambulatory surgical center and hospital and clinic. Home care owns the maximum share in the worldwide market since the elderly patient pool has been expanding rapidly and are increasingly demanding portable ventilators.
Regional Study
The Americas and APAC or Asia Pacific along with MEA or Middle East and Africa and Europe are the key markets for mechanical ventilators.
Americas took the lead in the global market for mechanical ventilators market in the year 2019. The region has maintained its winning streak ever since, thanks to the expanding geriatric population coupled with the availability of medical insurance schemes. Focus on reducing the number of hospital stay and better patient experience adds to the demand for mechanical ventilators.
Europe could exhibit exponential growth between 2020 and 2027, in view of the escalating cases of COVID-19 and the dramatic rise in the need for ICU beds for patients admitted in hospitals, particularly in Italy.
The APAC is on track to capture a stunning CAGR in the coming years, by virtue of rising cases of chronic respiratory diseases and the surge in healthcare spending. The recent COVID-19 outbreak has also fostered the demand for mechanical ventilators as hospital admissions have risen considerably in the region. Moreover, strategic collaborations and agreements between the leading companies in the region and the massive patient pool requiring ventilation also strengthen the market position in the region. Soaring demand for modern and well-equipped healthcare facilities and the rapid emergence of the medical tourism sector in the region should benefit the mechanical ventilators industry in subsequent years.
Latest News
- March 2021
A prototype of a lung artificial liquid ventilator has been designed by Russia. This ventilator is the work of a group of specialists from the Urals Optical and Mechanical Plant along with Gynecology and Perinatal Medicine Center and Advanced Research Fund and the Obstetrics. The specialists have worked on the mechanical ventilator with the aim to ensure patient’s safety while preventing barotraumas.
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