Mechanical Ventilators Market to Grow with a CAGR of 4.86% through 2028
Rising
geriatric population and increasing prevalence of chronic conditions is
expected to drive the Global Mechanical Ventilators Market growth in the
forecast period, 2024-2028.
According
to TechSci Research report, “Global Mechanical Ventilators Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Mechanical Ventilators Market stood at USD 3.74 Billion in 2022 and is
anticipated to grow with a CAGR of 4.86% in the forecast period. The rising
elderly population, coupled with the increasing prevalence of chronic
conditions such as chronic obstructive pulmonary disease (COPD) requiring
non-invasive ventilation, is expected to drive the growth of the Mechanical
Ventilators Market. Furthermore, the growing incidence of asthma among
children, adults, and the elderly will contribute to the expansion of the
market during the forecast period.
The
escalating prevalence of respiratory diseases is projected to fuel the growth
of the Global Mechanical Ventilators Market in the coming years. For instance,
according to the Global Initiative for Chronic Obstruction Disease 2018 report,
chronic obstructive pulmonary disease is anticipated to cause approximately 4.5
million deaths worldwide annually by 2030. The exponential market demand for
Mechanical Ventilators has witnessed a remarkable growth rate of 300% to 400%
from 2019 to 2020. Moreover, the increasing healthcare expenditure and the
rising incidence of chronic respiratory diseases among the elderly population
are favorable factors driving market growth. The growing interest in
non-invasive ventilation options, such as bilevel positive airway pressure
(BiPAP) and continuous positive airway pressure (CPAP), has expanded the use of
mechanical ventilators for respiratory support without the need for intubation.
As
the global population ages, the prevalence of respiratory conditions, such as
chronic obstructive pulmonary disease (COPD) and pneumonia, is increasing.
Mechanical ventilators play a vital role in managing respiratory distress in
elderly patients. Continuous advancements in medical technology have led to the
development of more sophisticated and user-friendly mechanical ventilators.
These improvements drive the adoption of newer models and upgrade of existing
equipment.
Product
innovation is a prominent trend that is gaining traction in the mechanical
ventilator market. Companies are heavily investing in research and development
to introduce new automated products that optimize frequency, assist control,
and minimize ventilator workload. For instance, in January 2022, OES Medical, a
UK-based manufacturer of anesthesia equipment and accessories, unveiled the
Gemini-G100, an electrically driven piston ICU ventilator. This cutting-edge
device is designed to support intensive care teams globally, particularly in
settings where high-pressure oxygen gas supplies pose challenges. The
Gemini-G100 operates solely on electric power, eliminating the need for
additional oxygen supply within the hospital.
In
March 2020, Masimo, a US-based medical technology company, executed a
definitive agreement to acquire TNI Medical for an undisclosed sum. This
strategic move enables Masimo to leverage TNI's innovative soft Flow
technology, which delivers high-flow, humidified, and warmed respiratory gases
to patients with critical pulmonary conditions. TNI Medical AG, headquartered
in Germany, is a leading medical devices company.
The
global mechanical ventilators market is being propelled by the continuous
expansion of healthcare infrastructure and increased health expenditure.
Notably, the improvements in medical infrastructure have contributed
significantly to the growth of the ventilator market. The term health
infrastructure refers to the comprehensive framework for planning, evaluating,
delivering, and implementing public health improvements.
Browse
over 26 market data Figures spread through 91 Pages and an in-depth TOC on
"Global Mechanical Ventilators Market.”
One
prominent trend in the global mechanical ventilators market is the growing
number of product innovations. Companies are investing in research and
development to develop new ventilator products that automate ventilation based
on rate, support control, and time. For instance, OES Medical, a UK-based
manufacturer of anesthesia accessories and equipment, introduced the
Gemini-G100, an electrically driven ICU ventilator, in January 2022. The
Gemini-G100 is designed to provide support to intensive care teams in locations
where high-pressure oxygen gas availability is limited, without straining the
hospital's oxygen supply, and relies solely on electricity.
Similarly,
in January 2022, OES Medical participated in the ABHI UK Pavilion at Arab
Health 2022 to unveil a new mains-powered ICU ventilator aimed at assisting
hospitals in managing their oxygen demand. The increasing number of product
innovations is expected to be a driving force behind the growth of the global
mechanical ventilators market during the forecast period.
However,
numerous risks associated with the utilization of mechanical ventilators pose a
significant challenge to the growth of the global mechanical ventilators
market. There are several complications that can arise from ventilator usage,
including infections, pneumothorax (collapsed lung), lung damage, and the
inability to discontinue ventilator support. Infections, particularly
pneumonia, can be a critical concern, especially for ventilated patients. In
some cases, the need for extended antibiotic treatment may require prolonged
ventilator support. Additionally, there is a possibility of developing weak
spots or holes in the lungs, resulting in lung collapse and potential loss of
life.
Furthermore,
the application of excessive pressure and high levels of oxygen during
mechanical ventilation can potentially harm the lungs. Despite receiving
appropriate treatment, there are instances where the underlying condition
requiring ventilator support does not improve. At this point, healthcare
professionals will engage in discussions regarding treatment preferences,
including the decision to continue or discontinue the use of a ventilator.
Consequently, the presence of various risks associated with mechanical
ventilators is expected to pose a notable challenge to the growth of the global
mechanical ventilators market during the forecast period.
The
Global Mechanical Ventilators Market is segmented into product type, component,
interface, end user, regional distribution, and company.
Based
on the product type, the segment of Intensive Care Ventilators is anticipated
to dominate the global market. Intensive care ventilators are utilized to
provide ventilatory support to patients who have difficulty breathing
autonomously or require assistance in maintaining suitable respiration.
Intensive care ventilators can be employed for both neonates and adults,
encompassing a wide range of conditions from critically ill to relatively
stable postoperative patients. Owing to technical advancements and heightened
focus from manufacturers in their development, the intensive care ventilators
sector is projected to hold the majority of the market share.
Based
on region, North America segment is expected to grow during the forecast
period. North America is projected to grow in global market growth during
the forecast period. In North America, there has been a significant rise in the
incidence and prevalence of various chronic diseases, including heart disease
and cancer. The surge in chronic diseases has led to an increased demand for
surgical interventions as part of comprehensive treatment plans. In certain
cases, patients require admission to the intensive care unit for hours or days
after surgery. Intensive care ventilators are employed in such situations to
provide temporary ventilatory assistance to patients unable to breathe
independently. The effects of general anesthesia administered during surgery
persist for some time post-surgery, necessitating the use of ventilators for
patients transferred to the intensive care unit. These factors are expected to
drive growth in the North American ventilator market throughout the forecast
period.
Major
companies operating in Global Mechanical Ventilators Market are:
- Getinge
AB
- Medtronic
PLC
- Koninklijke
Philips NV
- Smiths
Medical
- ResMed
Inc.
- Dragerwerk
AG & Co. KGaA
- GE
Healthcare
- Mindray
Medical International Limited
- Nihon
Kohden Corporation
- Vyaire Medical Inc.
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“Factors
such as the rise in chronic obstructive pulmonary disease (COPD), the growth in
incidences of respiratory disorders, and technological innovations are expected
to drive market growth in the forecast period. The introduction of
patient-friendly devices and the demand for medical assistance in home
healthcare settings are encouraging the use of mechanical ventilators in the
global market. Government initiatives and favorable policies for manufacturers
in emerging economies are stimulating market growth. However, manufacturers are
facing budget constraints, and irregular demand in developing and backward
countries is creating challenges in the market.
Many
vendors in the global mechanical ventilators market are focused on enhancing
their production capabilities to meet the rising demand. Moreover, new entrants
are capitalizing on this opportunity for increased demand. Several players in
the global mechanical ventilators market are actively involved in research
activities, demonstrating efforts to offer technologically advanced products.
Additionally, partnerships and collaborations with private companies and
governments are key strategies that will be prioritized during the forecast
period. All these factors are driving the growth of the global mechanical
ventilators market.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Global
Mechanical Ventilators Market By Product Type (Intensive Care Unit/Critical
Care, Transport/Portable/Ambulatory, and Neonatal Care), By Component (Devices
and Services), By Interface (Noninvasive Ventilation and Invasive Ventilation),
By End User (Hospital & Clinic, Home Care, and Ambulatory Surgical Center),
By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth
potential of Global Mechanical Ventilators Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Mechanical Ventilators Market.
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