Mechanical Ventilators Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Medical Devices

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COVID-19 Pandemic Triggered a Spike in Demand for Mechanical Ventilators Worldwide

The COVID-19 pandemic has been one of the most severe humanitarian crises the world has faced. With human life risked to its maximum, mechanical ventilators have been identified as essential medical equipment to facilitate support. To mitigate the severity of the viral outbreak, there is an unprecedented global demand for advanced healthcare services and infrastructure for infection treatment and control. However, there has been a huge gap between the availability and demand in case of ventilators, which worsened the scenario during its peak period. Mechanical ventilators market was one of the most closely influenced ones amid the pandemic. To cope with the pandemic situation, government bodies across the world are chose to convert existing available general hospital beds into intensive and critical care beds, and thereby boost the demand for ICU components such as ventilators. Several manufacturers were compelled to expand their ventilator production capacities by manifold to meet the exploding demand worldwide.

Rising Prevalence of Target Indications like COPD Increases Demand for Ventilators

Rapidly increasing geriatric population, sustained tobacco consumption, rising number of tobacco smokers worldwide, surging air pollution levels, increasing prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), and increasing behavioural risk factors have stoked the demand for mechanical ventilators. The demand is expected to further climb up in the near future. This will continue to fuel the growth of mechanical ventilators market. COVID-19 pandemic turned out to be the overnight booster to demand for emergency respiratory care devices, including mechanical ventilators.

According to the World Health Organization (WHO), COPD is expected to be the world’s third-biggest health threat by the end of 2020. Earlier, it reported that roughly 235 million people had asthma worldwide. The consistently deteriorating air quality, especially in urban areas, remains the main cause behind prevalent lung conditions, which also will continue to push the growth of mechanical ventilators market. Efficiency of mechanical ventilators in enabling better oxygenation with minimal damage to lungs is projected to spike demand to a large extent. Furthermore, indispensable nature of mechanical ventilators in intensive care will play a crucial role in keeping the demand afloat amidst soaring hospital admissions, thereby supporting the growth of mechanical ventilators market.

Home Care Ventilator Segment is Biggest Beneficiary of Changing Reimbursement Scenario

Healthcare reform is shaking up the ventilator space by changing reimbursement scenario that affects the way ventilators are provided. The home care ventilator segment in the US is witnessing a far-reaching impact with competitive bidding, driving a highly competitive market. According to Philips Sleep and Respiratory Care (SRC) study, there was an increase in Medicare and Medicaid claims between 2015 and 2016 for non-invasive (NIV) ventilation to treat COPD-affected individuals. The trend further gained momentum with the outbreak of the COVID-19 pandemic. Critical care ventilators represented the dominant segment in 2019 and pandemic remained the key undercurrent for this dominance all throughout 2020. Critical care ventilators will witness a sustained growth rate even though the pandemic is subsiding, as hospital admissions continue to surge.

Middle East & Africa All Set to Become a Highly Attractive Market

With high healthcare expenditure and the presence of key market players, the US mechanical ventilators market in 2019. Fast-developing markets such as China, and India are anticipated to sustain demand as healthcare reforms will improve the level of healthcare provision. Interestingly, the Middle East & African region would exhibit the highest CAGR during the forecast period. Mechanical ventilators market in this region is thriving due to increasing government initiatives coupled with rising medical tourism. As per Reuters, South Africa, which had the world’s fifth-highest infection burden of around 482,169 confirmed cases as of July 2020, launched a $14.80 million local ventilator production project in April 2020.

Concerns Around Reimbursement, and Harmful Effects on Neonates to Further Accelerate Market Growth

The constant pressure on medical budgets, emphasis on cost reduction, and political instability remain the key factors challenging rapid growth of mechanical ventilators market. Medicare does not make any payment for the purchase and does not cover any other accessories required for ventilators such as humidifiers. Another concern is over respiratory care to neonates, where mechanical ventilators can cause fatal chronic lung injury. This has further resulted in a change in purchasing behaviour priorities like improved efficiency, and patient comfort.

Competition Analysis – Mechanical Ventilators Market

Competition in global mechanical ventilators market is driven by a large number of players and more than 20 companies hold dominating positions in different regions. Moreover, due to the COVID-19 outbreak, local players are exploring favourable government initiatives to ramp up their production and surge ahead in the market. Air Liquide Healthcare, Drägerwerk AG, Fisher & Paykel, Getinge AB, Medtronic, Smiths Group, Becton Dickinson and Company, Bio-Med Devices, Inc., Cardinal Health, GE Healthcare, Hillrom, ResMed Corp, ACUTRONIC Medical Systems AG, AEONMED CO., LTD., Avasarala Technologies Limited, aXcent medical, Dima Italia, Hamilton Medical, Löwenstein Medical Innovation, and Koninklijke Philips N.V. constitute some of the prominent players in global mechanical ventilators market.

The mechanical ventilators market has been segmented as below:

By Mobility

  • Intensive Care Ventilators
  • Portable Ventilators

By Interface

  • Invasive Ventilation
  • Non-Invasive Ventilation

By End User

  • Hospitals
  • Home Healthcare
  • Other End Users

By Region     

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa

Key Elements Included In The Study: Global Mechanical Ventilators Market

  • Mechanical Ventilators Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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