Mechanical Ventilators Market

Global Industry Analysis (2017 – 2020) – Growth Trends and Market Forecast (2021 – 2025)


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COVID-19 Pandemic Causes Spike in Mechanical Ventilators Worldwide Demand

The COVID-19 pandemic is 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 COVID-19 outbreak, there is an unprecedented global demand for advanced healthcare services and infrastructure for infection treatment. However, there is huge gap between the availability and demand of ventilators, which worsened the scenario.

To cope up with the COVID-19 situation, government bodies across the world are focusing on converting existing general hospital beds into intensive and critical care beds and thereby, boosting the demand for ICU components such as ventilators. There are many suppliers that have increased their ventilator production capacity by a manifold to meet the growing worldwide demand.

Rising Prevalence of Target Indications like COPD Increases Demand for Ventilators

Rapidly increasing geriatric population, high prevalence of addictions such as tobacco and smoking, rising 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 for ventilators is expected to soar in the coming years as the COVID-19 generates demand for emergency respiratory care devices.

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 market is also likely to be driven by deteriorating air quality, especially in urban areas, which remains the main cause of lung conditions. Efficiency of mechanical ventilators in enabling better oxygenation with minimal damage to lungs is projected to spike its demand. Furthermore, indispensable nature of mechanical ventilators in intensive care of the patient will create a mammoth demand amidst soaring hospital admissions.

Home Care Ventilator Segment is Biggest Beneficiary of Changing Reimbursement Scenario

Healthcare reform is shaking up the ventilator market by changing reimbursement scenario that affects the way ventilators are provided. The home care ventilator segment in the U.S. is witnessing 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 gained momentum with the outbreak of the COVID-19 pandemic too.

The critical care ventilators segment was the dominant product segment in 2019. The COVID-19 pandemic remained the key undercurrent for this dominance all throughout 2020. Critical care ventilators will witness a sustained growth rate as hospital admissions continue to surge.

Middle East & Africa to Achieve Highest CAGR during the Forecast Period

With high healthcare expenditure and the presence of key market players, the United States led the mechanical ventilators market in 2019. Emerging 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 & Africa region would exhibit the highest CAGR during the forecast period. The 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 $14.80 million local ventilator production project in April 2020.

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

The constant pressure on medical budgets, emphasis on cost reduction, and political instability are the main themes hampering ventilator market growth. 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.

Multiple Global and Regional Players are Closely Competing in Fragmented Market

The mechanical ventilators market is fragmented in nature where multiple global and regional players are competing closely in the global market. More than 20 players are dominating the market in different regions basis of their geographic origin. Moreover, due to the COVID-19 pandemic outbreak, local players e exploring favourable government initiatives to ramp up production and surge ahead in the market.

The prominent players in the global ventilators market are 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.

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