MECHANICAL VENTILATORS MARKET ANALYSIS

Mechanical Ventilators Market Size and Trends

The global mechanical ventilators market is estimated to be valued at USD 5.78 Bn in 2024 and is expected to reach USD 9.41 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

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The key factors such as the rising geriatric population, growing number of intensive care unit beds, and increasing incidence of respiratory diseases will support the market growth. Additionally, technological advancements in ventilators such as use of advanced modes of ventilation, development of portable and transportable ventilators, and integration of ventilators with electronic medical records (EMRs) are expected to provide opportunities for market growth over the forecast period.

Market Driver – Increasing Incidences of Respiratory Disorders

The global respiratory devices market is being driven higher by the increasing prevalence of various respiratory diseases worldwide. Conditions such as chronic obstructive pulmonary disease (COPD) and asthma continue affecting millions of people and are major health issues in both developed and developing countries. Chronic obstructive pulmonary disease (COPD) in particular has risen to become a leading cause of death globally in recent years. The high instance of respiratory illnesses can be attributed to factors like rising air pollution levels, growing elderly population, and changing lifestyles involving smoking and lack of physical activity. For instance, according to the World Health Organization fact sheet released in March 2023, over 200 million individuals are affected by chronic obstructive pulmonary disease (COPD), causing 3.23 million deaths in 2019 and 65 million experiencing moderate-to-severe COPD. Moreover, sleep-disordered breathing affects around 1-6% of the adult population, which amounts to more than 100 million people. The urgent need to address this growing respiratory disease burden through effective therapeutic and diagnostic solutions is a key market growth catalyst. Device manufacturers are ramping up their product portfolios to meet the provider demand arising from the expanding patient pools.

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Increasing adoption of inorganic growth strategies, such as product launches, by key market players is expected to drive the global respiratory devices market growth over the forecast period. For instance, in January 2020, ICU Medical, Inc., a medical device company, announced that it had launched Portex, a Polyvinyl Chloride (PVC) tracheostomy tube, which is used to facilitate the administration of positive pressure ventilation to provide a patent airway in patients prone to upper airway obstruction, and to provide access to the lower respiratory tract for airway clearance.