Mechanical ventilators market is estimated to be valued at USD 5.78 Bn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period (2024-2031). The global mechanical ventilators market is driven by the growing geriatric population and rising prevalence of respiratory diseases. Furthermore, the favorable regulations and policies supporting the use of ventilators are also fueling the market growth.
Market Dynamics:
The growth of the global mechanical ventilators market is determined by several drivers and trends. Rising cases of respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma have increased the demand for ventilators over the years. As per the World Health Organization, around 65 million people suffer from moderate to severe COPD worldwide. Similarly, over 300 million people suffer from asthma. With growing pollution levels and changing lifestyle, the incidence of respiratory diseases is expected to rise significantly. Additionally, conducive regulatory environment promoting the use of ventilators is also supporting the market growth. Various regulatory agencies such as the U.S. FDA and European Union provide favorable clearance for marketing and commercialization of new ventilator technologies. This encourages innovations and drives the overall adoption of ventilators.
Increasing Prevalence of Chronic Respiratory Diseases is Driving the Market Growth
The increasing prevalence of chronic respiratory diseases, such as chronic obstructive pulmonary disease (COPD) and asthma, across the globe is a major driver for the growth of the global mechanical ventilators market. As per the World Health Organization (WHO), COPD is estimated to be the third leading cause of death globally. It is projected that COPD will become the fourth most prevalent disease burden by 2030. Mechanical ventilators play a crucial role in providing respiratory support to such patients. With the rising number of COPD and asthma cases, the demand for mechanical ventilators from hospitals and healthcare facilities is increasing substantially.
Growing Geriatric Population is Fueling the Demand for Mechanical Ventilators
Another important driver for the market growth is the rising geriatric population worldwide who are more prone to chronic respiratory conditions. As per United Nations statistics, the number of people aged 60 years or above is expected to reach 2 billion by 2050 from the current level of 1 billion. The elderly population is more susceptible to pneumonia, COPD, and other pulmonary disorders which often require respiratory support through ventilators. Since the aging population is growing rapidly across both developing and developed countries, it will significantly drive the sales of mechanical ventilators in the upcoming years.
High Cost of Mechanical Ventilators is Hindering Adoption Rates
High-acuity and intensive care unit ventilators can cost anywhere between US$ 25,000 to US$ 50,000 or even more. While these devices are indispensable for critical respiratory support, their steep price tags limit their adoption rates especially in cost-sensitive regions. This proves to be a considerable challenge for market players operating in low- and middle-income countries. The high cost also restricts regular replacements and timely procurement of new units in hospitals and healthcare facilities
Stringent Regulations Pertaining to Product Approval are Challenging Market Growth
Medical devices like mechanical ventilators are strictly regulated by authorities such as the U.S. Food and Drug Administration and the European Medicines Agency (EMA). Manufacturers need to follow rigorous quality standards and pass through lengthy approval procedures to gain market access. Although these regulations ensure product and patient safety, they make the overall approval cycle time-consuming and expensive. This adds significantly to the production and compliance costs for companies. Complying with evolving medical device regulations poses a challenge, especially for small and medium ventilator manufacturers. Stringent quality and approvals requirements hence limit the entry of new players and restrain the market expansion.
Increasing Healthcare Expenditure in Emerging Nations Offers Significant Opportunities
One of the major opportunities in the global mechanical ventilators market comes from the rising healthcare expenditure in emerging Asian, African, and Latin American countries. As per the WHO, healthcare spending is accelerating rapidly in the developing world. Countries are allocating larger budgets for hospital infrastructure development and procurement of critical care equipment. This growing healthcare investment will increase the demand for advanced respiratory devices like mechanical ventilators. Market players can tap into these high growth regions to boost their sales prospects.
Surging Demand for Portable and Transportable Ventilators Presents Lucrative Prospects
The increasing popularity of compact, portable ventilators for emergency medical services and patient transport within hospitals offers lucrative opportunities for manufacturers. Key players are developing specialized ventilator models that are lightweight, easy to operate, and designed for intra-hospital transport of critical patients. Such portable systems enable effective respiratory therapy both within and outside healthcare facilities. The market demand for portable and transportable ventilators is expected to grow substantially with the rising adoption of emergency medical services worldwide. Companies need to focus on innovating transport ventilator technologies to capitalize on this opportunity.
*Link: https://www.coherentmarketinsights.com/market-insight/mechanical-ventilators-market-1605
Key Development
- On February 16, 2024, Getinge, a global medical technology company, announced that it had launched its Servo-c mechanical ventilator in India. The Servo-c is designed to address patients’ respiratory needs, offering lung-protective therapeutic tools.
- In May 2022, Max Ventilator, a medical device company, announced the launch of multifunctional non-invasive (NIV) ventilators which come with inbuilt oxygen therapy and humidifier. It can be used for neonatal care as well as adult care.
- In April 2022, Inspira Technologies OXY B.H.N. Ltd., a medical technology, announced a distribution agreement with Bepex Ltd., a medical device company that includes the potential future deployment of Inspira's Augmented Respiration Technology (ART) systems, designed to prevent the need for invasive mechanical ventilation
Key Players: Fisher & Paykel Healthcare Limited, Getinge, Hamilton Medical, Medtronic, ICU Medical, Inc., Dragerwerk AG & Co. KGaA, ZOLL Medical Corporation, Koninklijke Philips N.V., VYAIRE, ResMed, Max Ventilator, Inspiration Healthcare Group plc., CorVent Medical Inc., and Inovytec
