Critical Care Innovation: Exploring the Global Ventilators Market

Posted by snehal shaha on June 26th, 2023

The growth of the global ventilators market is driven by the rising burden of respiratory diseases, urbanization, and rising pollution levels, rising obesity cases due to sedentary lifestyle, rapid growth in geriatric population worldwide, growing preference for home care settings, rising number of preterm births, outbreak of infectious respiratory diseases. However, shortage of skilled medical workers, excessive purchase of ventilators during covid-19, reimbursement concerns is expected to negatively impact market growth during the forecast period.

Ventilators market is projected to reach USD 5.4 Billion in 2027 from USD 3.9 Billion in 2022, at a CAGR of 6.3% during the forecast period according to a new report by MarketsandMarkets™. 

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Ventilators Market DYNAMICS         

         DRIVERS

• Rising burden of respiratory diseases
• Increasing incidence of COPD and asthma
• Urbanization and rising pollution levels
• Rising obesity cases due to sedentary lifestyles
• Rapid growth in geriatric population worldwide
• Growing preference for home care settings
• Rising number of preterm births
• Outbreak of infectious respiratory diseases

        RESTRAINTS

• Shortage of skilled medical workers
• Excessive purchase of ventilators during COVID-19
• Reimbursement concerns

        OPPORTUNITIES

• Cost efficiency of home care services
• Growth opportunities in emerging economies

        CHALLENGES

• Low awareness and unavailability of adequate resources in emerging economies
• Harmful effects of certain respiratory devices on neonates

Market Segmentation:

• In 2021, the intensive care ventilators segment accounted for the largest share of the ventilators market. The intensive care ventilators segment will continue to dominate the market during the forecast period.
• In 2021, the adult/pediatric ventilators segment accounted of the ventilators market. The large share of the adult/pediatric ventilators segment can be attributed to the rising number of smokers and the increasing geriatric population worldwide.
• In 2021, the hospitals and clinics segment accounted of the ventilators market. The hospitals and clinics segment will continue to dominate the market during the forecast period.

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Regional Analysis:

The APAC market is expected to grow at the highest rate during the forecast period, mainly due to high-growth markets like Japan, China, India, South Korea, Taiwan, Australia, and Singapore. The rising geriatric population, increasing COVID-19 patient volume, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, and expansion of private-sector hospitals to rural areas in various APAC countries are the major factors driving the growth of the ventilators market in this region.

Recent Developments:

• In June 2021, Vyaire Medical, Inc. partnered with GenWorks Healthcare Limited. The partnership in India expands the company's footprint and provides greater accessibility to high-quality pulmonary screening, testing, and treatment.
• In November 2020, Koninklijke Philips N.V. partnered with African Union. This partnership led to the launch of a first-of-its-kind ventilator exchange program to allow the replacement of outdated intensive care unit (ICU) ventilators.
• In May 2020, Vyaire Medical, Inc. partnered with Spirit AeroSystems. This partnership helped accelerate the production of ventilators and other related respiratory equipment.

Key players in the ventilators market

The prominent players in the ventilators market are Koninklijke Philips N.V. (Netherlands), ResMed (US), Medtronic (Ireland), Vyaire Medical, Inc. (US), Getinge AB (Sweden), Drägerwerk AG & CO. KGAA (Germany), ICU Medical, Inc. (US), Hamilton Medical (Switzerland), GE Healthcare (US), Air Liquide (France), Asahi Kasei Corporation (Japan), Allied Healthcare Products, Inc. (US), Nihon Kohden Corporation (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd, (China), Skanray Technologies (India), Baxter International Inc, (US), aXcent Medical GmbH (Germany), Metran Co., Ltd (Japan), MAGNAMED (Brazil), Leistung Ingeniería SRL(Argentina), Avasarala Technologies Limited (India), Airon Corporation (Florida), TRITON Electronic Systems Ltd. (Russia), Bio-Med Devices, Inc. (US), and HEYER Medical AG (Germany).