Pune, India, Feb. 02, 2023 (GLOBE NEWSWIRE) -- The global Ventilator Market size was valued at USD 2.54 billion in 2019. The market is expected to reach USD 9.13 billion in 2027 with a CAGR of 5.0% during the forecast period. In 2019, North America generated US$ 0.88 billion in terms of revenue. The ventilators market size is estimated to gain momentum on account of the increasing number of ICU admissions that require mechanical ventilation. Fortune Business Insights™ shares this information in its report titled “Ventilator Market Forecast, 2023-2027.”
Key Industry Developments of the Market Include:
Getinge AB announced the U.S. FDA approval for a number of software for Servo–u and Servo-n ventilators. Also, the company received the U.S. marketing approval of Servo-u MR from U.S. FDA. This helped the company to broaden product line and strengthen its brand name.
RespirAD portable ventilator was launched by Biodesign Innovation Labs for taking care of coronavirus patients.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 5.0% |
| 2027 Value Projection | USD 9.13 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 2.54 Billion |
| Historical Data | 2016 to 2018 |
| No. of Pages | 135 |
Key Takeaways
- The demand for critical care equipment is very high due to the growing number of patients requiring urgent care.
- Another important factor affecting the market is the increased number of ICU admissions due to COVID-19.
- Introduction of technologically advanced devices by key market players increases demand, thus fostering growth.
- Asia Pacific is expected to have a significant CAGR during the forecast period.
- The increasing number of preterm births is driving demand for pediatric ventilators and will help this segment grow to an important CAGR.
Drivers & Restraints-
Advent of New Mechanical Ventilators will Add Impetus to Market
A ventilation machine provides artificial or mechanical respiration to a patient suffering from any chronic disease. The current COVID-19 pandemic has also increased the number of patients requiring intensive and critical medical aid. The World Health Organization (WHO) reports an estimate of about 4.7 million people suffering from COVID-19 all over the world as per May 18, 2020. Therefore, a rise in the number of critical care unit cases is a significant factor in propelling the ventilator market growth. In addition to this, the rising disposable incomes of people and their willingness to spend more on advanced healthcare services have encouraged the improvement and up-gradation of healthcare infrastructure and medical facilities. This is also adding impetus to the market.
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Segment:
Adult Segment to Emerge Dominant Attributed to High Prevalence of Chronic Diseases among Adult Population
Based on segmentation by type, the market is bifurcated into adult and paediatric & neonatal segments. Among these, the adult segment earned the highest ventilator market share in 2019. This is accountable to the high prevalence of chronic diseases among adults as compared to their younger counterpart.
Invasive Segment to Emerge Dominant Attributed to their applications in ICU with chronic diseases
Based on segmentation by interface, the market is segmented into invasive and non-invasive segments. Among these, the invasive segment held a dominant share in 2019. This is accountable to the rising application of invasive ventilator in ICU’s for the patients admitted with chronic respiratory diseases, neurological disorders and others.
Competitive Landscape-
Dominant Players Focusing on Developing Novel Technologies for Advanced Ventilators
Currently, Hamilton Medical AG, Medtronic, Koninklijke Philips N.V., and Getinge AB are holding 40% or more shares in this market. This is owing to their strong focus on research and development of novel technology in the advanced ventilators. Other players are engaging in mergers and acquisitions, joint ventures, collaborations, and others to maintain their positions in the market.
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Regional Analysis-
North America Emerged Dominant Accountable to Highest Number of Critical Care Patients
Regionally, North America generated USD 0.88 billion in terms of revenue in 2019 and emerged dominant. Factors responsible for this dominance include the rising number of patients admitted to intensive care and critical care units every year. Additionally, the reimbursement policies offered by the governments of Canada and the U.S. are also aiding in the expansion of this regional market.
On the other side, the second-largest market share is earned by Europe on account of the increasing adoption of mechanical ventilation support systems. Furthermore, Asia Pacific is likely to exhibit significant growth in the coming years on account of a rise in the development of healthcare infrastructure, increasing disposable incomes of people, and their willingness to spend on better medical facilities.
List of the manufacturers operating in the market:
- GE Healthcare
- Hamilton Medical AG
- Vyaire Medical, Inc.
- Medtronic
- Koninklijke Philips N.V.
- Drägerwerk AG & Co. KGaA
- Getinge AB
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Other vendors
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Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Chronic Dieses, By Key Region/ Key Countries, 2019
- Number of ICU Beds, by Key Region/ Key Country
- Technological Advancements, Ventilator
- New Product Launches, By Key Market Players
- Key Industry Developments such as Mergers & Acquisitions
- Impact of COVID-19, on Global Ventilator Market
- Global Ventilator Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Adult
- Paediatric & Neonatal
- Market Analysis, Insights and Forecast – By Interface
- Invasive
- Non-invasive
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Specialty Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
- North America Ventilator Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Adult
- Paediatric & Neonatal
- Market Analysis, Insights and Forecast – By Interface
- Invasive
- Non-invasive
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Specialty Clinics
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Ventilator Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Adult
- Paediatric & Neonatal
- Market Analysis, Insights and Forecast – By Interface
- Invasive
- Non-invasive
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Specialty Clinics
- Others
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
TOC Continued…………….
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