High prevalence of chronic respiratory diseases and rise in government expenditure on healthcare & health policies drive the growth of the global mechanical ventilator market
PORTLAND, Ore., Feb. 1, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Mechanical Ventilator Market by Product Type (Intensive Care Unit/Critical Care, Transport/Portable/Ambulatory, and Neonatal Care), Component (Devices and Services), Mode (Noninvasive Ventilation and Invasive Ventilation), Age Group (Pediatric & Neonatal, Adult, and Geriatric), and End User (Hospital & Clinic, Home Care, and Ambulatory Surgical Center): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global mechanical ventilator industry generated $4.65 billion in 2020, and is projected to reach $18.63 billion by 2030, witnessing a CAGR of 12.8% from 2021 to 2030.
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Prime determinants of growth
High prevalence of chronic respiratory diseases and rise in government expenditure on healthcare & health policies drive the growth of the global mechanical ventilator market. However, high costs and risks related to usage of mechanical ventilators hinder the market growth. On the other hand, technological innovations, portability, and design create new opportunities in the coming years.
Covid-19 Scenario
- The Covid-19 pandemic boosted the demand for mechanical ventilators as the Covid-19 is closely associated with respiratory failure and critically ill patients need ventilator support.
- Mechanical ventilation has been implemented to oxygenate seriously-ill patients. The demand for portable mechanical ventilators increased in-home care settings during the pandemic.
- In addition, new delta and omicron variants of Covid-19 have been spreading at a high rate and raised the risk of third-wave across the world. These risks led governments in many countries to implement favorable guidelines and regulations to increase the production of mechanical ventilators to fulfill the high requirements during the pandemic.
The devices segment to continue its leadership status during the forecast period
Based on component, the devices segment held the largest share in 2020, contributing to more than 85% of the global mechanical ventilator market, and is projected to continue its leadership status during the forecast period. This is attributed to increase in demand for different types of mechanical ventilator devices and rise in chronic diseases. However, the services segment is estimated to manifest the fastest CAGR of 13.8% from 2021 to 2030, owing to rise in sales of ventilators and surge in the number of hospitals.
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The intensive care unit/critical care segment to maintain its lead position by 2030
Based on product type, the intensive care unit/critical care segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global mechanical ventilator market, and is estimated to maintain its lead position throughout the forecast period. This is due to rise in the number of hospitals & clinics, surge in chronic diseases, and the impact of the Covid-19 pandemic. However, the transport/portable/ambulatory segment is expected to witness the fastest CAGR of 13.6% from 2021 to 2030. This is attributed to convenient in-home care settings and increase in the geriatric population.
North America to maintain its dominance by 2030
Based on region, North America contributed to the highest market share in 2020, holding around one-third of the global mechanical ventilator market, and is expected to maintain its dominance by 2030. This is attributed to rise in prevalence of lung diseases, presence of key players for manufacturing & development of mechanical ventilators, and surge in the number of hospitals in the region. However, Asia-Pacific is estimated to portray the largest CAGR of 15.9% during the forecast period, owing to increase in prevalence of chronic diseases, rise in the number of hospitals, and government initiatives to increase the production of ventilators.
Leading Market Players
- Asahi Kasei Corporation (Zoll Medical Corporation)
- Carl Reiner GmbH
- Draegerwerk AG & Co. KGaA
- Getinge AB (Maquet Holding B.V. & Co. KG)
- General Electric Company (GE Healthcare)
- Hamilton Medical AG
- Koninklijke Philips N.V.
- Medtronic Plc. (Covidien Ltd.)
- Mindray Medical International Limited
- Smiths Group Plc.
- Vyaire Medical Inc.
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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