CHICAGO, Oct. 13, 2023 /PRNewswire/ -- The ventilators industry is poised for significant advancements in the near future, driven by rapid technological innovation and the increasing demand for critical care equipment. With a growing emphasis on portable and compact ventilators, manufacturers are expected to develop more efficient and user-friendly devices, making them accessible for a broader range of healthcare settings. Additionally, the integration of artificial intelligence and telemedicine capabilities into ventilator systems promises to enhance patient monitoring and remote control. This industry's future is marked by a commitment to improving patient outcomes and streamlining healthcare delivery, ultimately ensuring a higher level of care for those in need of respiratory support.
Ventilators Market in terms of revenue was estimated to be worth $4.2 Billion in 2023 and is poised to reach $5.7 Billion by 2028, growing at a CAGR of 6.4% from 2023 to 2028 according to a new report by MarketsandMarkets. The growth of the global ventilators market is driven by the rising burden of respiratory diseases, such as COPD and asthma. COPD and asthma result in the narrowing of respiratory paths, making breathing difficults. Therefore, many patirnts with COPD and asthma require external ventilation and airway management which will dive growth for ventilators market. However, skilled workforce shortages have been exacerbated during the pandemic and can hamper the growth of the ventilators market in the coming years.
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Ventilators Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $4.2 Billion |
Estimated Value by 2028 | $5.7 Billion |
Growth Rate | Poised to grow at a CAGR of 6.4% |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By mobility, type, interface, mode, end user |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Cost efficiency of home care services |
Key Market Drivers | Rising obesity cases due to sedentary lifestyles |
Based on mobility, intensive care ventilators segment holds the largest share ventilators market
In 2022, the intensive care ventilators segment holds the largest share of the ventilators market. The growth of the intensive care ventilators segment is due to the susceptibility of geriatric individuals to develop severe health problems, the volume of patients being treated in critical care units is increasing, which in turn is driving the demand for intensive care beds.
Based on type, the adult/pediatric ventilators segment accounted of the ventilators market
In 2022, the adult/pediatric ventilators segment accounted of the ventilators market. The large share of the adult/pediatric ventilators segment can be attributed to the chronic diseases such as COPD & asthma, growing tobacco consumption, and the increasing geriatric population.These patients usually exhibit acute respiratory failure signs and are not candidates for less invasive respiratoy support methods. For adults, there are invasive and non-invasive techniques of mechanical ventilation.
Based on end user, the hospitals and clinics segment accounted of the ventilators market
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. The large share of this segment can be attributed to the increasing number of patients with complex medical conditions, such as multiple organ failure and severe sepsis, and growing awareness of the benefits of mechanical ventilation, such as improved patient outcomes and reduced mortality.
The Asia Pacific market is expected to grow at a higher rate during the forecast period
the APAC market is expected to grow at the highest rate during the forecast period, the growing prevalence of lifestyle related diseases such as obesity, a decreasing mortality rate, and the rising demand for home healthcare, is also driving the demand for ventilators. Moreover, improvements in the standard of living, coupled with incaresed access to healthcare, will aid market growth.
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Ventilators Market Dynamics:
Drivers:
1. Rising burden of respiratory diseases
a. Increasing incidence of COPD and asthma
b. High prevalence of tobacco smoking
2. Urbanization and rising pollution levels
3. Rising obesity cases due to sedentary lifestyles
4. Rapid growth in geriatric population worldwide
5. Growing preference for home care settings
6. Rising number of preterm births
7. Outbreak of infectious respiratory diseases
Restraints:
1. Shortage of skilled medical workers
2. Excessive purchase of ventilators during COVID-19
3. Reimbursement concerns
Opportunities:
1. Cost efficiency of home care services
2. Growth opportunities in emerging economies
Challenge:
1. Low awareness and unavailability of adequate resources in emerging economies
2.Harmful effects of certain respiratory devices on neonates
Key Market Players of Ventilators Industry:
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).
Recent Developments:
- In January 2022, ICU Medical acquired Smiths Group plc, aims to support the expansion of ICU Medical's product line, including infusion therapy and ventilators, thus expanding ICU Medical's presence in critical care markets.
- In October 2021, GE Healthcare partnered with Apprise Health Insights. The companies together launched Oregon's Statewide Capacity System to track 7,368 beds and approximately 800 ventilators across 60 hospitals.
- 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.
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Ventilators Market Advantages:
- Life-Saving Support: Ventilators are critical in providing life-saving respiratory support for patients with severe respiratory conditions, such as those suffering from acute respiratory distress syndrome (ARDS), pneumonia, or the effects of COVID-19, helping them breathe when their own respiratory system is compromised.
- Diverse Applications: Ventilators have a broad range of applications across various healthcare settings, from intensive care units (ICUs) in hospitals to ambulances and even home care, ensuring that patients receive appropriate care wherever they are.
- Technological Advancements: Ongoing technological advancements have led to the development of more efficient and user-friendly ventilators with features like advanced modes of ventilation, better patient monitoring, and improved alarm systems, enhancing patient care and safety.
- Patient-Centric Care: Ventilators allow for personalized treatment plans and fine-tuned respiratory support, contributing to better patient outcomes and reducing the risk of ventilator-associated complications.
- Telemedicine Integration: With the integration of telemedicine capabilities, ventilators enable remote monitoring and adjustments, enhancing patient care, and reducing the need for constant physical presence by medical staff, especially during pandemics or in remote areas.
- Global Health Preparedness: The COVID-19 pandemic highlighted the importance of ventilators in global health crises, prompting increased investment and manufacturing capabilities to ensure adequate supply and readiness for future emergencies.
- Economic Opportunities: The ventilators market represents a significant economic opportunity, fostering growth in research, development, and manufacturing, as well as creating jobs and stimulating innovation in medical technology.
- Improved Quality of Life: Ventilators not only save lives but also help improve the quality of life for patients with chronic respiratory conditions by providing ongoing respiratory support and reducing the strain on the respiratory system.
- Enhanced Education and Training: The presence of ventilators in healthcare settings allows for continuous medical education and training, enabling healthcare professionals to enhance their skills in critical care and life support.
- Global Health Equity: The availability and accessibility of ventilators contribute to global health equity, ensuring that patients around the world, regardless of their location or socioeconomic status, have access to life-saving respiratory support.
Related Reports:
Respiratory Care Devices Market - Global Forecasts To 2028
Sleep Apnea Devices Market - Global Forecasts to 2028
Pulse Oximeter Market - Global Forecasts to 2027
Patient Monitoring Devices Market - Global Forecasts to 2027
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