PUBLISHER: Polaris Market Research | PRODUCT CODE: 1449364
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1449364
The global mechanical ventilators market size is expected to reach USD 4.49 billion by 2032, according to a new study by Polaris Market Research. The report "Mechanical Ventilators Market Share, Size, Trends, Industry Analysis Report, By Ventilation (Non-invasive, Invasive); By Product; By End-Use; By Region; Segment Forecast, 2024- 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising elderly population and the prevalence of chronic respiratory disorders are expected to drive the demand for ventilators. Increased awareness of lung cancer symptoms and a surge in the number of patients in mid-sized hospitals contribute significantly to the growing demand for ventilators. However, the use of mechanical ventilation may pose challenges to industry growth due to an elevated risk of infection through the airway. There are also potential risks such as the collapse of small air sacs in the lungs or damage resulting from repetitive opening or inflation, which are associated with the use of mechanical ventilators and could impede market growth.
Unlike other industries, the pandemic has significantly favored the mechanical ventilators market, positively impacting its growth. The use of ventilation facilities saw a substantial increase during the COVID outbreak, with a rising demand for such facilities across all hospitals. To meet this heightened demand, major industry players enhanced their production capabilities during the pandemic. Various government initiatives were implemented to ensure the timely availability of mechanical ventilators for patients. Government organizations, supply chain networks, and industry players collaborated to address the escalating global demand for ventilators worldwide.
The surge in COVID-19 cases has led to a heightened demand for mechanical ventilators in hospitals and clinics, particularly for critical COVID-19 patients experiencing respiratory failure. Ventilator support has become crucial for managing severe cases. The discovery of new variants like delta and omicron, characterized by rapid spread rates since mid-November 2021, has increased the global risk of a third wave. In response to the escalating demand during the pandemic, major mechanical ventilator manufacturers, along with government initiatives, have taken measures to boost production. Despite these efforts fostering industry growth, challenges such as the high cost of mechanical ventilators and the associated risk of ventilator-associated infections, including nosocomial pneumonia, may constrain market expansion over the forecast period.
The transport and portable mechanical ventilator segment secured the dominant market share in 2023 and is projected to demonstrate the swiftest CAGR. The segment's growth is propelled by the efficiency of mechanical ventilators across diverse applications in various care delivery settings. The ongoing evolution of cost-effective and patient-friendly portable devices further fosters their increased adoption.
The non-invasive ventilation segment asserted its dominance in the market share during the forecast period. This expansion is attributed to its broad range of applications and its ability to provide accurate and heightened concentrations of oxygen.
In 2023, the North American region led the global market, holding the largest market share. This can be attributed to factors such as the rising prevalence of chronic obstructive pulmonary disease (COPD) and respiratory disorders, a robust healthcare infrastructure, and the presence of key market players in the region, highlighting substantial growth in the North American market.
The global key market players include Abbott, Air Liquide, Airon Corporation, Allied Medical LLC (A Flexicare Company), Avasarala Technologies Limited, aXcent Medical GmbH, Bio-Med Devices, BIOTRONIK, Boston Scientific Corporation, CSchiller AG, Dragerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, GE Healthcare, Getinge AB, Hamilton Medical, HEYER Medical AG, Hill-Rom (Baxter), Koninklijke Philips N.V., Leistung Engineering Pvt. Ltd., MAGNAMED, Medtronic.
Polaris Market Research has segmented the Mechanical Ventilators market report based on ventilation, product, end-use, and region: