PUBLISHER: The Business Research Company | PRODUCT CODE: 1563220
PUBLISHER: The Business Research Company | PRODUCT CODE: 1563220
A mechanical ventilator is a life-saving medical device that supports or completely takes over the breathing function of patients who are unable to breathe adequately on their own. Mechanical ventilators are utilized by healthcare providers to deliver a controlled amount of oxygen and to assist or replace spontaneous breathing in patients suffering from various conditions including respiratory failure, severe pneumonia, chronic obstructive pulmonary disease (COPD) and others.
The mechanical ventilator market consists of sales, by entities (organizations, sole traders and partnerships), of mechanical ventilators that are used to assist or replace spontaneous breathing in patients who cannot breathe adequately on their own.
The global mechanical ventilator market was valued at $4,101.27 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 12.0%
Increase In The Number Of Surgical Procedures
The increase in the number of surgical procedures propelled the growth of the mechanical ventilator market in the historic period. Surgical procedures, or surgical interventions, are medical treatments in which a healthcare professional performs invasive techniques on a patient's body to diagnose, treat or alleviate a medical condition, injury or disease. The increasing number of surgical procedures worldwide is closely linked to the demand for mechanical ventilators, as more patients required respiratory support during and after surgery. As healthcare systems continue to evolve and adapt to demographic changes and health challenges, the role of mechanical ventilation will remain critical in surgical care. For instance, in May 2023, according to Austin Publishing Group, a US-based publishing company, the global healthcare system performed in excess of 300 million major surgical procedures each year. Further, in the USA, according to the American Society for Metabolic and Bariatric Surgery (ASMBS), a US-based non-profit medical organization, in 2021, approximately 262,893 bariatric surgeries were conducted, marking an increase from the 198,651 bariatric surgeries performed in 2020. Therefore, the increase in the number of surgical procedures drove the growth of the mechanical ventilator market.
Introduction Of User-Friendly Ventilators To Cater To Patient Needs
Major companies in the mechanical ventilator market are focusing on introducing advanced, user-friendly ventilators that cater to a wide range of patients' needs. These advancements include features such as improved ease of use for healthcare providers, enhanced patient comfort and advanced monitoring capabilities. For instance, in February 2024, Getinge, a Sweden-based medical technology company, launched its Servo-c mechanical ventilator in the Indian market. The Servo-c is designed to provide advanced ventilation support with a focus on ease of use, flexibility and patient comfort. It features a range of modes and settings suitable for various patient needs, from critical care to less intensive scenarios. The ventilator's intuitive interface and sophisticated technology aim to improve respiratory management and patient outcomes in diverse healthcare settings.
The global mechanical ventilator market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up 28.57% of the total market in 2023.
Mechanical Ventilator Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global mechanical ventilator market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for mechanical ventilator? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The mechanical ventilator market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider mechanical ventilator market; and compares it with other markets.