Mechanical Ventilators Market Forecast
Mechanical Ventilators Market accounted for USD 2,546 Million in 2019 and is estimated to grow at a CAGR of 4.3% during the forecast period.
Mechanical ventilators are machines that assist in managing the breathing problems of the patients by delivering high concentrations of oxygen into the lungs. Mechanical ventilators play a vital role in reducing the amount of energy a patient uses on breathing. Growing chronic obstructive pulmonary disease (COPD), rapid growth in the geriatric population, technological advancements, and a rise in the incidence of respiratory emergencies in respiratory care devices is likely to drive the mechanical ventilators market.
Furthermore, the current outbreak of COVID-19 along with rising manufacturers in various regions is driving the mechanical ventilators market.
Mechanical Ventilators Market Influencer
Increasing the geriatric population along with the COVID-19 outbreak drives the mechanical ventilators market.
- Increasing older population
- According to the World Population Prospects by the United Nations, approximately 962 million older population aged 60 and above were present globally as of 2017. This represents about 13% of the global population.
- COVID 19 outbreak
- Covid-19 outbreak has caused an increase in the usage of ventilators as coronavirus causes breathing difficulties and these ventilators are mechanical devices that are crucial in the fight to save patients whose lungs are attacked by the virus.
- Increasing prevalence of respiratory diseases
- Increasing number of government initiatives
- Philips, a global leader in health technology, collaborated with the US Government to increase the production of hospital ventilators in its manufacturing sites in the US Philips plans to double the production by May 2020 and achieve a four-fold increase by the third quarter of 2020 for supply to the US and global mechanical ventilators market in response to Covid-19.
- High Cost
- Product recall and failure
By Product Type
- Intensive care unit/critical care: Critical care mechanical ventilators accounted for the largest mechanical ventilators market share due to its high adoption and installation rate in hospitals. These ventilators are used in intensive care units. Additionally, the rise in COVID-19 cases in all the regions has also driven the growth of Intensive care unit/critical care ventilators. According to the World Health Organization, one in six COVID-19 patients becomes seriously ill and can develop breathing difficulties and these ventilators are mechanical breathing devices that are crucial in the fight to save patients whose lungs are assailed by the virus.
- Transport/Portable/Ambulatory: It is the fastest-growing segment by product type. The fast growth rate is owing to their efficiency in a variety of applications in different care delivery settings ranging from home care to ambulatory centers. Hospitals are encouraging the usage of portable mechanical ventilators to provide convenient and faster care to patients from an ambulance to hospital beds. The popularity of portable mechanical ventilators is also increasing as it prompts the patients to adopt home care.
- Neonatal care: This segment accounts for a significant share due to an increase in the fertility rate of women and an increase in the age of childbearing with various races. Additionally, various mechanical ventilators market players are involved in product launches to enhance their growth. For instance, Hamilton Medical launched the new Hamilton-C1 neo, which combines a range of therapy options with mobility into a ventilator designed specifically for neonates.
- Non-Invasive Ventilation: This segment accounts for the largest share due to cost-effectiveness, better tolerance, and convenience than invasive ventilation. Additionally, the easy availability of the segment outside the ICU setting also drives the growth for non-invasive ventilation.
- Invasive Ventilation: Holds a significant market share. This is attributed to the predominant use of invasive ventilators due to an increase in patients with permanent breathing disabilities and patients who are unlikely to recover within a certain period.
By Age Group
- Adult: This segment holds the largest mechanical ventilators market share due to factors such as the increasing number of smokers and the presence of a large patient pool for respiratory diseases. In addition, a growing aging population coupled with chronic diseases such as chronic obstructive pulmonary disease (COPD) and asthma will further contribute to the market growth. The prevalence of COPD and sleep apnea is almost twice in the elderly population in the age group of 70 years to 80 years.
- Pediatric: The pediatric segment accounts for significant mechanical ventilators market share due to rising cases of respiratory disorders in children.
- Hospital and Clinic: The positive growth of hospitals and clinics is due to the availability of skilled professionals. Moreover, hospitals are increasingly adopting new and advanced diagnosis and treatments. There is also an increase in the number of hospitals that are expected to drive the growth of the mechanical ventilators market.
- Home Care: Holds the largest mechanical ventilators market share due to the increasing older population and the availability of portable ventilators.
- Ambulatory Surgical Center: Availability of devices that aid in minimally invasive techniques and rising technological advancements in mechanical ventilators drives the ambulatory surgical center's segment.
- Americas: The Americas dominated the mechanical ventilators market in 2019 due to the rising geriatric population along with favorable insurance policies. According to the US Census Bureau, the number of Americans aged 65 and older will more than double over the next 40 years, reaching 80 million in 2040. Additionally, the rising COVID-19 cases in the US are also driving the market for mechanical ventilators. According to the Centers for Disease Control and Prevention, as of June 9, 2020, there were 1,956,421 total cases in the US. These factors of rising COVID-19 cases and growing older population is driving the mechanical ventilators market in the Americas region.
- Europe: Europe is s projected to show exponential growth from the year 2019 to 2020. The enormous growth in the country can be attributed to the rising number of COVID-19 cases and increasing demand for ICU beds to treat these patients in the hospitals, especially in Italy. For instance, according to the European Society of Anaesthesiology (ESA), in March 2020, the number of ICU beds in Italy has increased to more than 900 beds from the previous 640 beds. In 2020, 23.1 percent of the total population in Italy was estimated to be aged 65 years and older according to the European Commission.
- Asia-Pacific: Asia Pacific is anticipated to witness significant growth rate over the forecast period owing due to increasing chronic respiratory diseases, rising healthcare expenditure, rising cases of COVID 19, and various collaborations and strategic agreements among major mechanical ventilators market players.
- Middle East & Africa: The developing healthcare infrastructure and growing innovative product options for the aging population are boosting the mechanical ventilators market growth in this region. Additionally, strategic developments by major players are also driving the mechanical ventilators market growth. For instance, Drägerwerk AG (Lübeck, Germany) launched several new products at the Arab Health 2020 held in Dubai, UAE, including ICU ventilators and anesthesia workstation.
- Getinge AB (Sweden)
- Becton, Dickinson, and Company (BD) (US)
- Medtronic (Ireland)
- Draeger Medical GmbH (Germany)
- GE Healthcare (US)
- Macquet Gmbh & Co. KG (Germany)
- Koninklijke Philips N.V. (Netherlands)
- Smith’s Medical (US)
- Hamilton Medical (Switzerland)
- ACOMA Medical Industry Co., Ltd (Japan)
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2019: USD 2,546 Million 2027: Significant Value
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Product Type, Mode and End User
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Getinge AB (Sweden), Becton, Dickinson, and Company (BD) (US), Medtronic (Ireland), Draeger Medical GmbH (Germany), GE Healthcare (US), Macquet Gmbh & Co. KG (Germany), Koninklijke Philips N.V. (Netherlands), Smith’s Medical (US), Hamilton Medical (Switzerland), ACOMA Medical Industry Co., Ltd (Japan) among others.
Key Market Opportunities
Increasing the Geriatric Population along with the COVID-19 Outbreak Drives the Global Mechanical Ventilators Market.
Key Market Drivers
Increasing Older Population. COVID 19 Outbreak. Increasing Prevalence of Respiratory Diseases. Increasing Number of Government Initiatives.
Frequently Asked Questions (FAQ) :
Mechanical Ventilators Market can thrive at 4.3% CAGR by 2027.
In 2019, the Mechanical Ventilators Market was valued at USD 2,546 Mn.
Becton, Dickinson, and Company (BD) (US), Getinge AB (Sweden), and Medtronic (Ireland) are some reputed Mechanical Ventilators Market players.
Expansion of aged population base can drive the aircraft systems market.
High cost of products can restrain the Mechanical Ventilators Market rise.
This table of content is tentative and subject to change as the research progresses.
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