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Medical Ventilator Market Trends

ID: MRFR//0224-CR | 225 Pages | Author: Kinjoll Dey| February 2021

Global Medical Ventilator Market Overview

The medical ventilator market size was valued at USD 3.23 billion in 2023 and is projected to grow from USD 3.38 Billion in 2024 to USD 4.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.32% during the forecast period (2024 - 2032). The increasing prevalence of chronic illness and technological innovation in medical ventilatorsare the key market drivers enhancing market growth.

Medical Ventilator Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Medical Ventilator Market Trends

  • Surging Prevalence of Respiratory Disorders to Fuel Market Growth

An increasing number of chronic obstructive pulmonary disease (COPD) and other respiratory diseases such as sleep apnea, acute lung injury, and hypoxemia are the key factor driving the development of this market. Also, increasing premature birth and a rapid increase in the senior population is expected to fuel the market's overall growth. Additionally, the high prevalence of smoking leading to respiratory diseases will boost the market CAGR.

Home healthcare benefits such as convenience, comfort, and cost advantages are expected to boost the market growth. Furthermore, increasing healthcare infrastructure and disposable income will increase the demand for home healthcare, which will be the major driver of the market. Moreover, increasing awareness of respiratory diseases among patients is fueling the market growth during the forecast period.

Figure 1: Number of COPD cases by age group, and gender in 2019 (in million)Number of COPD cases by age group, and gender in 2019

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

It is estimated that various technological advancements, such as developing advanced portable ventilators and improving sensor technology used in ventilators, create lucrative opportunities for the market. Additionally, the development of non-invasive, microprocessor-controlled portable ventilators offers many growth opportunities foe the medical ventilator market revenue.

Medical Ventilator Market Segment Insights

Medical Ventilator Portability Insights

Based on portability, the market segmentation of medical ventilator includes stationary ventilators and portable ventilators. The portable medical ventilator segment held the majority share in 2022 with respect to the medical ventilator market revenue. Portable ventilators are in greater demand than stationary ventilators because they provide higher accessibility to people with chronic obstructive pulmonary disease (COPD), cardiogenic pulmonary edema, and various respiratory conditions. In addition, portable ventilators support patient transfer within and between hospitals.

January 2021:Inovytec signed a contract to give Israel, Brazil, and Italy 1,500 cutting-edge portable ventilators. It signed a contract with a distributor in California to deliver portable ventilators. During and after the COVID-19 pandemic, patients with respiratory issues may be treated with portable ventilators.

Medical Ventilator Interfaces Insights

Based on interfaces, the medical ventilator market data includes invasive and non-invasive. The non-invasive segment led the market in 2022 and is anticipated to grow the fastest from 2024 to 2032. It offers benefits, including cost-effectiveness, better tolerance, and easy availability. It also helps treat various diseases including respiratory muscle weakness, upper airway trauma, and sinusitis. These factors are driving the market. Hence, rising Interfaces options for Medical Ventilator positively impact the market growth.

Medical Ventilator Service Technology Insights

Based on technology, the medical ventilator market segmentation includes automated and mechanical. The mechanical medical ventilator segment held the majority share in 2022 with respect to the market revenue of medical ventilator. This is due to the increasing geriatric population and growing pollution. Moreover, the growth in this segment is also driven due to people suffering from chronic obstructive pulmonary disease, asthma, and other breathing issues. These mechanical ventilators are widely used to maintain correct ventilation and provide support in health care facilities.

Medical Ventilator Application Insights

The market data of medical ventilator has been bifurcated by application into critical care, neonatal care, and emergency care. The critical care segment dominated the market in 2022, and the terminal side is anticipated to be the fastest-growing segment 2024-2032. Various factors include the clinical benefits of the ventilator in acute respiratory failure, compromised lung functions, or any breathing-related complications.

May 2021: CorVent Medical received CE Mark approval and launched commercial use of its RESPOND-19 Ventilator in Europe. The novel system was designed to ease usability. It has the flexible growth of critical care ventilation capacity to allow hospitals to improve the treatment of critical patients suffering from acute respiratory distress syndrome (ARDS).

Figure 2: Medical Ventilator Market, by Application, 2022 & 2032 (USD Billion)Medical Ventilator Market, by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Medical Ventilator End-User Insights

Based on end-user, the medical ventilator industry include hospitals, clinics, and home care settings. The Hospitals and Clinics segment led the market in 2022 and is anticipated to be the fastest-growing segment during the forecast period, 2024-2032, due to the increased availability of trained healthcare providers for operating and functioning these ventilators and hospitals' enhanced productivity in stimulating the revenue of this business. There is a growing emphasis on providing quality care services to customers. These factors help the market's growth and shall drive the market during the forecast period. Hence, rising End-User options for Medical Ventilator positively impact the market growth

Medical Ventilator Regional Insights

By region, the study offers market insights into Asia-Pacific, North America, Europe, and Rest of the World. The North America Medical Ventilator market accounted for USD 1.41 billion in 2022 and is anticipated to show a significant CAGR growth during the study period attributed to factors such as the growing prevalence of COPD (chronic obstructive pulmonary disease) and respiratory disorders, well-established healthcare infrastructure, and key market players in the region. North American market players constantly focus on product development and partnership strategies to expand their business offerings in North America. Further, the United States market of medical ventilator held the largest market share, and the Canada market of Medical Ventilator was the fastest-growing market in the North American area.

Further, the major countries studied in the market report are: The U.S, Canada, UK, Italy, Spain, Germany, France, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Medical Ventilator Market Share By Region 2022 (%)MEDICAL VENTILATOR MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's medical ventilator market accounts for the second-largest market share due to the use of technically advanced ventilators. Good services provided in this region are helping the market's growth. The availability of various treatment procedures shall drive the market during the forecast. Major European players are more focused on adopting advanced medical ventilators to enhance operational efficiency, which also plays a vital role in market growth. The Asia-Pacific medical ventilator market is projected to surge at the fastest CAGR from 2024 to 2032 due to increasing pollution due to increased urbanization and industry. Furthermore, increased government investments in developing advanced healthcare infrastructure are likely to boost ventilator usage across the region's hospital facilities that supplement the market growth. Key players are devising market entry strategies to expand their business presence in the Asia Pacific. Moreover, the China market of medical ventilator held the largest market sharenwhereas India market of medical ventilator is the fast growing in the Asia-Pacific region.

Medical Ventilator Key Market Players & Competitive Insights

Key market players are spending a large proportion of money on research & development to increase their product lines, which will help the market of medical ventilator to grow even further. Market players are also taking several strategic initiatives to develop their footprint, with major market developments such as contractual agreements, increased investments, mergers and acquisitions, new product launches, and collaboration with other organizations. Competitors in the Medical Ventilator industry must expand their business footprint to endure in an progressively competitive and growing market atmosphere.

One of the key business strategies companies adopt in the medical ventilator industry to profit clients and enlarge the market sector by increasing investment in R&D to improve solutions and services. In recent years, the Medical Ventilator industry has provided transparency and reduced disruptions in the supply chain. The Medical Ventilator markets major players such as Medtronic (Ireland), Vyaire Medical Inc. (U.S.), Smiths Medical (U.S), Hamilton Medical (Switzerland), Resmed (U.S.), Koninklijke Philips NV (Netherlands), Drägerwerk AG & Co. KGaA (Germany),Allied Healthcare Products Inc. (U.S.) Getinge AB (Sweden), E. Healthcare (U.S.), and others are occupied on increasing the market demand by investing in research and development activities.

Medtronic plc is an American medical device company. It develops and manufactures healthcare technologies and therapies. For instance, In April 2020, Medtronic received approval for using PB560 in the US through the FDA’s EUA authority. Previously, the company shipped around 300 ventilators per week. It was intended to raise production from 300 to 700 ventilators weekly to battle the epidemic.

Smiths Medical is an American company that provides specialized medical technologies for markets, focusing on the market segments of medication delivery, vital care, and safety devices. For instance, in August 2019, Smiths Medical partnered with Medline Industries to market its port devices. The partnership focuses on non-acute and home care channels and increases the respiratory division's market internationally.

Key Companies in the Medical Ventilator market include

• Getinge AB (Sweden)

• E. Healthcare (U.S.)

• Vyaire Medical

• Inc. (U.S.)

Medtronic (Ireland)

• Drägerwerk AG & Co. KGaA (Germany)

• Hamilton Medical (Switzerland)

• Resmed (U.S.)

• Koninklijke Philips NV (Netherlands)

• Smiths Medical (U.S.)

• Allied Healthcare Products Inc. (U.S.)

Medical Ventilator Industry Developments

January 2022: OES Medical joined the ABHI UK Pavilion at Arab Health 2022 to launch a new mains-powered ICU ventilator to support hospitals in managing oxygen demand.

May 2021: CorVent Medical received CE Mark approval and launched commercial use of its RESPOND-19 Ventilator in Europe. The novel system is designed for easy-to-use, flexible expansion of critical care ventilation capacity to allow hospitals to improve the treatment of critically ill patients distress from ARDS(acute respiratory distress syndrome).

Medical Ventilator Market Segmentation

Medical Ventilator Portability Outlook

  • Stationary Ventilators

  • Portable Ventilators

Medical Ventilator Interfaces Outlook

  • Invasive

  • Non-Invasive

Medical Ventilator Technology Outlook

  • Automated

  • Mechanical

Medical Ventilator Application Outlook

  • Critical Care

  • Neonatal Care

  • Emergency Care

Medical Ventilator End-User Outlook

  • Hospitals and Clinics

  • Home Care Settings

Medical Ventilator Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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