Global Ventilators Market was valued at USD 1.4 billion in 2021 and is projected to register a CAGR of 7.6% over the forecast duration of 2022-2030, thereby accumulating USD 2.43 billion by the end of the analysis timeline.
Ventilators Market– Introduction and growth dynamics
A ventilator is referred to as a mechanical device which is used to pump oxygen in human body in order to deliver breaths to critically ill patients who are physically incapable of breathing. Although they are not made to treat any health problem, but are capable to keep a patient’s lungs working during a critical health condition.
Ventilators are predominantly used in hospitals and healthcare centers for patients admitted with heart ailments, sleep apnea, hypoxemia, lung injury, just to name a few.
The primary factors propelling the growth of global ventilators market are increasing prevalence of respiratory disorders, rise in geriatric population, and high number of preterm births. Alongside, technological advancements in the field, increasing ICU beds, and the prompt emergence of home health care are positively swaying the market dynamics.
Furthermore, growing prevalence of COPD and asthma driven by lifestyle habits like excessive tobacco intake and the advent of non-invasive and microprocessor-controlled portable ventilators are fueling market expansion.
Opportunity: Technical Advancement & Development of microprocessor-controlled portable ventilators
Advanced ventilators can also be set up to handle any kind of emergency and are equipped with numerous checks and balances. Sensors and monitors are available to monitor patient-specific parameters such as flow speed, air pressure, volume, air leakage, and mechanical failure.
The new portable life support ventilators are smaller and lighter in weight and offer non-invasive, invasive, and mouthpiece ventilation. The latest technology for ventilation combines the ability to adjust circuit and leak pressure and precise flow triggers that allow easy breathing and precise therapy.
In recent years, manufacturers have been working on portable ventilators with wireless connectivity that make a significant difference to the outcomes of patients. Through a cloud-based application for managing patients and Bluetooth-enabled devices, current devices transform medical-grade data into relevant information and deliver it directly to mobile devices or the desktops of health professionals several times each day.
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Ventilators Market- Major Restraints
Diseases like COPD and asthma go undiagnosed and untreated in several emerging economies due to lower cognizance about the availability of treatment resources among the masses. This in turn is impeding the market progression in several regions. Citing an instance, according to WHO, over 90% deaths associated with COPD are reported in lower or middle income nations.
Ventilators Market- Segment Analysis
By mobility, ventilators market is bifurcated into intensive care ventilators and portable/transportable ventilators. Among these, the intensive care ventilators segment is anticipated to capture a significant market share over the forecast period owing to increase in the number of ventilator equipped icu beds along with growing ICU admissions related to covid-19 infection in various nations.
Based on type, the marketplace is fragmented into adult/pediatric ventilators and neonatal/infant ventilation.
On the basis of interface, the market sphere is classified into invasive ventilation segment and non-invasive ventilation.
Based on mode, ventilators market is classified into combined mode ventilation, volume mode ventilation, pressure-mode ventilation, and others. Among these, the combined mode ventilation segment is expected to capture substantial market share over the stipulated timeline. This is attributable to the capacity of these devices to provide both pressure-mode and volume mode ventilation.
Considering the end user segment, ventilators market is divided into hospital and clinics, home care settings, emergency medical services, and ambulatory care settings. The hospital and clinics segment is anticipated to garner significant regards over the stipulated timeline ascribing to financial capacities of hospitals to buy costly instruments and the presence of professions who can efficiently operate ventilators.
This business intelligence report further assesses the mentioned segments and sub segments to accurately determine the size and scope of the overall industry vertical.
Ventilators Market- Geographical Landscape
The major regions constituting the geographical landscape of this industry vertical are North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Among these, North America is presently dominating the global market owing to increase in elderly population, high number of smokers, rising occurrence of respiratory diseases, and growing number of COVID 19 patients. Alongside, high healthcare costs, rapid development in healthcare systems, and the presence of key market players are also boosting North America market expansion.
Ventilators Market- Competitive Hierarchy
The major players operating in global ventilators market are Koninklijke Philips NV (Netherlands), Medtronic Plc (Ireland), Getinge AB (Sweden), Bio-Med Devices, Inc (USA), Metran Co. Ltd (Japan), GE Healthcare (US), Fisher & Paykel Healthcare Limited (New Zealand), HEYER Medical AG (Germany), Airon Corporation (Florida), Smiths Group plc (UK), Leistung Engineering Pvt Ltd (Argentina), Avasarala Technologies Ltd (India), Hill-Rom Holdings, Inc (US), Allied Healthcare Products , Inc (US), aXcent Medical GmbH (Germany), and TRITON Electronic Systems Ltd (Russia), among others.
These aforementioned players are undertaking various strategic decisions and steps like collaboration deals, partnerships, innovative product launches, research and development investments, mergers & acquisitions, among others to strengthen their market presence and generate significant revenues.
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