May 21, 2024
Mechanical Ventilators Market

Mechanical Ventilators Market Scheduled To Become US$ 6298.59 Million Opportunity By 2024 Owing To Rising Prevalence Of Respiratory Diseases

Mechanical ventilators are life supporting medical devices used for treating chronic respiratory diseases by providing breathing assistance to patients who are unable to breathe naturally. The advantages associated with mechanical ventilators include its ability to deliver breathable air or oxygen directly into the lungs and help patients with all breathing needs. The growing geriatric population suffering from chronic respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD) and increasing number of premature births are increasing the demand for mechanical ventilators across the world.

The Global mechanical ventilators market is estimated to be valued at US$ 6298.59 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2030.

Key Takeaways

Key players: Key players operating in the Mechanical Ventilators Market Growth are Fuji Electric Co., Ltd, Schneider Electric, Mitsubishi Electric Corporation, Toshiba International Corporation, Siemens AG, Emerson Industrial Automation, ABB Ltd., Johnson Controls Inc., American Electric Technologies Inc. (AETI), Rockwell Automation Inc., General Electric Company, Honeywell International Inc., and Hitachi Limited.

Key opportunities: The rising prevalence of respiratory diseases due to aging population, increasing pollution levels and changing lifestyle is expected to generate significant demand for mechanical ventilators during the forecast period. Furthermore, technological advancements in ventilators with improved mobility and portability features also presents lucrative opportunities.

Global expansion: Key players are expanding their global footprint to tap growth opportunities in emerging markets of Asia Pacific and Latin America. They are also investing in R&D to develop customized ventilators as per requirements of different geographies.

Market drivers: Rising prevalence of respiratory diseases is one of the key drivers. As per the recent data, COPD affected over 251 million people globally in 2016 and is estimated to be the third leading cause of death by 2020. Growing geriatric population, which is more vulnerable to such diseases, would further drive the demand.

PEST Analysis

Political: Regulations related to Mechanical Ventilators Market Growth approval and manufacturing standards have an impact on the ventilator market. Strict rules are in place to ensure patient safety.
Economic: Growth in healthcare expenditure and demand for critical care equipment during pandemics are key economic drivers for the ventilator industry. Availability of medical insurance and funding also contributes to market growth.
Social: Aging populations and rising incidence of respiratory diseases have increased the social need for ventilators in healthcare facilities. Ventilator shortages during public health crises underscore their crucial social benefits.
Technological: Advances in portable ventilator design, ventilator modes, and connectivity features have expanded treatment options. New ventilation therapies and integration of AI/IoT also contribute to improved patient outcomes.

North America is currently the largest regional market for mechanical ventilators due to early technological adoption, healthcare infrastructure investments, aging demographics and high per capita income levels. Europe is another major region concentrated in ventilator value given regional emphases on clinical research and manufacturing capabilities.

The Asia Pacific market is poised for the fastest growth over the forecast period. This is attributed to rising medical expenditures, expanding hospital networks, increasing incidence of chronic respiratory diseases, and emergence of China and India as global economic forces. Other fast-growing regions include Latin America and the Middle East & Africa, supported by a catch-up effect in healthcare access and expenditures.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it