The global Mechanical Ventilators Market is estimated to be valued at US$ 5467.52 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Mechanical ventilators are medical devices that provide mechanical ventilation by moving breathable air into and out of the lungs, to deliver breaths to a patient who is physically unable to breathe, or breathing insufficiently. They are commonly used in modern hospitals, primarily in intensive care units and emergency departments to assist or replace breathing during anesthesia, respiratory failure, or severe lung infections like pneumonia, bronchitis etc. Mechanical Ventilators assist or control breathing by delivering measured volumes of air and guaranteed minimum oxygen concentration in every breath. They help save lives of patients suffering from severe breathing disorders.
Market key trends:
The rising cases of chronic respiratory disorders like Chronic obstructive pulmonary disease (COPD) and lung infections such as pneumonia globally, are majorly driving the growth of the mechanical ventilators market. As per the World Health Organization (WHO), currently around 3 million people or more die every year from COPD. Furthermore, growing geriatric population also supplements the market growth, as aged people are more prone to lung infections and other breathing disorders. Also, technological advancements in ventilators with features like advanced modes, monitoring tools, portability and compatibility are enhancing their adoption rates. However, high product costs, especially intensive care ventilators may restrain the market growth.
Threat of new entrants: The Mechanical Ventilators Market requires high R&D investment and regulatory compliance which poses a barrier for new companies.
Bargaining power of buyers: Buyers have high bargaining power due to availability of various ventilator manufacturers and product substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of component suppliers.
Threat of new substitutes: Emerging non-invasive ventilation poses potential threat but demand for invasive ventilation will continue over the forecast period.
Competitive rivalry: The market is moderately competitive due to presence of global players with wide range of product portfolios.
The global Mechanical Ventilators market is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period, due to increasing prevalence of respiratory diseases.
Regional analysis: North America dominates the global market owing to advanced healthcare infrastructure and high treatment rates. Asia Pacific is expected to exhibit fastest growth during the forecast period driven by large patient pools and improving access to healthcare in emerging economies.
Key players operating in the Mechanical Ventilators market are Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Getinge AB, General Electric Company, Hamilton Medical, Medtronic, ICU Medical, Inc., Dragerwerk AG & Co. KGaA, ZOLL Medical Corporation, Koninklijke Philips N.V., VYAIRE, Fisher & Paykel Healthcare Limited, ResMed, Max Ventilator (A.B.Industries), NIHON KOHDEN CORPORATION, Inspiration Healthcare Group plc., CorVent Medical Inc., Inovytec, InnAccel Technologies Pvt Ltd., and OES Medical.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it