Mechanical Ventilators Market Is Estimated To Witness High Growth...

Mechanical Ventilators Market Is Estimated To Witness High Growth Owing To Growing Prevalence of Chronic Respiratory Diseases

Posted 2023-12-01 09:44:50

The 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.

Market Overview:

Mechanical ventilators, also known as artificial ventilators, help patients breathe by pumping air in and out of the lungs through tubes. They are commonly used in critically ill patients, trauma victims, and those undergoing major surgery. Mechanical ventilators come in various forms from basic ventilators that perform basic ventilation to advanced ventilators that perform a wide range of functions including monitoring lung mechanics. They are extensively used across major healthcare institutions such as hospitals and clinics.

Market Dynamics:

The mechanical ventilators market is driven by the growing prevalence of chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma. For instance, according to the European Lung Foundation, around 3 million people die each year from COPD on a global level. In addition, shifting focus from intensive care unit (ICU) ventilators to high-performance ventilators is also expected to aid market growth over the forecast period. These high-performance ventilators are capable of efficiently ventilating a broad spectrum of patients. Furthermore, technological advancements in mechanical ventilators focusing on portability and versatility are also expected to propel market growth. However, high costs associated with mechanical ventilators may hinder market growth during the forecast period.

SWOT Analysis

Strength:
- Technological advancements in mechanical ventilators such as incorporation of sensors for monitoring critical parameters and connectivity features for remote monitoring.
- Rising demand for ventilators due to increasing prevalence of respiratory diseases.
- Increasing investments by players for expanding production capacity.

Weakness:
- High costs associated with mechanical ventilators limiting adoption in price sensitive markets.
- Requirement of trained professionals for operation of mechanical ventilators.

Opportunity:
- Untapped growth potential in developing regions owing to rising healthcare expenditure.
- Expanding application scope in homecare settings and ambulatory surgical centers.

Threats:
- Presence of alternatives like low-cost portable ventilators and invasive ventilation procedures.
- Stringent regulatory frameworks for product approval.

Key Takeaways

The Global Mechanical Ventilators Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing prevalence of chronic respiratory diseases globally. The rising cases of respiratory disorders such as COPD and asthma are driving the need for respiratory support devices like mechanical ventilators.

Regional analysis: North America dominated the global market in 2023 with a share of over 35%, owing to advanced healthcare infrastructure and large patient pool. However, Asia Pacific is expected to grow at the fastest pace during the forecast period, due to improving access to healthcare in developing countries of China and India.

Key players analysis: Key players operating in the mechanical ventilators market are Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Getinge AB, General Electric Company, Hamilton Medical, Medtronic. These players are focusing on new product launches and expanding their global presence through mergers and acquisitions to strengthen their market share.