Mechanical Ventilators Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Respiratory Diseases
Mechanical ventilators, also known as breathing machines, are medical devices that provide mechanical ventilation by moving breathable air into and out of the lungs. They are often used to support or take over breathing from patients who are physically unable to breathe, or breathing insufficiently. Mechanical ventilators are critical life-saving medical devices, used in various areas such as hospitals, Ambulatory surgery centres, home care settings and others.
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 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing prevalence of respiratory diseases is the major driver of mechanical ventilators market growth. According to WHO, approximately 65 million people suffer from moderate to severe chronic obstructive pulmonary disease (COPD) globally. COPD ranks as the third leading cause of death worldwide. Similarly other chronic respiratory diseases such asthma and pneumonia prevalence is also on the rise. This has increased the demand for mechanical ventilators for supporting breathing in patients. Furthermore, increasing geriatric population also contributes to market growth. Elderly population above 65 years of age is more prone to chronic respiratory illnesses thus fueling the need for ventilator equipment. Moreover, technological advancements in ventilators led by incorporation of advanced sensors and connectivity features will also boost the mechanical ventilators industry over the forecast period.
SWOT Analysis
Strength: The mechanical ventilators market has seen strong growth in recent years due to the rising prevalence of respiratory diseases and increasing demand during the COVID-19 pandemic. Major players are investing heavily in R&D to develop innovative ventilator technologies with advanced functionality. Several new product launches catering to the needs of ICUs and home care settings are expanding market opportunities.
Weakness: Ventilator therapy can have severe side effects on patients such as pneumonia, tissue damage or mortality if not used carefully. The setup and operation of mechanical ventilators requires extensive clinical training and experience, limiting widespread adoption. Rising service and maintenance costs also affect the total cost of ownership negatively over the long run.
Opportunity: The senior population worldwide is growing rapidly creating strong demand for ventilators to treat chronic respiratory conditions. Point-of-care ventilators optimized for emergency response and ambulatory settings present a major market opportunity. Developing regions in Asia and Latin America with large untapped healthcare markets offer high growth potential.
Threats: Significant price pressures and fierce competition from local and global players have compressed profit margins. Long product replacement cycles and budget constraints of healthcare providers inhibit new equipment purchases. Stringent regulatory approvals and quality standards increase compliance costs for manufacturers.
Key Takeaways
Global Mechanical Ventilators Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing incidence of respiratory diseases and pandemic preparedness activities.
Regional analysis: North America is projected to continue leading the global mechanical ventilators market during the forecast period. This can be attributed to the high adoption of advanced respiratory care devices, presence of most manufacturers and favorable reimbursement policies. For example, the US healthcare sector invests heavily in ventilator and respiratory equipment to meet the needs of growing elderly population suffering from COPD, asthma and other chronic conditions.
Key players operating in the mechanical ventilators market include 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. These established OEMs are focusing on developing innovative critical care ventilators with advanced functions and wireless connectivity suited for ICUs, transport applications and home care.
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