April 24, 2024

The Increasing Prevalence Of Respiratory Diseases Is Driving Growth In The Mechanical Ventilators Market

 Ventilators deliver pressurized air or oxygen through a tube placed in the airway. They enable patients to breathe while recovering from surgery or illness. Factors contributing to the rising demand for ventilators include rapidly aging populations, growing prevalence of respiratory diseases, and technological advancements offering portable and next-generation ventilators.

The global Mechanical Ventilators Market is estimated to be valued at US$ 5467.52 million 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 key trends:
The portable ventilators segment is expected to witness significant growth over the forecast period. Technological advancements have enabled manufacturers to miniaturize ventilators, making them compact and lightweight. Portable ventilators offer mobility, permit patients to move freely while on breathing support. The growing demand for home healthcare and ambulatory services has boosted adoption of portable ventilators. Furthermore, manufacturers are developing intelligent ventilators integrated with advanced features such as automated weaning protocols and closed-loop controls. The increasing focus on developing user-friendly and next-generation ventilators will propel the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The mechanical ventilators market requires high initial investments and regulatory compliance making the threat of new entrants low.
Bargaining power of buyers: Individual consumers have low bargaining power due to a shortage of substitutes however large hospitals can negotiate on bulk purchasing.
Bargaining power of suppliers: A few large multinational companies dominate the supply of core components giving them high bargaining power.
Threat of new substitutes: Alternatives are being researched but mechanical ventilators remain the most effective solution for respiratory support in ICUs.
Competitive rivalry: The market is consolidated with a few large global players and intense competition on product innovation and geographic expansion.

Key Takeaways

The Global Mechanical Ventilators Market Size is expected to witness high growth over the forecast period driven by the rising incidence of respiratory diseases, aging population and increasing ICU admissions. The global Mechanical Ventilators Market is estimated to be valued at US$ 5467.52 million in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030.

North America is expected to continue dominating the market owing to well established healthcare systems and high healthcare spending in countries like the US. Europe is also a major region driven by government support for healthcare infrastructure development. The Asia Pacific region is witnessing fastest growth and China dominates the APAC mechanical ventilators market. Growth factors include rising healthcare expenditure, development of healthcare infrastructure and increasing healthcare awareness.

Key players operating in the mechanical ventilators market are Getinge, Medtronic, Vyaire Medical, GE Healthcare, Philips, Drägerwerk, Hamilton Medical.

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