Global Mechanical Ventilator Market - 2022-2029

Market Overview

Mechanical Ventilator market was valued at US$ 6,037.7 million in 2021 and is estimated to reach US$ 17,457.2 million by 2029, growing at a CAGR of 11.46% during the forecast period (2022-2029).

The mechanical ventilator is an artificial breathing device used by patients who cannot breathe naturally due to acute medical conditions. It is a life support system that helps patients breathe when unable to maintain adequate alveolar ventilation. A patient is connected to a ventilator through an endotracheal tube directly applied to the airway of a patient or NIV face mask.

Market Dynamics

The major driving forces are the rising prevalence of chronic respiratory disorders, increased research and development, increased healthcare expenditure, the surge in surgical procedures, and technological advancements expected to drive market growth.

The rising number of chronic illnesses and surgical procedures is expected to drive the market growth

The global market for the mechanical ventilator is primarily driven by several factors, such as the rising demand for ventilators in ambulatory centres and hospitals due to the increasing prevalence of chronic disorders and surgical procedures where ventilators are used majorly among patients who have suffered a spinal cord injury, stroke, or neuromuscular disorder or are suffering from a chronic obstructive pulmonary disease (COPD), apnea, acute lung injury, or hypoxemia.

According to the ODPHP Office of Disease Prevention and Health Promotion, in 2020, the estimated Asthma patients were over 339 million people globally, among which 25 million are from the United States, 14.8 million are diagnosed with COPD most common disease among children and the geriatric population. Increasing surgical procedures such as spinal cord injury, neuromuscular disorder, stroke, or brain surgery require mechanical ventilators to provide life support.

Various novel developments are taking place with the latest technology to provide better quality products and comfort to patients and fulfill the demand. For instance, in Jan 2022, OES Medical announced launching ICU ventilators latest main-powered ventilators with ABHI UK Pavilion to help the hospitals meet the oxygen demand.

The risks associated with mechanical ventilation procedures will hamper the market's growth.

However, risks associated with mechanical ventilation procedures like ventilator-associated pneumonia (VAP), sepsis, acute respiratory distress syndrome (ARDS), pulmonary embolism, barotrauma, and pulmonary edema are among the complications that can occur in patients receiving mechanical ventilation; such complications can lead to longer duration of mechanical ventilation, longer stays in the ICU and hospital, increased healthcare costs, and increased risk of disability and death. Mortality in patients with acute lung injury on mechanical ventilation has been estimated to range from 24% in persons 15-19 years of age to 60% for patients 85 years and older.

COVID-19 Impact Analysis

The COVID-19 outbreak severely impacted the healthcare industry. The mechanical ventilator market has experienced a boom. Stationary or portable mechanical ventilators were highly demanded since they are life support systems. It is becoming increasingly important for industry entities to meet the demand for oxygen at a time of need. The regulatory agencies have given full support to novel launches of ventilators due to the COVID-19 pandemic's effects.

Since mechanical ventilators are utilized during surgery when the patient is given anesthesia, respirators help to put patients to sleep without interrupting normal breathing. It also diagnoses airway resistance and irregular functioning of the respiratory system. The failure of ventilators may result in death, so it is classed as a life-critical system and should be highly reliable. The COVID-19 epidemic is projected to affect global mechanical ventilator market growth positively. The market is expanding as various chronic diseases are becoming more common. An increase in surgical procedures will lead to huge growth in the mechanical ventilator market during the forecast period.

Segment Analysis

The portable mechanical ventilators segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The mechanical ventilator market is segmented by product type sub-segmented into stationary and portable mechanical ventilators. Portable or transport mechanical ventilator held the largest market share and is expected to increase with the highest CAGR in the forecast period. The demand for portable ventilators is increasing globally for providing continuous and faster care to patients before they arrive at the premises.

Portable ventilators prompt the patients to adopt home care, thus increasing the patient's safety and comfort. These factors make it a highly demanded mechanical ventilator. Hence, led to huge market growth. For instance, in Jan 2021, Swasth Vayu, a portable and non-invasive airway pressure ventilator, was developed by CSIR-NAL. This ventilator weighs less than 3 kilograms and looks like a small briefcase.

Geographical Analysis

North America holds the largest market share of the global mechanical ventilator market.

The North American market accounted for the largest share of the mechanical ventilator market. It is attributed to the increasing prevalence of patients with chronic respiratory diseases such as asthma and COPD. According to American Lung Association, in 2022, around 37 million people will have chronic lung diseases such as COPD and asthma in the United States. The growing research funding and technological advancements are other factors that help the market see profitable growth. Furthermore, the high spending GDP on healthcare and various organizations' initiatives stimulate the market's growth.

Most of the major key players are present in this region. They are launching novel products, improving their products with technological advancements, and collaborating, which is the key factor for driving the market's growth in this region and making it the largest market shareholder. In Mar 2020, the GE Healthcare group announced to work with Ford Motor Company to increase ventilators production to provide clinicians with crucial medical equipment for treating patients with respiratory illnesses.

Competitive Landscape

The mechanical ventilator market is highly competitive with the presence of local and global companies. Some key players contributing to the market's growth are Draeger, Smith's Medical, Medtronic, Philips Respironics, Becton Dickinson and Company, GCE Group, Hamilton Medical, Fisher and Paykel Healthcare, Getinge AB and Vyaire Medical.

Key players are adopting strategies such as new product launches, increased focus on R&D, mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. For instance, in Jun 2020, Medtronic plc and Foxconn Industrial Internet announced their partnership as Foxconn completed Medtronic's quality and regulatory requirements crucial to manufacturing Medtronic Puritan Bennett 560 (PB560) ventilators. Medtronic and Foxconn planned to produce 10,000 PB560 ventilators in a year.

Draeger:

Overview:

Draeger is a company that manufactures non-invasive patient monitoring techniques, breathing equipment, and gas detection systems. It was founded in 1889 and is headquartered in Lubeck, Germany.

Product Portfolio:

Draeger Evita V800: Evita V800 combines high and effective performance ventilation with an aesthetic design that provides fast and efficient operation. It can be used from the first onset of lung protective ventilation till the integration of intensive care workplace.

Key Developments: In Oct 2021, Draeger launched a novel Savina 300 NIV that provides safe, reliable and efficient non-invasive ventilation for acute environments.

The global mechanical ventilator market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.