According to the report, the global mechanical ventilator market is expected to endorse $18,632.21 million by 2030, having witnessed a value of $4,652.34 million in 2020, exhibiting a CAGR of 12.82% during the forecast timeframe.
Prime Factors Influencing Market Growth:
The global mechanical ventilators market growth is attributed to several factors, including the rise in government spending on healthcare & health policies, and the high prevalence of chronic respiratory diseases. On the other hand, the high cost and potential risks associated with mechanical ventilators impede the growth of the market. Moreover, technological advances, portability, and design bring prolific opportunities in the upcoming years.
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Mechanical ventilator is a machine that helps patients breathe when they are having surgery or cannot breathe on their own due to a critical illness. Patients are connected to the ventilator with a hollow tube (artificial airway) that goes in their mouth and down in their main airway or trachea. Mechanical ventilator is majorly classified as intensive care and portable mechanical ventilator.
Alarming rise in prevalence of chronic diseases, increase in geriatric population, initiatives taken by government & ventilators manufacturers to increase mechanical ventilator production, and impact of COVID-19 on market are expected to notably contribute toward the growth of the global mechanical ventilator market during the forecast period.
Mechanical Ventilator Market Segmentation
The devices segment to retain its lion’s share during the forecast timeframe–
In terms of component, the devices segment dominated the largest market share in 2020, holding more than four-fifths of the global mechanical ventilators market revenue, and is anticipated to retain its lion’s share during the forecast period. This is due to an increase in the demand for various kinds of mechanical ventilation devices and a growth in the prevalence of chronic diseases. Moreover, the services segment would cite the fastest CAGR of 13.8% from 2021 to 2030. This is due to an increase in ventilator sales and an increase in hospital admittances.
The intensive care unit/critical care segment to lead the trail by 2030-
In terms of product type, the intensive care unit/critical care segment held the major market share in 2020, acquiring nearly three-fifths of the global mechanical ventilators market revenue, and is expected to lead the trail by 2030. This is because of the increase in the number of hospitals & clinics, a rise in chronic diseases, and the impact of Covid-19. The transport/portable/ambulatory segment, on the other hand, would exhibit the highest CAGR of 13.6% from 2021 to 2030. This is due to the availability of in-home care options and the growing geriatric population.
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North America garnered the largest market share in 2030-
In terms of region, the market across North America held the largest market share in 2020, accounting for around one-third of the global mechanical ventilators market revenue, and is projected to continue its dominance by 2030. This is because of the growing number of lung diseases, the presence of major players in the manufacturing and development of mechanical ventilation equipment, and the increasing number of hospitals in this region. Simultaneously, the market across Asia-Pacific is expected to register the fastest CAGR of 15.9% from 2021 to 2030. This is due to the increase in the prevalence of chronic diseases, the rise in the number of hospitals, and government initiatives taken to promote the production of ventilators.
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Major Players in the Industry:
- Draegerwerk AG & Co. KGaA
- Carl Reiner GmbH
- Asahi Kasei Corporation (Zoll Medical Corporation)
- Vyaire Medical Inc.
- Medtronic Plc. (Covidien Ltd.)
- General Electric Company (GE Healthcare)
- Smith’s Group Plc.
- Mindray Medical International Limited
- Koninklijke Philips N.V. (Philips)
- Getinge AB (Maquet Holding B.V. & Co. KG)
- Hamilton Medical AG
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the market analysis from 2021 to 2031 to identify the prevailing Mechanical Ventilator Market Opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global Mechanical Ventilator Market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the Mechanical Ventilator Market players.
- The report includes the analysis of the regional as well as global trends, key players, market segments, application areas, and market growth strategies.
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