Market Overview
A ventilator is a machine that provides mechanical or artificial ventilation to patients who can't breathe adequately due to chronic or acute respiratory conditions. Invasive and non-invasive are two types of ventilators used in different healthcare facilities like hospitals (ICUs & emergency rooms), clinics, ambulatory care centers, and households. The demand for ventilators is constantly rising, especially after the advent of Covid-19. And since then, manufacturers have been actively working on increasing their production & distribution capacities to bridge the global demand-supply gaps.
Market Insights
The Global Ventilator Market is projected to grow at around 13% CAGR during the forecast period, i.e., 2023-28. Most of the market expansion would be driven by the mounting incidence of chronic & acute respiratory disorders, especially among the rapidly rising elderly population, coupled with the subsequent increase in ICU admissions to treat such illnesses.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 13% |
| Regions Covered | North America: The US, Canada, Mexico |
| Europe: Germany, The UK, France, Italy, Spain, Others | |
| Asia-Pacific: China, India, Japan, Australia, South Korea, Others | |
| South America: Brazil, Argentina, Others | |
| Middle East & Africa: Saudi Arabia, South Africa, UAE, Nigeria, Others | |
| Key Companies Profiled |
Philips, ResMed, Medtronic, Becton Dickinson, GEHealthcare, Getinge, Air Liquide, Hamilton Medical, Smith’s Group, Drager, Fisher and Paykel, Others |
| Unit Denominations | USD Million/Billion |
COPD (Chronic Obstructive Pulmonary Disease) & asthma are the two most common respiratory illnesses, the prevalence of which is dramatically rising worldwide and amplifying the need for ventilators. COPD is the third leading cause of death. Prolonged asthma, tobacco smoking, & exposure to air pollution are the prime causes of COPD, which is the third leading cause of all deaths globally.
With the growing incidence of COPD, there are rapidly increasing hospital admissions for its treatment, i.e., instigating the demand for critical care equipment like ICU beds, ventilators, & patient monitoring systems, among others, and, in turn, propelling the overall market expansion. The leading market players are massively investing in R&D to introduce technologically advanced products like portable ventilators, innovative ventilator sensors, etc., in order to cater to ever-evolving end-user requirements.
Furthermore, the increasing number of preterm births, the growing geriatric population, and the surging demand for home care services are creating new avenues for the leading companies operating in the global ventilator market to witness lucrative prospects in the coming years.
Market Segmentation
Based on Interface:
Of both, the non-invasive ventilation (NIV) interface is witnessing rapidly increasing adoption and notably contributing to the ventilator market growth globally. Unlike invasive ventilation, NIV is the administration of ventilator support without using tracheostomy or endotracheal tubes.
Over the past few years, the usage of NIV has increased significantly in a wide range of applications for the management of both chronic & acute respiratory failures in critical care units and home care delivery settings. It owes to its benefits like precise & higher concentrations of oxygen due to its precise & controlled delivery, prevention of artificial airway complications, low cost, reduced need for sedative medications, lower infection rate, and augmented domiciliary usage, among others.
With several technological advancements in recent years, non-invasive ventilators have become more portable & efficient to operate and now exhibit high levels of accuracy & reliability for the diagnosis of respiratory illnesses. The rising prevalence of COPD, asthma, & pneumonia, coupled with rapid advancements in diagnostic tools, are improving the diagnostic rate of these conditions. As a result, the demand for NIV oxygen systems, like non-invasive PPV and high-flow nasal cannula O2 delivery, to treat these diseases is surging at a notable pace and thus fueling the overall growth of the ventilator market globally.
