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.
Based on Mobility:
Here, Intensive Care ventilators hold a larger share of the global market. It owes to their rapidly increasing adoption & installation in hospitals, especially after the advent of Covid-19 in 2020, which surged ICU admissions & readmissions and, in turn, pushed the need for these ventilators.
Intensive care ventilators exhibit both invasive & non-invasive ventilation modes and provide advanced monitoring & visual decision support. As a result, they are utilized mostly in hospitals. With increased investments by governments of different countries in healthcare infrastructural developments, more & more hospitals & clinics are being established worldwide, which, in turn, is augmenting the demand for intensive care ventilators across these facilities.
Moreover, the mounting incidence of cardiac ailments, target indications, asthma, COPD, acute respiratory failure, & compromised lung function, among other emergencies, has resulted in increased patient admissions & readmissions in hospitals. Consequently, there are rapidly surging installations of intensive care beds equipped with ventilators, i.e., stimulating the overall growth of the global ventilator market.
On the other hand, portable ventilators are gaining ground globally and are likely to contribute considerably to the overall expansion of the ventilator market growth during 2023-28. It owes primarily to the rising demand for point-of-care treatment and mounting medical emergency instances worldwide. The easy-to-assemble & highly efficient portable ventilators have patient-friendly & cost-effective applications in home care & ambulatory center delivery settings. By ensuring continuous & quick care to patients before they arrive at the hospital premises, these machines help enhance overall patient safety & comfort.
Portable ventilators are undergoing significant technological advancements, such as design improvements, advanced monitoring & alarm systems for patient parameters like pressure, volume, & flow, as well as ventilator functions like air leakage, backup batteries, oxygen tanks, & remote control systems. These trends are aiding in stimulating their global demand and, consequently, creating new directions for the ventilator market to witness remunerative prospects in the coming years.
Regional Landscape
Geographically, the Global Ventilator Market expands across:
Of all regions, North America is the largest Ventilator Market globally, i.e., driven by world-class medical facilities, massive investments in the healthcare sector, and the surging prevalence of chronic respiratory illnesses, such as asthma, COPD, etc., due to rapidly growing tobacco consumption in the region. Besides, the ever-increased research funding, rapid technological advancements in healthcare equipment & treatments, and the strong presence of major manufacturers who are launching novel products & improving their product offerings are also propelling the regional market expansion.
With the well-developed healthcare infrastructure in the US & Canada, improved ventilator systems are being launched and used extensively in North America. The availability of a large number of ICU beds and the rising need for patient-centric care desire in the US are also amplifying the demand for critical care equipment, including ventilators, across the region.
Moreover, excellent reimbursement policies for respiratory care, mounting demand for advanced ventilators for home care delivery settings, the growing number of preterm births, increasing number of ICU admissions in hospitals, the increasing elderly population levels, and various government initiatives for providing easy access to advanced treatment are other prominent aspects projected to drive the North America Ventilator Market through 2028.
Market Dynamics
Key Growth Driver: Ever-Increasing ICU Admissions Due to Rising Incidence of Respiratory Diseases
The mounting prevalence of both chronic & acute respiratory illnesses like COPD, bronchial asthma, acute lung injury, and hypoxemia, among others, due to the increasing number of tobacco consumers worldwide, is the primary factor anticipated to drive the Global Ventilator Market during 2023-28. With the constantly rising incidence of such diseases, the world is witnessing rapidly increasing ICU admissions as patients with these conditions require critical care equipment, including ventilators, the demand for which is surging at a significant pace globally.
Possible Restraint: Several Risks Associated with Ventilation Procedures
Patients undergoing ventilation can come across various complications like VAP (Ventilator-Associated Pneumonia), sepsis, ARDS (Acute Respiratory Distress Syndrome), pulmonary embolism, barotrauma, Bronchopleural Fistula (BPF), & pulmonary edema, among others. These conditions can result in longer duration of procedures, extended ICU stays, rise in healthcare costs, and increased risk of disability & death. Hence, these aspects are likely to act as major growth restraints for the Global Ventilator Market during 2023-28.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Ventilator Market is expected to record around 13% CAGR during 2023-28.
A. The rising prevalence of respiratory disorders owing to the growing number of tobacco consumers is leading to increasing ICU admissions worldwide that require ventilators for treatment and, in turn, driving the Ventilator Market. On the other hand, severe health complications like VAP (Ventilator-associated Pneumonia), sepsis, ARDS (Acute Respiratory Distress Syndrome), pulmonary embolism, which can be caused by ventilation procedures might restrain the growth of the market in the coming years.
A. The growing demand for Non-Invasive Ventilators is emerging as a key growth area for the leading companies in the Ventilator Market during 2023-28.
A. North America would continue generating new directions for the Ventilator Market to witness significant growth in the coming years.
