Mechanical Ventilator Market CAGR To Surpass 4.8% By 2030 Owing To Unprecedented Dawn Of COVID19 And Rising Incidence Of Respiratory Emergencies | Grand View Research, Inc.

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Mechanical Ventilator Market CAGR To Surpass 4.8% By 2030 Owing To Unprecedented Dawn Of COVID19 And Rising Incidence Of Respiratory Emergencies | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, rise in the incidence of Chronic Obstructive Pulmonary Disease (COPD), rapid growth in the elderly population and technological innovation are major factors likely to drive the mechanical ventilator market over the forecast period.

Mechanical Ventilator Industry Overview

The global mechanical ventilator market size was valued at USD 5.79 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2030.  

The unprecedented dawn of COVID-19 boosted the demand for mechanical ventilators by leaps and bounds in 2020. The intuitive measures adopted by the government and the manufacturers to curb the initial unpreparedness for the pandemic resulted in the inflow of mechanical ventilators at the expedited rate.

Gather more insights about the market drivers, restrains and growth of the Global Mechanical Ventilator market

However, owing to the development of the Covid-19 vaccine in 2021, coupled with effective therapeutic options to treat mild to moderate symptoms of the infection, the growth has been stabilized. In addition, there is an expected decrease in the infection rate of coronavirus due to high awareness amongst the population and adherence to physical distancing measures. To restrict the spread of the pandemic, governments in various countries have implemented strict measures including social distancing.

North America mechanical ventilator market size, by product, 2020 - 2030 (USD Billion)

In a welcome move, the U.S. FDA temporarily waived off its enforcement and inspection requirements, which would be helpful for cross-industry manufacturers to fabricate much-needed components for ventilators and other critical care equipment. Supportive and timely regulatory policies by the government are anticipated to provide a growth platform for this market in the coming financial year, thereby affecting the growth rate over the forecast years.

A rise in the incidence of Chronic Obstructive Pulmonary Disease (COPD), rapid growth in the elderly population, and technological innovation are major factors likely to drive the market over the forecast period. The evolution of patient-friendly, cost-effective, and portable devices can further encourage their usage. For instance, in April 2020, InnAccel Technologies announced the introduction of a non-invasive ventilation system intended for use in ICU with COVID-19 patients.

COPD and asthma are the most prevalent respiratory conditions across the world. According to the WHO, COPD is the third leading cause of death globally, causing 3.23 million deaths in 2019. In November 2020, Philips introduced Ventilator BiPAP A40 Expiratory Flow Limitation (EFL), a noninvasive ventilator for COPD patients. With this, clinicians can detect EFL in hypercapnic COPD patients at the point of care, ensuring the delivery of optimal homecare therapy. Increased demand for home healthcare is anticipated to have a favorable impact on the demand for home care ventilators in the coming years.

The COVID-19 pandemic has been advantageous for the market and it rendered a positive impact on the market growth. The requirement for ventilation facilities by the COVID-19 outbreak quickly improved day-to-day operational capabilities. The American Association for Respiratory Care joined forces with the different organizations to train respiratory therapists on operating ventilators during COVID-19. This has further stimulated the market players to increase their production capacities to meet the augmented demand.

Many manufacturers were flooded with orders during the pandemic. In March 2020, Philips announced that it ramped up the production of critical care products and solutions to support the diagnosis and treatment of patients with COVID-19. The company also increased the production of patient vital signs monitors and portable ventilators and consumables for invasive and noninvasive ventilation to treat a wide range of breathing conditions.

Mechanical Ventilator Market Segmentation

Based on the Product Insights, the market is segmented into Critical Care, Neonatal, Transport & Portable and Others.

  • Critical care ventilators dominated the market with a share of over 35.0% in 2021 due to the high adoption and installation rate in hospitals.
  • The application of transport and portable ventilators ranges from home care to ambulatory centers. Growth in the market for point-of-care treatment and an increase in the cases of medical emergencies are vital factors behind the segment growth.

Based on the Ventilation Mode Insights, the market is segmented into Invasive and Non-invasive.

  • The non-invasive ventilation mode emerged as the largest segment and accounted for over 55.0% share in 2021. The segment is also likely to witness the fastest growth during the forecast period.
  • The usage of non-invasive mechanical ventilation in a wide range of applications and its ability to offer precise and higher concentrations of oxygen are key factors contributing to the segment growth. 

Based on End-use Insights, the market is segmented into Hospitals, Home Healthcare and Others.

  • The hospitals segment dominated in 2021 with a revenue share of over 45.0%. This is owing to growing hospitals’ expenditure that allows the acceptance of technologically advanced ventilators.
  • The home healthcare segment is expected to witness the fastest growth during the forecast period. An increasing number of government initiatives aimed at curbing healthcare expenditures by promoting home healthcare support the market growth.

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

  • North America dominated the market with a revenue share of over 55.0% in 2021. A soaring number of critically ill COVID-19 patients in the U.S. (4,813,647 as of 3 August 2020) and the presence of leading manufacturers implementing production boost are key factors driving the regional market.
  • In Asia Pacific, the market is anticipated to witness significant growth over the forecast period owing to the increasing cases of COVID 19, chronic respiratory diseases, rising healthcare expenditure, various collaborations, new product launches, and strategic agreements implemented by local players during the pandemic. 

Browse through Grand View Research’s Medical Devices Industry Related Reports.

  • Home Healthcare Market– The global home healthcare market size was valued at USD 320.6 billion in 2021 and is expected to expand at a CAGR of 7.9% from 2022 to 2030. The growing geriatric population and rising incidence of target diseases such as dementia and Alzheimer’s as well as orthopedic diseases are factors expected to fuel market growth.
  • Cardiovascular Anastomosis Devices Market – The global cardiovascular anastomosis devices market size was valued at USD 1.10 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2030. Anastomotic devices are becoming popular as a safe and faster solution for saphenous aortic anastomosis.

Market Share Insights:

  • January 2021: CSIR-NAL developed a non-invasive airway pressure ventilator, Swasth Vayu.
  • November 2020: Philips’s Ventilator BiPAP A40 EFL permits health care specialists to automatically screen and detect expiratory flow limitations to deliver optimal homecare treatment.

Key Companies Profile:

Some prominent players in the global Mechanical Ventilator market include

  • Getinge AB
  • Medtronic
  • Vyaire Medical Inc.
  • Drägerwerk AG & Co. KGaA
  • Koninklijke Philips N.V.
  • Hamilton Medical
  • GE Healthcare
  • Smiths Medical
  • ZOLL Medical Corporation
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

Order a free sample PDF of the Mechanical Ventilator Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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