Ventilators Market by Product Type (Intensive Care Ventilators and Portable Ventilators), Interface (Non-Invasive Ventilators and Invasive Ventilators), Mode (Volume Mode Ventilation, Pressure Mode Ventilation, and Combined Mode Ventilation), Type (Adult/Pediatric and Neonatal/Infant), End User (Hospitals & Clinics, Ambulatory Surgical Centers and Home Care Settings) – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global ventilators market was pegged at ~US$ 1.02 billion in 2020. The market is expected to witness a CAGR of ~9.43% from 2021 to 2031.
Outbreak of the Covid-19 pandemic, growing geriatric population, increasing incidence of chronic infections, incessantly rising cases of respiratory diseases, growing number of cigarette smokers, increasing number of intensive care units, technological advancements & new product launches and increasing number of preterm births are some of the key factors propelling the global ventilator market. However, reimbursement concerns, complications associated with the use of ventilators and shortage of skilled professionals are likely to restrain the market growth to a certain extent.
The sudden Covid-19 outbreak has affected millions of people globally. Healthcare workers across the globe have faced surges of infected patients who need hospital care. Some of these infected patients are admitted to an intensive care unit (ICU) to receive ventilation. This situation has led to increasing demand for ventilators. Prominent players in the market are taking initiatives for ramping up their production of ventilators to meet the surging demand for the equipment. For instance, in Mar 2020, Smiths Group signed a contract with the UK government for a significant ramp-up in the production of its Smiths Medical paraPAC plus ventilators. Similarly, in Apr 2020, in order to combat Covid-19 pandemic, the U.S. government and Philips entered into a collaboration to increase the production of hospital ventilators in its manufacturing sites in the U.S.
Older aged people are generally more susceptible to infections and suffer from a variety of chronic infections than the younger population due to weakening of immunity with age. Respiratory tract infections are also one of the common infections found among the geriatric population. Incessantly rising burden of respiratory track infections globally especially among the geriatric population is anticipated to fuel the ventilator market during the forecast period.
Companies operating in the market are focusing on developing new and advanced products by integrating multiple technologies such as remote patient monitoring technology, AI, and are automating functions for providing safer care to critically ill patients. For instance, in Jan 2020, Drägerwerk AG & Co. KGaA launched several new products including 2 ICU ventilators Evita V600 and V800. Similarly, in Aug 2020, LEVEN Medical, an India-Dutch startup mentored by Hyderabad Security Cluster, a Government of Telangana initiative, developed smart ventilators that are integrated with artificial intelligence (AI) and machine learning (ML).
Use of ventilators increases the risk of infection as there are chances of bacteria entering the patient’s body during the insertion of the ventilation tube. Long-term ventilator support also causes weakness, ultrastructural fiber injury, and atrophy in the diaphragms of patients. Such factors are likely to restain the market growth to a certain extent.
Regionally, Asia-Pacific is expected to witness highest CAGR during the forecast period. Rising geriatric population, technological advancements & new product launches, growing incidence of chronic infections & respiratory diseases, and increasing healthcare spending are some of the key factors boosting the market growth in this region. For instance, in Jun 2020, Fitbit launched a low-cost emergency ventilator ‘Fitbit Flow’ for the Covid-19 pandemic. The company had already received Emergency Use Authorization from the US FDA for use during the Covid-19 pandemic. Similarly, in Aug 2020, SpiceJet launched a portable non-invasive ventilator SpiceOxy for patients with breathing issues.
Some of the prominent players operating in the global ventilators market include Koninklijke Philips N.V., Medtronic, ResMed, GE Healthcare, Vyaire Medical, Inc., Hamilton Medical, Group plc, Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, Smith+Nephew, among others.