Number of pages: 100 | Report Format: PDF | Published date: January 27, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
According to the deep-dive market assessment study by Growth Plus Reports, the global ventilators market was valued at US$ 1.22 billion in 2022 and is expected to register a revenue CAGR of 9.43% to reach US$ 2.74 billion by 2031.
Ventilators Market Fundamentals
Ventilators are medical devices that provide respiratory support to patients who cannot breathe on their own or require assistance in breathing. They are commonly used in hospitals and other healthcare facilities to deliver oxygen to the lungs and remove carbon dioxide from the body. Ventilators deliver a mixture of air and oxygen to the patient's lungs through a tube inserted into the patient's airway. The device is programmed to deliver a set number of breaths per minute, with a specific volume of air and oxygen in each breath. The amount of pressure and the timing of the breaths can also be adjusted based on the patient's condition and needs. There are several types of ventilators, including invasive ventilators, which require a tube to be inserted into the patient's airway, and non-invasive ventilators, which deliver air and oxygen through a mask or nasal prongs. Some ventilators also have additional features like humidification and airway pressure monitoring.
Ventilators Market Dynamics
The rise in respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and acute respiratory distress syndrome (ARDS) has contributed to the growing demand for the global ventilators market. For instance, according to the WHO’s March 2023 factsheet, COPD is the third largest death-causing disorder globally, which killed around 3.23 million deaths in 2019. Technology advancements have led to the development of more sophisticated ventilators that offer better patient outcomes and increased patient comfort. These advancements have resulted in an increased demand for ventilators in healthcare facilities. Moreover, the rise in surgical procedures, especially those that require general anesthesia, has also contributed to boosting the growth of the global ventilators market, as ventilators are often used during surgery to ensure adequate oxygenation and ventilation. Furthermore, government organizations worldwide are investing in healthcare infrastructure and increasing funding to purchase medical equipment, including ventilators, which has also contributed to the growth of the global ventilators market.
However, ventilators are often expensive, which can be a significant barrier for many healthcare facilities, particularly in low and middle-income countries. The high cost of ventilators limits the affordability and accessibility of these devices. Moreover, using ventilators requires specialized training, and some regions have a shortage of trained healthcare professionals. This can limit the availability and use of ventilators. Additionally, complications associated with using ventilators and a lack of trained healthcare professionals impede the overall ventilators market growth.
Ventilators Market Ecosystem
The global ventilators market is analyzed from the following perspectives: product type, interface, type, end user, and region.
Ventilators Market by Product Type
Based on the product types, the global ventilators market is segmented into intensive care ventilators and portable ventilators.
The intensive care ventilators segment dominated the market with the principal revenue share in 2022, owing to the rising geriatric population and increasing cases of respiratory disorders and chronic infections. Intensive care ventilators are designed specifically for critical care settings, such as intensive care units (ICUs) and emergency rooms, where patients require advanced respiratory support. Intensive care ventilators are typically more advanced than other types of ventilators and offer a range of features and settings that allow healthcare professionals to customize the ventilation to meet the patient's needs. These features may include advanced modes of ventilation, such as pressure-controlled or volume-controlled ventilation, as well as the ability to monitor and adjust various parameters, such as airway pressure, tidal volume, and oxygen concentration. These aspects contribute to the growth of the intensive care ventilators segment.
Ventilators Market by Interface
Based on the interfaces, the global ventilators market is segmented into non-invasive ventilators and invasive ventilators.
The invasive ventilators segment dominated the market with maximum revenue share in 2022. The rising number of intensive care beds equipped with ventilators, increasing hospitalization of patients needing critical care, rising ICU admissions and readmissions due to COVID-19, and increasing prevalence of chronic infections and respiratory disorders drive revenue growth in the invasive ventilators segment. Invasive ventilators, also known as traditional ventilators, are designed for critically ill patients requiring advanced respiratory support. These devices require the insertion of an endotracheal tube or tracheostomy tube through the patient's mouth or neck into their airway, delivering air and oxygen directly to the lungs. Invasive ventilators are typically used in intensive care units (ICUs) and emergency rooms, as well as during surgical procedures. They can deliver various ventilation modes and settings, including pressure-controlled or volume-controlled ventilation, and the ability to monitor and adjust various parameters, such as airway pressure, tidal volume, and oxygen concentration. These factors contribute to the growth of the invasive ventilators segment.
Ventilators Market by Type
Based on the types, the global ventilators market is segmented into adult & pediatric ventilators and neonatal & infant ventilators.
The adult & pediatric ventilators segment accounted for the largest revenue share of the market in 2022, attributed to a significant rise in the adult population suffering from chronic diseases, such as asthma, and coronavirus, an increase in the number of smokers, and a rise in the geriatric population. The ventilator devices are designed specifically for adult and pediatric patients who require respiratory support due to various medical conditions, including respiratory failure, acute respiratory distress syndrome (ARDS), chronic obstructive pulmonary disease (COPD), and asthma.
Ventilators Market by End User
Based on the end users, the global ventilators market is segmented into hospitals & clinics, ambulatory care centers, home care settings, and others.
The home care settings segment is a key player in the ventilators market, with the largest revenue share in 2022, attributed to the increase in the prevalence of respiratory diseases, an outbreak of COVID-19, and a rising preference for home care ventilation for the geriatric population. Ventilators designed for use in home care settings are typically smaller and more portable than those used in hospitals and other medical facilities, making them more convenient and accessible for patients who require long-term respiratory support. Depending on the patient's needs, these devices may include invasive or non-invasive ventilators. Additionally, the COVID-19 pandemic has significantly impacted the home care settings segment, with a growing demand for home-based medical care and remote monitoring technologies that allow healthcare providers to monitor and manage patients' respiratory conditions from a distance. These overall factors contribute to the growth of the home care settings segment.
Ventilators Market by Region
Geographically, the global ventilators market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global ventilators market with the largest revenue share in 2022, attributed to the rising incidence of chronic obstructive pulmonary disease and respiratory disorders, well-established healthcare infrastructure, and key market players. Additionally, companies across the region are continuously involved in launching new and innovative types of ventilators, which are also expected to improve the ventilators market outlook. For instance, in January 2023, Getinge introduced its new Servo-c mechanical ventilator, which provides lung-protective therapy tools to pediatric and adult patients. To provide efficient fleet management, Servo-c employs modular component components. This assures uptime and lowers costs by eliminating the requirement for proprietary disposables. CO2 monitoring and Servo Compass are two further features. These aid in the visualization of volume and pressure targets.
Similarly, Asia Pacific is expected to register revenue growth at the highest revenue CAGR during the forecast period. This can be ascribed to the rising geriatric population, technological advancements, product launches, rising chronic infections and respiratory diseases, and improving healthcare spending in this region.
Ventilators Market Competitive Landscape
The prominent players operating in the global ventilators market are:
Ventilators Market Strategic Developments
Ventilators are medical devices that provide respiratory support to patients who cannot breathe on their own or require assistance in breathing.
The global ventilators market was valued at US$ 1.22 billion in 2022.
The estimated market size of the global ventilators market in 2031 is US$ 2.74 billion.
The revenue CAGR of the ventilators market during the forecast period will be 9.43% from 2023 to 2031.
Some prominent players operating in the global ventilators market are Getinge AB, Vyaire Medical, Inc., Hamilton Medical, Dragerwerk AG & Co., KGaA, and Fisher & Paykel Healthcare Limited.
*Insights on financial performance are subject to the availability of information in the public domain