Ventilators Market

Report Overview

The global ventilators market was pegged at US$ 1.02 billion in 2020 and is expected to witness a CAGR of 9.43% during the forecast period.

Market Fundamentals

The ventilator is a medical device that provides patients with oxygen when they are unable to breathe on their own. The ventilator is also referred to as a life support machine or breathing machine. When a person is on a ventilator, the healthcare provider inserts an endotracheal tube through the patient's nose or mouth and into their trachea. This tube is connected to the ventilator which the ventilator pushes a mixture of oxygen and air into the patient's lungs to get oxygen into the body. Covid-19 has triggered the demand for ventilators as Covid-19 causes damage to the lungs and the use of a ventilator helps the patient to rest and heal as ventilators do the work of the lungs.

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Market Dynamics

The global ventilators market is mainly driven by the increasing incidence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), pneumonia, asthma, and tuberculosis, among others coupled with the rising geriatric population. Technological advancements & new product launches and an increasing number of preterm births are also some of the other factors propelling the global ventilator market. However, reimbursement concerns, complications associated with the use of ventilators, and a shortage of skilled professionals are likely to restrain the market growth to a certain extent.

Market Ecosystem

The global ventilators market has been analyzed from six perspectives: Product Type, Interface, Mode, Type, End-User, and Region.

Ventilators Market by Product Type

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Based on product type, the ventilators market has been segmented into intensive care ventilators and portable ventilators. The intensive care ventilators segment is further sub-segmented into basic ICU ventilators, mid-end ICU ventilators, and high-end ICU ventilators. The intensive care ventilators segment held the largest market share in 2020 owing to the rising geriatric population and increasing incidence of respiratory disorders and chronic infections. Moreover, the increasing number of hospitalizations of Covid-19 patients in ICU has also played a crucial role in propelling segmental growth.

Ventilators Market by Interface 

Based on the interface, the market is segmented into non-invasive ventilators and invasive ventilators. The invasive ventilators segment holds the largest market share. The rising number of intensive care beds equipped with ventilators, the increasing number of admissions of patients in critical condition, increasing ICU admissions & readmissions due to Covid-19, and the rising prevalence of chronic infections & respiratory disorders are some of the pivotal factors driving the growth of the invasive ventilators segment.

Ventilators Market by Mode

Based on mode, the market is segmented into volume mode ventilation, pressure mode ventilation, combined mode ventilation, and other modes. Combined mode ventilation held the largest share in this segment. The largest share of this segment can be attributed to factors such as the increasing use of combined mode ventilation among patients in critical conditions compared to volume or pressure-controlled mode ventilation.

Ventilators Market by Type

Based on type, the market is segmented into adult/pediatric and neonatal/infant. Adult/pediatric ventilators held the largest market share. The large adult population suffering from chronic diseases such as COPD, asthma & Covid-19, high prevalence of smoking, and rising geriatric population are some of the key factors contributing to its large share.

Ventilators Market by End User

Based on end-user, the market has been segmented into hospitals & clinics, ambulatory surgical centers, home care settings, and other end users. The home care settings segment is anticipated to witness the highest CAGR during the forecast period. An increase in the incidence of respiratory diseases globally, an outbreak of Covid-19 across the globe, and a rising preference for home care ventilation for the aged population are anticipated to boost the segmental growth.

Ventilators Market by Region

Regionally, Asia-Pacific is expected to witness the 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.

Competitive Landscape

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

Strategic Developments

• In Apr 2020, NASA developed VITAL (Ventilator Intervention Technology Accessible Locally), a new high-pressure ventilator at Jet Propulsion Laboratory in Southern California. This ventilator can be used on patients with the most severe COVID-19 symptoms
• In May 2020, Vyaire Medical, Inc. entered into a temporary partnership with Spirit AeroSystems to increase ventilator production in response to the COVID-19 pandemic. These critical care ventilators will be manufactured at a converted facility in Wichita, Kan, U.S.

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