Global Mechanical Ventilator Market to Hit Sales of US$ 8,939.0 Million by 2031 | 204.52 thousand Units of Mechanical Ventilator Sold in 2022: Astute Analytica
New Delhi, April 17, 2023 (GLOBE NEWSWIRE) --
Global mechanical ventilator market
was valued at US$ 4,577.82 million in 2022 and is expected to generate a revenue of US$ 8,938.98 million by 2031, reflecting a compound annual growth rate (CAGR) of 8.16% during the forecast period.
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The global mechanical ventilator market is experiencing significant growth, driven primarily by the increasing number of patients suffering from respiratory diseases and the rising number of preterm births. Governments' initiatives to promote the use of mechanical ventilators and technological advancements are also playing a crucial role in fueling the market's growth.
According to the World Health Organization, over 343 million people worldwide suffered from asthma in 2021, making it one of the most common chronic diseases in children. Moreover, asthma-related deaths were estimated to be around 461,000 globally. The high prevalence of respiratory diseases is a significant factor driving the mechanical ventilator market's growth.
Another crucial factor that is expected to fuel the market's growth during the forecast period is the increasing geriatric population. The Population Reference Bureau estimates that people aged 60 years or above are projected to reach 2.1 billion by 2050 from 1.4 billion in 2022, which is almost triple the geriatric population in 2010. The growth in the geriatric population is likely to increase the demand for mechanical ventilators in the coming years.
The COVID-19 pandemic has significantly impacted the mechanical ventilation industry, with demand for these devices surging as hospitals grapple with an influx of patients with severe respiratory illness. The sharp increase in demand put immense pressure on suppliers of mechanical ventilators in 2020 and early 2021, with some manufacturers struggling to keep up with orders and even rationing supplies of these critical devices. As a result, prices for mechanical ventilators soared in recent months. However, numerous players temporarily entered the mechanical ventilator manufacturing industry in 2020 and the following year to meet the high demand.
Non-Invasive and Portable Mechanical Ventilators Dominate Sales in 2022, Hospitals and Clinics Remain Top Consumers
According to the market research analysis, the global mechanical ventilator market had a total sale of 204,520 units in 2022, with a significant proportion of sales coming from non-invasive and portable ventilators.
Non-invasive ventilators, which are designed to provide respiratory support without the need for invasive procedures such as intubation, were the dominant segment in the market, accounting for over 57% of the total sales. This trend is expected to continue, as non-invasive ventilation is considered to be more patient-friendly and cost-effective compared to invasive ventilation, and can also reduce the risk of complications associated with invasive procedures.
Portable ventilators, which allow patients to be treated outside the hospital setting or while being transported, accounted for 44% of the total sales. This reflects the growing demand for mobility and flexibility in the healthcare industry, as well as the increasing adoption of home healthcare services.
The analysis also shows that hospitals and clinics are the primary consumers of mechanical ventilators, accounting for over 46% of the total sales. This highlights the critical role played by hospitals and clinics in driving the growth of the mechanical ventilator market. The increasing number of patients suffering from respiratory diseases, along with the rising number of preterm births, is expected to further fuel the demand for mechanical ventilators in hospitals and clinics.
More than 102.22 thousand units Mechanical Ventilators Were Sold in North America
The US is the largest contributor to the North American mechanical ventilator market. This is due to the high demand for these devices in the country. There are many reasons why people in the US require mechanical ventilation, including medical conditions such as COPD and asthma. This is not surprising given the high number of intensive care unit beds in the US and the fact that many hospitals have been investing in new ventilator technologies.
In the US, chronic respiratory diseases such as COPD, asthma, and lung cancer are prevalent. According to the Centers for Disease Control and Prevention (CDC), as of 2021, about 16 million Americans have been diagnosed with COPD, and it is the third leading cause of death in the country. Additionally, about 25 million Americans have asthma, and lung cancer is the second most common cancer in the US.
The COVID-19 pandemic has also had a significant impact on the prevalence of respiratory diseases in the US mechanical ventilator market. As of April 2023, there have been over 56 million confirmed cases of COVID-19 in the US, with over 800,000 deaths. Many of the severe cases of COVID-19 require mechanical ventilation to support breathing, leading to an increased demand for ventilators in hospitals and other healthcare facilities.
Moreover, the US has an aging population, and the prevalence of chronic respiratory diseases tends to increase with age. According to the United States Census Bureau, as of 2021, there were over 73 million Americans aged 65 and older, and this number is expected to increase to over 92 million by 2060. This demographic shift is likely to drive up the demand for mechanical ventilators and other respiratory care equipment in the future.
Browse summary of the report and Complete Table of Contents (ToC):
Global Mechanical Ventilator Market is Highly Consolidate With top 3 Players Holding Over 56% Revenue Share
Hamilton Medical is a leading mechanical ventilator producer with over 35 years of experience. It offers a wide range of ventilators and has subsidiaries and distributors in over 100 countries. The company generated more than 21% revenue in 2022. It is followed by Getinge AB and Dragerwerk AG & Company KGaA.
The mechanical ventilator industry has seen significant changes in the past few years. The biggest change has been the consolidation of the industry into a handful of large companies. This has resulted in fewer choices for customers and higher prices. The other major change in the industry has been the introduction of new technology. This has allowed for smaller, more portable machines that are easier to use. The downside is that these new machines are more expensive than the older ones they replace.
There are still a few small companies operating in the mechanical ventilator market, but they are facing challenges from the larger companies. The small companies don't have the marketing budgets or sales teams of the larger companies, so they have a hard time getting their products noticed.
The future of the mechanical ventilator industry looks bright, despite the challenges it currently faces. The consolidation of the industry will continue, but there is still room for small companies to compete. And, as more hospitals and clinics adopt new technology, the demand for mechanical ventilators will continue to grow.
Some of the Top Market Players Are:
- Becton, Dickinson and Company
- Bunnell Incorporated
- Carl Reiner GmbH
- Drägerwerk AG & Co. KGaA
- GE Healthcare
- Getinge AB
- Hamilton Medical
- ICU Medical, Inc
- Koninklijke Philips N.V.
- Mindray Medical International Limited
- Penlon Limited
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Smiths Medical
- Vyaire Medical Inc.
- Zoll Medical Corporation
- Other prominent players
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About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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