Newly-released Mechanical Ventilator industry analysis report by Future Market Insights shows that global sales of Mechanical Ventilator in 2022 were held at USD 5.7 Billion. With a CAGR of 5.7% from 2023 to 2033, the Mechanical Ventilator Market is projected to reach a valuation of USD 10.5 Billion by 2033. Critical Care ventilators are expected to be the highest revenue-generating segment with a CAGR of 5.8% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Global Mechanical Ventilator Market (2023) | USD 6 Billion |
| Global Mechanical Ventilator Market (2033) | USD 10.5 Billion |
| Global Mechanical Ventilator Market CAGR (2023 to 2033) | 5.7% |
| USA Mechanical Ventilator Market CAGR (2033) | USD 3.7 Billion |
| Key Companies Profiled | 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. |
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As per the Mechanical Ventilator industry research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market increased at around 5.2% CAGR, wherein, countries such as the USA, China, Japan, UK, and South Korea held a significant share in the global market.
Mechanical ventilators are primarily used to treat COPD, apnea, acute lung damage, and hypoxia. Portable ventilators are commonly employed in hospitals because of their ease, speed, and ability to provide continuous treatment to patients even before they arrive at the hospital. As a result, the growing number of hospitals is predicted to fuel market expansion by increasing product demand due to their efficiency and range of uses. The market is projected to grow at a CAGR of 5.7% over the coming 10 years.
A growing number of senior citizens, combined with higher incidence rates of chronic conditions, such as chronic obstructive pulmonary disease (COPD), is leading to the market's growth. Mechanical ventilators are in higher demand among geriatric patients who require long-term ventilation for the treatment of chronic respiratory illnesses. The rising incidence of COPD, as well as technical advancements in the realm of positive pressure airway devices, are fueling the worldwide mechanical ventilators market.
The market for mechanical ventilators is being held back by hefty capital requirements. Furthermore, the market's growth is hampered by dangers connected with mechanical ventilation treatments. The endotracheal tube in the windpipe, for example, makes it easier for germs to enter the lungs, causing pneumonia. Mechanical ventilators, on the other hand, force air into the lungs. It has the potential to harm your lungs by expanding them.
The market in North America is projected to cross USD 4 Billion by 2033. During the epidemic, the market for mechanical ventilators witnessed a significant surge in the region. For instance, to deal with the expected surge in demand for mechanical ventilators in the USA, the CDC Strategic National Stockpile (SNS) stores and maintains mechanical ventilators that can be put to work on demand through appropriate channels. The SNS stockpiles three specific types of ventilators: the LP10 (Covidien), the LTV1200 (CareFusion), and the Uni-vent Eagle 754 (Impact Instrumentation).
On the other hand, the market in the Asia Pacific is expected to grow at a CAGR of over 7%. Rising healthcare spending on account of a rising incidence of respiratory diseases will spur market growth in Asia Pacific over the forecast period. For example, in January 2021, CSIR-NAL released Swasth Vayu, a non-invasive airway pressure ventilator.
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Over the forecast period, the market in the USA is expected to grow at a CAGR of 5.7%. In 2022, the USA led the global market, accounting for roughly 35% of total revenue. The initiation of manufacturing advancements by world-class manufacturers as well as an increase in serious patients suffering from COVID-19 have increased the demand in the country.
The market in the United Kingdom is expected to reach a valuation of USD 407 Million by 2033. Growing with a CAGR of 6.2% in the forecast period, the market in the country is projected to garner an absolute dollar opportunity of around USD 184 Million.
In Japan, the market is expected to grow at a CAGR of 6.8% from 2023 to 2033, reaching around USD 584 Billion by 2033. The market in the country is expected to gross an absolute dollar opportunity of USD 280.5 Billion during the forecast period.
The market in South Korea is expected to reach a valuation of around USD 240 Million by 2033, growing at a CAGR of 6% from 2023 to 2033. The market in the country is expected to witness an absolute dollar opportunity of around USD 107 Million.
The Critical Care segment is expected to account for a significant share of the global market with a projected CAGR of 5.8%. Due to the high adoption and installation rate in hospitals, critical care ventilators led the market with a share of more than 35% in 2022.
In both critical care units and intensive care units, critical care ventilators are often used. The growing number of hospitals and healthcare facilities is improving market growth. Because affected patients may require targeted therapy, the increased incidence of these indications is predicted to increase admission to hospitals.
Hamilton Medical, Getinge, Drägerwerk AG & Co., Smiths Medical, GE Healthcare, Ventec Life Systems, and Vyaire Medical Inc. are the prominent providers of Mechanical Ventilator.
A few of the recent developments of key Mechanical Ventilator providers are as follows:
This strategic decision supplemented the company's current line of mechanical ventilators and added to its unique product portfolio, providing additional options to build highly effective COVID-19 solutions.
Similarly, recent developments related to companies offering Mechanical Ventilators have been tracked by the team at Future Market Insights, which are available in the full report.
The market is estimated to reach USD 6 billion in 2023.
Getinge AB, Medtronic, and GE Healthcare Ltd are some key market players.
Critical care segment account for 5.8% of the market share through 2033.
The market is expected to register 5.7% CAGR through 2033.
By 2033, the market is likely to reach USD 10.5 billion.
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