The recent market research conducted by FMI has opined that the global medical ventilators market is expected to hold a market value of USD 1.7 billion in 2023. The market is expected to advance at 9.1% between 2023 and 2033. By 2033, the market is projected to cross USD 4 billion.
Key factors supporting the market growth are:
The outbreak of COVID-19 pandemic led to a number of people suffering from respiratory diseases. It was during this time when the demand for medical ventilator machine exhibited a huge growth. It assisted the patients in breathing when sick, injured, or sedated for an operation. It pumps oxygen-rich air into the lungs, thereby relieving patients from respiratory issues.
The medical ventilator use is rising continuously because oxygen is an important requirement for people suffering from any respiratory disorder. As large number of respiratory diseases are chronic in nature, their treatment requires continuous application of such medical equipment.
As per WHO, nearly 3.23 million people died because of chronic obstructive pulmonary disease in 2019, which was the third leading cause of death. The numbers are expected to rise in the coming years. Since majority of those suffering from such chronic disorder might require these medical devices, it is expected that the sales would surge.
The technological advancements in the market are also expected to drive the growth. The researchers have developed Electrical Impedance Tomography (EIT) technique, which assists in defining mechanical ventilation settings. The ability to quantify gains and losses assists in granting a more realistic evaluation of different ventilator modes.
The manufacturers are also looking to integrate neural networks and decision tree classification techniques to increase the efficiency of the ventilators. The key players are also looking at ways to improve the mechanical strength of ventilators. In May, 2017, Draegerwerk AG & Co. KGaA launched a robust ventilator “Oxylog VE300”, a sturdy ventilator that can be used for emergency services.
A noteworthy advancement in this industry is the use of microprocessors, which allows the development of advanced signal processing algorithms. This would reduce the fundamental errors in sensor technologies, subsequently cultivating performance.
Development of improved flow measurement technology for a wide range of measurements, robustness to changes in gas composition are some of the key developments. Imposition of a low pneumatic resistance and dead space on the patient, and adequate dynamic response, are surging the market growth.
North America is expected to be the leading region in terms of revenue generation. High disposable income, rising geriatric population, and availability of advanced healthcare infrastructure happen to be the primary factors driving the growth.
| Attributes | Value |
|---|---|
| Medical Ventilators Market Value (2022) | USD 1.5 billion |
| Medical Ventilators Market Expected Value (2023) | USD 1.7 billion |
| Medical Ventilators Market Forecast Value (2033) | USD 4 billion |
| Medical Ventilators Market Expected CAGR (2023 to 2033) | 9.1% |
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Surge in chronic respiratory issues and inception of COVID-19 pandemic has increased the adoption of healthcare ventilators. This massive adoption has even led to shortage of medical ventilators in many parts of the world, thereby creating a massive demand supply gap.
Surging population has also led to increase in construction activities, which are believed to be one of the leading causes of carbon emissions.Such activities have increased the cases of asthma, COPD, pneumonia, etc., which has ultimately driven the market growth. This can be inferred through statistical comparison as well. While the historical CAGR for the market was 7.3%, the anticipated CAGR is 9.1%.
The market for medical ventilator is highly competitive. After the COVID-19 pandemic, many local players jumped into the business due to rising demand.
In addition, the cost of health ventilators is very high ranging from USD 1,500 to USD 72,000, which depends on the type of ventilator. Due to lack of funding, government as well as few private hospitals in low- and middle-income countries cannot afford the high-cost medical ventilators.
In addition, the replacement cost of old model ventilators is relatively low in these countries. Therefore, lack of affordability by hospital in low and middle-income countries may deter the growth of the medical ventilators market. This can reduce the sale of the product.
The product recall is very important for public health as it leads to voluntary action of manufacturers and distributors to carry out their responsibility. Being a high involvement product, a common man may not be aware of benefits offered by the ventilators, especially in the developing and underdeveloped nations.
Stringent government regulations are expected to hamper the medical ventilators market growth. In the event of product recall, the company's financial condition, business, and results of operations could be adversely affected which is expected to restrain growth. For instance, in December 2019, Hamilton Medical AG recalled its Hamilton-G5 ventilators due to the “Panel connection lost” error message.
| Region | North America |
|---|---|
| Country | United States |
| CAGR (2023 to 2033) | 6.8% |
| Region | Europe |
|---|---|
| Country | United Kingdom |
| CAGR (2023 to 2033) | 5.8% |
| Region | Asia Pacific |
|---|---|
| Country | China |
| CAGR (2023 to 2033) | 14.7% |
| Region | Asia Pacific |
|---|---|
| Country | Japan |
| CAGR (2023 to 2033) | 9.1% |
| Region | Asia Pacific |
|---|---|
| Country | South Korea |
| CAGR (2023 to 2033) | 8% |
In 2022, the United States accounted for about 90% of the North American medical ventilators market. This is because the manufacturers are focusing to boost up their ventilator manufacturing capacity to meet the rising demand of medical ventilators at hospitals. The increasing number of chronic respiratory disorder patients is believed to be the key factor.
| Attributes | Details |
|---|---|
| United States Market Expected Size (2033) | USD 777.8 million |
| United States Market Absolute Dollar Growth | USD 375.8 million |
| CAGR % 2017 to 2022 | 3.9% |
In addition, the use of ventilators increased during the COVID-19 pandemic. To fulfill the increasing demand of ventilators, FDA gave Emergency Use Authorization (EUA). Increasing requirement has given the United States market a significant boost, with prospects looking positive through 2023 and beyond.
The United Kingdom accounted for around 21% of the European market in 2022. The leading cause of increased demand for medical ventilators in the United Kingdom is the large number of people infected with coronavirus during the first and second wave. United Kingdom is also home to one of the largest number of patients suffering from Alzheimer’s disease, which propels the sales of medical ventilators.
| Attributes | Details |
|---|---|
| United Kingdom Market Expected Size (2033) | USD 78.2 million |
| United Kingdom Market Absolute Dollar Growth | USD 33.7 million |
| CAGR % 2017 to 2022 | 3.5% |
Additionally, one of the key causes driving demand for medical ventilators in the region is the increased frequency of chronic and respiratory illnesses. The presence of major manufacturers has also propelled the market growth. and increased technology and innovations related activities in ventilators taking place.
China accounted for around 30% of the East Asia market in 2022. The surging healthcare spending, better medical facilities, an increase in the geriatric population are the key factors driving growth. Presence of large number of local ventilator manufacturing players and a rising economic growth rate are also driving the market expansion.
| Attributes | Details |
|---|---|
| China Market Expected Size (2033) | USD 366 million |
| China Market Absolute Dollar Growth | USD 273 million |
| CAGR % 2017 to 2022 | 13.8% |
In the Chinese market, regional manufacturers have gained lots of traction. Beijing Aeonmed Co Ltd and Shenzhen Mindray Bio-Medical Electronics Co Ltd are two notable players who are fulfilling the market demand in the country.
Japan is meant to have the highest geriatric population by percentage. Based on latest research, nearly 30% of the Japanese population is above the age of 65. A lot many of them suffer from cerebrovascular issues, cardiac disease, etc. Many of them need to be under ventilator as a precautionary measure, as the oxygen level comes down, and the ventilators support in inhaling oxygen.
| Attributes | Details |
|---|---|
| Japan Market Expected Size (2033) | USD 354.2 million |
| Japan Market Absolute Dollar Growth | USD 206.5 million |
| CAGR % 2017 to 2022 | 9.4% |
Moreover, the presence of a lot of key players in Japan is also expected to drive the market growth. This ensures that owing to local manufacturing capabilities, the cost would also come down.
South Korea is meant for its technologically advanced and sophisticated healthcare market. As of 2020, the South Korea market was valued at USD 144.2 billion, and the market is expected to grow at 24.3%. This gives room for the adoption of medical ventilators in large numbers. The availability of microprocessor-controlled ventilator integrated with new modes is expected to further drive the market growth.
| Attributes | Details |
|---|---|
| South Korea Market Expected Size (2033) | USD 91.5 million |
| South Korea Market Absolute Dollar Growth | USD 49.1 million |
| CAGR % 2017 to 2022 | 5.5% |
Furthermore, the researchers have also developed easy to assemble and portable ventilators, which are low cost as well. During the pandemic, these were highly sought-after, as a lot of people got affected, and the country was running short of ventilators.
| Segment | Product Type |
|---|---|
| Attribute | Critical Care Ventilators |
| CAGR (2017 to 2022) | 6.9% |
| CAGR (2023 to 2033) | 8.6% |
| Segment | Application |
|---|---|
| Attribute | Invasive Ventilators |
| CAGR (2017 to 2022) | 5.7% |
| CAGR (2023 to 2033) | 7.5% |
Critical care ventilators are predicted to be on the spotlight, owing to the rising number of patients requiring critical care for a variety of respiratory and cardiac disorders. They held the largest market share of 88% in 2022. The main advantage of employing critical care ventilators is that these do not require much of human interference.
As governments spending on healthcare infrastructure increased, the number of hospitals and clinics also increased, resulting in a recent boom in demand for critical care ventilators. Even during COVID-19, the demand for ventilators was extremely high.
By application, the invasive ventilators segment is anticipated to hold the maximum share of 61% in 2023. Invasive ventilators are used widely in treatment of those with acute exacerbations of COPD on several levels, including length of stay, hospital-acquired pneumonia, and mortality.
Comatose intubated patients who are under the influence of anesthesia tolerate invasive ventilation quite well. Patients can be invasively ventilated while being comfortable under little or no sedation. The invasive ventilators help patients with hypoxemic and hypercapnic respiratory failure, and allows for the implementation of lung-protective ventilation.
By end user, hospital hold over 52% of the market in 2021 and this trend is expected to continue during the forecast period as well. This is predominantly seen due to the large number of patients admitted into the hospital for seeking treatment for various diseases including respiratory infections and COVID-19.
While floating a tender, the hospitals generally buy such devices in bulk. Apart from that, because of the admission of patients on frequent basis, the hospitals may purchase the ventilators regularly.
The start-ups have been developing economical ventilator which run on room air without the need for compressed medical air. The machine delivers a 100% fraction of inspired oxygen when connected to an oxygen source. It is controlled by capacitive multi-touch interface. The ventilator is also enhanced with gesture control interface, which works without any need for training.
ABM Respiratory Care: The start-up has been developing ventilation solutions for people suffering from pulmonary diseases. The ‘Alpha Ventilator’ developed by the start-up is an internet-enabled ventilator for remote ventilation.
The turbine technology used by the start-up implements several therapy modes for invasive and non-invasive ventilation. In October 2020, ABM Respiratory Care raised USD 10.3 million in the Series A funding.
The manufacturers operating in the medical ventilators market look to automate healthcare processes. This is being done either by the introduction of robots or through track-based configuration options that are designed to eliminate the manual sorting of plates.
This helps in ensuring culture integrity and results in streamlined workflow. In January 2023, Becton, Dickinson, and Company introduced fully automated robotics track system for microbiology labs.
Key developments in the market are:
Top players in the market:
| Company | Cardinal Health |
|---|---|
| Description | Cardinal Health brings scaled solution to the healthcare sector to help their customers live in a thriving world. The company distributes pharmaceuticals, manufactures and distributes medical and laboratory products. The company has also been providing performance and data solutions for healthcare facilities. Cardinal Health is a crucial link between the clinical and operational sides of healthcare, delivering end to end solutions, and data driven insights. With more than five decades of experience, the company seizes the opportunity to address healthcare’s most complicated challenges - now, and in the future. |
| Company | Becton Dickinson and Company |
|---|---|
| Description | Becton Dickinson and Company is one of the world’s largest global medical technology companies and is advancing the world of healthTM by improving medical discovery. The company supports the heroes on the frontlines of healthcare by developing innovative technologies and solutions. With a headcount of more than 75,000, the company has a passion and commitment to help enhance the safety and efficiency of clinicians’ care delivery process and enable laboratory scientists to detect disease. BD also helps enhance outcomes, lower the costs and increase efficiencies. |
| Company | GE Healthcare |
|---|---|
| Description | GE Healthcare is the leading global medical technology, pharmaceutical diagnostics, and digital solutions innovator. The company enables physicians to make faster, more informed decisions through intelligent devices, data analytics, applications, and services. GE Healthcare is committed to foster an inclusive culture of respect, transparency, and unyielding integrity. With presence in over 160 countries, and employing more than 47,000 workers, the company has been making a massive impact in the healthcare sector over the years. |
Other significant companies profiled: Koninklijke Philips N.V., Draegerwerk AG & Co. KGaA
The market will expand at a 9.1% CAGR from 2023 to 2033.
The market in 2023 totals USD 1.7 billion.
North America is expected to be a lucrative market.
Supply chain disruptions and regulatory challenges limit market growth.
From 2017 to 2021, the market rose at a 7.3% CAGR.
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Medical Ventilators Market
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