Mechanical ventilators, also known as respirators, are medical devices used to provide mechanical ventilation by moving breathable air into and out of the lungs to deliver breaths to a patient who is physically unable to breathe or breathing insufficiently. Mechanical ventilators are essential in hospital critical care units such as neonatal intensive care units, pediatric intensive care units, and adult intensive care units for delivering respiratory support to critically ill patients.
The global mechanical ventilators market is estimated to be valued at US$ 5467.52 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One key driver augmenting the growth of the mechanical ventilators market is the increasing prevalence and burden of chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and bronchitis globally. As per the estimates of World Health Organization (WHO), around 339 million people worldwide suffer from COPD which is the third leading cause of death worldwide. Mechanical ventilators are extensively used for treating patients of acute exacerbation of COPD. Chronic respiratory diseases impose huge healthcare burden and are one of the leading causes of mortality. Increasing number of COPD and asthma patients will fuel the demand for mechanical ventilators. Additionally, market growth is also supported by growing geriatric population which is more susceptible to chronic respiratory diseases. However, product recalls by manufactures can negatively impact the overall market growth over the forecast period.
SWOT Analysis
Strength: Mechanical ventilators help patients breathe and stay alive when they are not able to breathe effectively on their own. Mechanical ventilators play a critical role in healthcare as they support patients suffering from chronic respiratory conditions, heart and lung problems. The rising demand for home care therapeutics and non-invasive ventilation also present growth opportunities for the market.
Weakness: Mechanical ventilators require high level of maintenance and skilled staff to operate, any technical errors can lead to life-threatening situations. The heavy weight of certain ventilators and high costs associated with them limits broader adoption especially in low and middle-income countries.
Opportunity: The growing geriatric population and rising prevalence of respiratory diseases across the world creates a large patient pool requiring mechanical ventilation support. Developing easy to use portable ventilators with advanced features at affordable prices opens new growth avenues. Governments increasing healthcare spending to improve ICU infrastructure also stimulates market demand.
Threats: Ventilator associated infections and pneumonia remain key concerns negatively impacting the market. Intense competition from localized substitutes offering cost-effective solutions poses challenges. Stringent regulatory framework and compliance requirements hinder faster market penetration by new entrants.
Key Takeaways
The Global Mechanical Ventilators Market Size is expected to witness high growth driven by the aging demographics and heavy disease burden of COPD and pneumonia worldwide. The global mechanical ventilators market is estimated to be valued at US$ 5467.52 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030.
The Asia Pacific region dominates the market currently owing to high unmet needs, growing healthcare investments and rapid development of healthcare infrastructure across emerging Asian countries. China, India and Japan are among the fastest growing markets. While the U.S. and major Western European countries currently account for over 65% of global sales, Asia Pacific offers lucrative prospects with a patient pool expected to double over the next decade. Japan holds the second largest market share after the U.S. due to heavy disease burden, universal healthcare and rapid greying of population. China's mechanical ventilators market is set to become the third largest by 2030 backed by government initiatives and rising disposable incomes.
Key players operating in the mechanical ventilators market are Philips Healthcare, ResMed, Medtronic, Fisher & Paykel Healthcare, Dräger, DeVilbiss Healthcare, Ambu, Becton, Dickinson and Company, Hamilton Medical, GE Healthcare, Allied Healthcare Products, and Vyaire Medical.
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