The growth of the global ventilators market is driven by the rising burden of respiratory diseases, urbanization, and rising pollution levels, rising obesity cases due to sedentary lifestyle, rapid growth in geriatric population worldwide, growing preference for home care settings, rising number of preterm births, outbreak of infectious respiratory diseases. However, shortage of skilled medical workers, excessive purchase of ventilators during covid-19, reimbursement concerns is expected to negatively impact market growth during the forecast period.
Ventilators market is
projected to reach USD 5.4 Billion in
2027 from USD 3.9 Billion in 2022, at a
CAGR of 6.3% during the forecast period according to a new report by
MarketsandMarkets™.
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Browse in-depth TOC on " Ventilators
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230 - Tables
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268 – Pages
Ventilators Market DYNAMICS
DRIVERS
§
Rising burden of respiratory
diseases
§
Increasing incidence of COPD and
asthma
§
Urbanization and rising pollution
levels
§
Rising obesity cases due to
sedentary lifestyles
§
Rapid growth in geriatric
population worldwide
§
Growing preference for home care
settings
§
Rising number of preterm births
§
Outbreak of infectious respiratory
diseases
RESTRAINTS
§
Shortage of skilled medical workers
§
Excessive purchase of ventilators
during COVID-19
§
Reimbursement concerns
OPPORTUNITIES
§
Cost efficiency of home care
services
§
Growth opportunities in emerging
economies
CHALLENGES
§
Low awareness and unavailability of
adequate resources in emerging economies
§ Harmful effects of certain respiratory devices on neonates
Market Segmentation:
·
In 2021, the intensive care ventilators segment
accounted for the largest share of the ventilators market. The intensive care
ventilators segment will continue to dominate the market during the forecast
period.
·
In 2021, the adult/pediatric ventilators segment
accounted of the ventilators market. The large share of the adult/pediatric
ventilators segment can be attributed to the rising number of smokers and the
increasing geriatric population worldwide.
·
In 2021, the hospitals and clinics segment accounted
of the ventilators market. The hospitals and clinics segment will continue to
dominate the market during the forecast period.
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Regional Analysis:
The APAC market is expected to grow at the highest
rate during the forecast period, mainly due to high-growth markets like Japan, China, India, South Korea, Taiwan, Australia,
and Singapore.
The rising geriatric population, increasing COVID-19 patient volume, growing
per capita income, increasing investments in the healthcare industry by key
market players, rising demand for cutting-edge technologies, and expansion of
private-sector hospitals to rural areas in various APAC countries are the major
factors driving the growth of the ventilators market in this region.
Recent Developments:
- In June 2021, Vyaire Medical,
Inc. partnered with GenWorks Healthcare Limited. The partnership in India
expands the company's footprint and provides greater accessibility to
high-quality pulmonary screening, testing, and treatment.
- In November 2020, Koninklijke
Philips N.V. partnered with African Union. This partnership led to the
launch of a first-of-its-kind ventilator exchange program to allow the
replacement of outdated intensive care unit (ICU) ventilators.
- In May 2020, Vyaire Medical, Inc.
partnered with Spirit AeroSystems. This partnership helped accelerate the production
of ventilators and other related respiratory equipment.
Key players in the ventilators market
The prominent players in the ventilators market are
Koninklijke Philips N.V. (Netherlands),
ResMed (US), Medtronic (Ireland),
Vyaire Medical, Inc. (US), Getinge AB (Sweden),
Drägerwerk AG & CO. KGAA (Germany),
ICU Medical, Inc. (US), Hamilton Medical (Switzerland),
GE Healthcare (US), Air Liquide (France),
Asahi Kasei Corporation (Japan),
Allied Healthcare Products, Inc. (US), Nihon Kohden Corporation (Japan),
Shenzhen Mindray Bio-Medical Electronics Co., Ltd, (China),
Skanray Technologies (India),
Baxter International Inc, (US), aXcent Medical GmbH (Germany),
Metran Co., Ltd (Japan),
MAGNAMED (Brazil),
Leistung Ingeniería SRL(Argentina),
Avasarala Technologies Limited (India),
Airon Corporation (Florida),
TRITON Electronic Systems Ltd. (Russia),
Bio-Med Devices, Inc. (US), and HEYER Medical AG (Germany).
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