Mechanical ventilators, also known as artificial respiration equipment or respirators, are medical devices that provide mechanical assistance in breathing by delivering breaths to a patient who may be physically unable to breathe or breathing insufficiently. They are commonly used in intensive care units for severe lung problems wherein a ventilator takes over breathing for the patient and enables the lungs to function. Ventilators work by delivering oxygenated gas to the patient's lungs while removing carbon dioxide from the patient. The growing prevalence of chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma, rising incidence of respiratory failures, and surging cases of respiratory infections are major factors driving increased demand for mechanical ventilators.
The global mechanical ventilators market is estimated to be valued at US$ 6298.59 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Mechanical Ventilators Market Size are Fuji Electric Co., Ltd, Schneider Electric, Mitsubishi Electric Corporation, Toshiba International Corporation, Siemens AG, Emerson Industrial Automation, ABB Ltd., Johnson Controls Inc., American Electric Technologies Inc. (AETI), Rockwell Automation Inc., General Electric Company, Honeywell International Inc., and Hitachi Limited. These players are focusing on new product launches and geographic expansion to stay ahead of the competition.
The major opportunities in the mechanical ventilators market include increasing demand from emerging economies with growing healthcare infrastructure and rising disposable incomes, rise in demand for homecare ventilators, and growth in point-of-care diagnostics.
Global expansion remains a key strategy adopted by major players in the market. Companies are focusing on expanding their presence in high-growth emerging markets such as Asia Pacific, Latin America, and Middle East & Africa through acquisitions, collaborations, and facility expansions.
Market drivers:
- Rising prevalence of chronic respiratory diseases such as asthma and COPD globally
- Surging geriatric population prone to respiratory illnesses
- Increasing admissions in ICUs relying on mechanical ventilation
Market restraints:
- High costs associated with mechanical ventilators
- Shortage of skilled professionals for operating ventilators
- Reimbursement issues with governments in various countries
Segment Analysis
The mechanical ventilators market can be segmented into intensive care ventilators and portable/transport ventilators. Intensive care ventilators dominate the overall market as they are used for critically ill patients in intensive care units and emergency rooms where patients require assisted or controlled breathing for long periods. Features such as volume control modes, pressure control modes, and ability to set PEEP levels have increased their adoption rate among hospitals.
Global Analysis
North America dominates the global mechanical ventilators market. This is mainly due to factors such as the rising geriatric population, increasing prevalence of respiratory diseases, and good healthcare infrastructure. The region is expected witness the highest CAGR during the forecast period owing to supportive healthcare policies and increased healthcare spending. Asia Pacific is expected to grow at the fastest pace during 2024-2030 due to improving access to healthcare facilities, rising disposable incomes, and increasing incidence of chronic respiratory diseases in countries like India and China. Growing medical tourism industry is also providing momentum to market growth in the region.
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