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 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mechanical ventilators are life supporting medical devices used for helping patients suffering from conditions like chronic obstructive pulmonary disease, asthma and sleep apnea. They are used to provide artificial ventilation for patients who cannot breathe efficiently or adequately on their own. These devices deliver pressurized oxygen to the lungs through a tube inserted in the trachea.
Market key trends:
One of the key trends in the Global Mechanical Ventilators Market Size is increased adoption of AI-powered ventilators. AI capabilities are being incorporated into mechanical ventilators to advance decision making, weaning and automatic adjustment of vent settings. AI algorithms can monitor patients continuously and make timely adjustments to ventilator settings based on patients’ condition and response. This helps reduce errors, improves patient outcomes and lessens the burden on clinical staff. Manufacturers are focusing on developing smart ventilators integrated with AI and machine learning to modernize critical care.
Segment Analysis
Based on product, the invasive ventilators segment held the largest share in 2021. Invasive ventilators provide positive pressure ventilation through an endotracheal tube inserted into the trachea. These ventilators are preferred for critically ill patients requiring intensive respiratory support for extended periods. The non-invasive ventilators segment is expected to witness higher growth during the forecast period due to increasing adoption of these ventilators for home care settings.
Key Takeaways
The global mechanical ventilators market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing prevalence of respiratory diseases.
Regional analysis
North America dominated the global market in 2021 and is expected to remain the largest market during the forecast period. This is majorly attributed to the rising prevalence of chronic respiratory diseases in the region. Asia Pacific is anticipated to exhibit the fastest growth over the next few years owing to factors such as growing healthcare infrastructure and increasing healthcare expenditure in major Asian countries.
Key players
Key players operating in the mechanical ventilators market are Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Getinge AB, General Electric Company, Hamilton Medical, Medtronic, ICU Medical, Inc., Dragerwerk AG & Co. KGaA, ZOLL Medical Corporation, Koninklijke Philips N.V., VYAIRE, Fisher & Paykel Healthcare Limited, ResMed, Max Ventilator (A.B.Industries), NIHON KOHDEN CORPORATION, Inspiration Healthcare Group plc., CorVent Medical Inc., Inovytec, InnAccel Technologies Pvt Ltd., and OES Medical.
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