July 23, 2024

Mechanical Ventilators Market Propelled By Growing Prevalence Of Respiratory Diseases

Mechanical ventilators, also known as breathing machines, are life supporting medical devices used for assisting or replacing breathing in patients suffering from chronic obstructive pulmonary disease (COPD), pneumonia, asthma or certain neuromuscular diseases like muscular dystrophy. Ventilators work by delivering pressurized air or oxygen enriched gas into the lungs through a tube inserted in the airway of patients who are physically unable to breathe or breathe sufficiently.

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 key trends:

The growing prevalence of respiratory diseases across the world is a major trend that is contributing significantly to the growth of the mechanical ventilators market. As per the World Health Organization (WHO), respiratory diseases accounted for one in every six deaths globally in 2019, with around 7.7 million fatalities recorded. Chronic obstructive pulmonary disease (COPD) was responsible for over 3 million deaths, while lower respiratory infections like pneumonia claimed over 2.6 million lives in the same year. Affordable and easy access to ventilators, rising R&D for portable/transportable ventilators, and increasing demand from emerging economies are boosting the adoption of ventilators for improved disease management, driving the market growth over the forecast period.

SWOT Analysis

Strength: Mechanical ventilators are very effective in treating respiratory diseases and providing life support to critically ill patients. They offer control over ventilation parameters like volumes, pressures, flow rates etc.
Weakness: Mechanical ventilators require technical skills to operate and constant monitoring. Prolonged use can lead to complications and health risks.
Opportunity: Growing geriatric population and rising cases of chronic respiratory diseases will drive the demand. Increasing investments in healthcare infrastructure especially in developing regions.
Threats: Alternative portable ventilation technologies gaining popularity. Shortage of skilled professionals for ventilator care. High product and maintenance costs can limit widespread adoption.

Key Takeaways

The Global Mechanical Ventilators Market Size is expected to witness high growth. 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.

North America dominates the market currently due to high healthcare spending and presence of major players. Asia Pacific market is projected to grow at fastest pace supported by growing medical tourism industry and improving access to healthcare in India and China.

Key players operating in the mechanical ventilators market are Philips Healthcare, ResMed, Medtronic, Becton, Dickinson and Company, Getinge, Dräger, Smiths Group, Hamilton Medical, GE Healthcare, Fisher & Paykel, Air Liquide, Zoll Medical, Allied Healthcare Products, Airon Mindray. These companies are focusing on new product launches, partnerships and geographic expansions to strengthen their market position. For instance, Philips recently launched new point-of-care ultrasound devices to expand rapid assessment capabilities and Philips Inkula innovative incubators and infant warmers to deliver quality neonatal care.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it