July 23, 2024
Mechanical Ventilators Market

Growing Cases Of Respiratory Diseases Is Projected To Drive Growth In The Mechanical Ventilators Market

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, also known as breathing machines or respirators, are medical devices used to provide breathing support when patients face respiratory failure due to diseases such as pneumonia, chronic obstructive pulmonary disease (COPD), and acute respiratory distress syndrome (ARDS). Mechanical ventilators consist of a gas source, valves, and sensors to detect and interpret different types of patient efforts to breathe. They deliver a breathable gas, typically oxygen-enriched air, to the patient’s lungs while removing carbon dioxide from exhaled gases. Mechanical ventilators help in preventing collapse of the lungs, reducing patient effort and discomfort during breathing. They are critical life-support devices commonly used in intensive care units (ICUs) and emergency medical settings.

Market key trends:

Growing cases of respiratory diseases is a key driver for the mechanical ventilators market growth. According to a report by the Centers for Disease Control and Prevention (CDC), nearly 16 million Americans suffer from chronic obstructive pulmonary disease (COPD), and increasing air pollution levels contribute to higher COPD prevalence. Moreover, demand for mechanical ventilators increased significantly during the Covid-19 pandemic, as respiratory distress syndrome was a major complication observed among severely infected patients. Ventilator production was ramped up globally to meet the surge in demand from hospitals and healthcare facilities. This highlighted the indispensable need for mechanical ventilators in medical facilities. Manufacturers are continuously investing in innovations to develop more portable and high-performance ventilators.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the mechanical ventilators market requires high investment in R&D and distribution network. Regulations also pose as a barrier.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players offering substitutable products. Buyers can negotiate on price and quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many component suppliers. However, suppliers of critical components may have some control over prices.

Threat of new substitutes: The threat of substitutes is low as there are limited viable alternative treatments for various respiratory diseases for which mechanical ventilators are used.

Competitive rivalry: The competitive rivalry is high owing to the presence of global and regional players offering similar product portfolio. Players compete based on product features, pricing, quality, and customer support.

Key Takeaways

The Global Mechanical Ventilators Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing prevalence of chronic respiratory diseases and growing geriatric population.

Regionally, North America dominates the global market owing to developed healthcare infrastructure and rising incidence of respiratory diseases. Asia Pacific is expected to exhibit the fastest growth due to growing medical tourism, rising healthcare spending and high pollution levels.

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.

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