May 23, 2024
Mechanical Ventilators Market

Mechanical Ventilators Market Growth Is Driven By The Growing Geriatric Population

The mechanical ventilators market comprises equipment such as critical care ventilators, high-end ventilators, and basic mechanical ventilators used for the treatment of respiratory diseases. Mechanical ventilators play a vital role in delivering breaths to patients suffering from chronic respiratory diseases or those incapable of breathing independently. The equipment is designed to provide optional breaths or controlled oxygen concentration to patients. It supports oxygen therapy and the delivery of drugs via aerosol. Factors such as the growing geriatric population, high prevalence of chronic respiratory diseases, and increasing cases of respiratory failure are boosting the demand for mechanical ventilators worldwide.

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 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 partnerships with other stakeholders to expand their geographical presence and product portfolio. For instance, in May 2022, Medtronic Plc received FDA clearance for its ventilators portfolio expansion, including the launch of Puritan Bennett 980 Ventilator.

The growing demand for mechanical ventilators can be attributed to factors such as increased life expectancy, pollution levels, and prevalence of chronic respiratory diseases like asthma and COPD. With the rapidly aging population and rising number of Covid-19 and other viral infections, the demand for ventilators is set to increase substantially over the forecast period.

North America dominated the global mechanical ventilators market in 2020. However, Asian countries are expected to witness the highest growth during the forecast period owing to a large patient pool, low healthcare access & infrastructure, and increasing healthcare expenditure. Key players are expanding their distribution networks in emerging countries of Asia Pacific and Latin America to tap the growth opportunities offered.

Market Key Trends

One of the key trends gaining traction in the Mechanical Ventilators Market Size is technological advancements. Companies are focusing on developing smart intensive care ventilators integrated with advanced features such as wireless connectivity, touch screens, alarms, ventilation modes & profiles, and advanced graphics. For instance, the Hamilton-G5 ventilator by Hamilton Medical features a touch screen interface and provides closed-loop advanced ventilation modes. Similarly, Getinge has launched the Servo-u ventilator integrated with closed-loop ventilation and oxygen monitoring. Such innovations are improving patient outcomes and comfort levels while driving the market growth.

Porter’s Analysis

Threat of new entrants: Low capital required to manufacture mechanical ventilators. However established players have more resources and stronghold in the market.

Bargaining power of buyers: Large medical equipment manufacturers have bargaining power overcomponent suppliers. However individual buyers have less bargaining power.

Bargaining power of suppliers: A few large multinational corporations dominate the supply of key components for mechanical ventilators like sensors, motors etc. This gives them strong bargaining power.

Threat of new substitutes: Alternatives like home care ventilation may limit market potential but no direct substitute of mechanical ventilators exist.

Competitive rivalry: Intense competition among large multinational companies due to their global presence and capacity to manufacture at mass scale.

Geographical Regions
North America accounts for the largest share of the global mechanical ventilators market, followed by Europe. This is attributed to factors such as the increasing prevalence of respiratory diseases, technological advancements, rising geriatric population and high healthcare spending.

Asia Pacific region is expected to witness the highest growth during the forecast period owing to growing medical tourism, rising healthcare investments and increasing incidence of chronic respiratory diseases due to environmental factors. China and India along with other developing Asian countries are expected to drive the demand for mechanical ventilators in the coming years.

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