Sales of Medical Ventilators to Increase by 9.9% CAGR through 2031
Non-invasive Ventilators Emerges as Highly Preferred Technology in Medical Ventilators, Accounting for Over Half of Sales through 2031
A Fact.MR survey on medical ventilators market offers detailed analysis on growth drivers and trends affecting demand in terms of product type, technology and end user. It also highlights various strategies adopted by key market players to gain a competitive edge in the medical ventilators market.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per latest Fact.MR analysis, the global medical ventilators market is forecast to register a CAGR of 9.9% between 2021 and 2031, reaching a valuation of US$ 3.6 Bn by 2031. Sales of medical ventilators are poised to rise by 2.5X between 2021 and 2031.
The robust growth of medical ventilators market can be attributed to the increasing prevalence of chronic diseases, rising geriatric population, technological advancements in ventilators and the expanding healthcare infrastructure across the world.
Rise in cases of chronic respiratory diseases such as chronic obstructive pulmonary diseases (COPD) and asthma is a primary factor driving the medical ventilators market. According to the World Health Organization (WHO), around 262 million people suffered from asthma in 2019. Similarly, 3 million people die each year from COPD.
Technological advancements in medical technology have paved the way for the development of advanced monitoring ventilator systems, which provide detailed information about a patient’s parameters. Manufacturers also are continuously focusing on developing ventilators with low operating cost features. These factors are expected to create growth opportunities for the market in the coming years.
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Sales of medical ventilators considerably increased during the COVID-19 pandemic. Many pharmaceutical and healthcare organizations collaborated to manufacture and provide access to emergency ventilators for critically ill COVID-19 patients.
As per the report, critical care medical ventilators dominated the market with over 40% share in 2020. This can be attributed to the increasing number of patients requiring intensive care around the world.
With highly developed healthcare system and presence of favorable reimbursement policies, North America will continue to lead the medical ventilators market.
“In order to gain competitive edge, market players are embracing advanced technologies. There is high focus towards launching breakthrough technologies and getting approvals from international organizations. Efforts by leading companies to gain competitive strength are expected to create opportunities for growth of the market in the coming years,” says the Fact.MR analyst.
Key Takeaways from Medical Ventilators Market Survey
- North America dominates the medical ventilators market with a healthy share.
- Owing to the high prevalence of chronic respiratory disorders and favorable reimbursement policies, the U.S market will emerge as the most lucrative market for medical ventilators. The U.S. market is forecast to generate 32% of the global revenue between 2021 and 2031.
- With expanding healthcare infrastructure and rising geriatric population, China market is poised to expand at 8.5% CAGR between 2021 and 2031.
- Critical care ventilator category leads the market in terms of product type.
- The non-invasive ventilators segment is projected to exhibit CAGR of 12.1% during the forecast period.
- Increasing prevalence of chronic respiratory and cardiac diseases is driving the medical ventilators market.
- Rising geriatric population positively impacts the medical ventilator demand.
- Demand for medical ventilators skyrocketed amidst COVID-19, pushing growth in the market.
- High cost associated with medical ventilators is restraining the growth of the market.
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Key companies operating in the medical ventilators market are investing heavily in research and development activities. They have adopted various organic and inorganic strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market.
- In August 2021, Max Ventilators launched High Flow oxygen Therapy (HFOT) device and WeanX in its new ventilator range category. These new ventilators give 100% chances of survival with less operating costs than the traditional ones.
- In November 2020, Philips launched new non-invasive ventilator “BiPAP A40 EFL for COPD patients. The new ventilator is claimed to be the first and only non-invasive ventilator that enables healthcare professionals to automatically screen and detect expiratory flow limitation (EFL) to deliver optimal homecare therapy.
- In September 2021, Max Ventilators partnered with US-based Amptron medical. With this partnership, the company aims to enter the international market.
Some of the prominent players operating in the medical ventilators market profiled by Fact.MR are:
- Becton Dickinson and Company
- Cardinal Health Inc.
- GE Healthcare
- Koninklijke Philips N.V
- Hamilton Medical AG
- Smith Medical Inc.
- Drägerwerk AG
- Fisher & Paykel Healthcare
- Bunnell Incorporated
More Insights on the Global Medical Ventilators Sales Outlook
Fact MR provides an unbiased analysis of medical ventilators market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for medical ventilators with a detailed segmentation on the basis of:
- Critical Care Medical Ventilators
- Transport and Portable Medical Ventilators
- Neonatal Medical Ventilators
- Invasive Medical Ventilators
- Non-Invasive Medical Ventilator
- Medical Ventilators for Hospitals
- Medical Ventilators for Ambulatory Surgical Centers
- Medical Ventilators for Long Term Care Centers
- Medical Ventilators for Home Care Settings
- Medical Ventilators for Emergency Health Services
Key Questions Covered in the Medical Ventilators Sales Outlook Report
- The report offers insight into medical ventilators demand outlook for 2021-2031
- The market study also highlights projected sales growth for medical ventilators market between 2021 and 2031
- Medical ventilators market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Medical ventilators market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact.MR’s Coverage on the Healthcare Domain –
Neonatal Ventilator Market- Manufacturers produced ventilators for neonates as one of the time-changing and life-saving breakthroughs to provide life-saving support for neonates suffering from respiratory disorders. Neonatal ventilators have increased the infant survival quotient, particularly for preterm newborns with immature lung function, thanks to developments in medical technology such as replacement surfactant therapy and antepartum corticosteroids delivery. Preterm birth is one of the primary causes of infant mortality, particularly in neonates due to respiratory insufficiency.
High Frequency Ventilators Market- The lungs of premature babies are undeveloped. They require breathing assistance since they are unable to breathe on their own. Preterm birth rates are rising each year as a result of a variety of circumstances, and this factor is projected to drive the worldwide high frequency ventilators market throughout the forecast period. Different types of high frequency ventilators provide ventilation at various breathing rates, allowing for more effective treatment. Several clinical trials involving the use of high frequency ventilators in the treatment of acute respiratory distress syndrome (ARDS) are now underway, with promising results.
Asthma Treatment Market- Asthma therapies are expected to see increased demand as patients become more aware of their ailment. This should have resulted in a linear rise of the asthma treatment market; however, a surge in generic medicine sales, fueled by branded drug patent expiration, is expected to limit market potential. North America is expected to maintain its lead in the asthma treatment market, while Asia Pacific is expected to grow at the quickest rate. Hospital pharmacies are projected to catalyze sales of asthma medicines over the forecast period, as patients find it convenient to acquire drugs immediately after diagnosis.
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