Ventilator Market Size to Hit US$ 5.3 Billion by 2028

Precedence Research predicts, the ventilator market size was valued at US$ 2.7 billion in 2021 and is predicted to hit US$ 5.3 billion by 2028 and growing at a CAGR of 10% over the forecast period 2021 to 2030.

Growth Factors

One of the major factors driving the growth of the global ventilator market is rising cases of asthma, respiratory disorders, and chronic obstructive pulmonary disorders. According to World Health Organization (WHO), chronic obstructive pulmonary diseases are the third biggest cause of death globally, accounting for 3.23 million deaths in 2019. In 2019, asthma infected an estimated 262 million individuals resulting in 4,61,000 fatalities. The most frequent chronic condition among kids is asthma. As a result, the growing number of these disorders is supporting the expansion of the global ventilator market over the projected period.

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The pandemic of COVID-19 has changed the picture of the ventilator market. The main reason for the rising demand for ventilator in the market was the rising number of COVID-19 cases. The need and requirement of ventilator during the pandemic stated the importance of ventilators on a large scale. The premium type of ventilators is also being installed in many of the hospitals. Thus, this is creating cost of healthcare. The main component and part of intensive care units (ICUs) are ventilators. An increase in the number of intensive care units (ICUs) and critical care beds during the pandemic has surge in the demand for ventilators globally.

Moreover, the major market players are constantly investing in the launch of new and innovative products. These products are widely utilized in the healthcare facility and hospitals. Thus, the high rate of adoption of ventilators is driving the growth of the ventilator market.

Report Highlights:

• Based on the type, the adultsegment dominated the global ventilator market in 2020 with largest market share. The adults are more prone to various disorders. The heart attacks and strokes are widely observed in the adult segment. That’s the reason, the ventilator is widely used for the treatment of adults.
• On the basis of interface, the invasivesegment holds the largest market share the global ventilator market in 2020.The invasive type of ventilator is highly utilized in hospitals and healthcare centers especially for the patients who are admitted to the ICU.
• Based on the end user, the hospitals segment dominated the global ventilator market in 2020 with largest market share. The critical patients are mostly admitted to the hospitals. These patients are treated in the ICUs. This creates the demand for ventilator for hospitals on a large scale.
• North America is the largest segment for ventilator market in terms of region.The ventilator market in North America region is being driven by the growing prevalence of respiratory disorders, rise in healthcare expenditure, and the surge in the number of old people.
• Asia-Pacific region is the fastest growing region in the ventilator market.The factors such as existence of major market players and expanding healthcare industry is driving the growth of the global ventilator market in Asia-Pacific region during the forecast period.

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Future of Ventilator Market

The growth of the global ventilator market is anticipated due to the rising technological advancements and developments. The technology is enabling the launch of novel devices in the market. The major market players are launching ventilator with advanced features. The use of artificial intelligence and robotics in the manufacturing of ventilator is creating growth prospects for the market. As a result, this factor is expected to drive the ventilator market growth in the upcoming years.

COVID-19 Impact Analysis:

• The demand for ventilator grew during the time of COVID-19 pandemic.
• The surge in the number of coronavirus patients increased the demand for ventilators on large scale.
• The ventilator played crucial role in the treatment and diagnostics of COVID-19 patients.
• All these factors provided positive outlook for the expansion of the global ventilator market in 2020.

Key Developments in the Marketplace:

• ResMed declared the introduction of AirView, a cloud-based platform for remote monitoring and management of respiratory care patients to India in April 2020.
• Philips N.V. announced in April 2020 that it would increase its hospital ventilator production to 4,000 units per week. This strategic decision supplemented the company’s current range of mechanical ventilators and added to its unique product portfolio, providing additional options to build highly effective COVID-19 solutions.
• To meet the growing demand for ventilators in Japan, NIHON KOHDEN CORPORATION received manufacturing and marketing permission for the NKV-550 series ventilator in April 2020.
• Medtronic established a deal with Foxconn Industrial Internet, a division of Foxconn Technology Group in June 2020 to begin producing Medtronic Puritan Bennett 560 ventilators in order to meet the rising need for ventilators due to the COVID-19 epidemic.

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Segments Covered in the Report

By Type

• Adult
• Neonatal

By Interface

• Invasive
• Non-Invasive

By End User

• Hospitals
• Specialty Clinics
• Others

By Mode

• Combined Mode Ventilation
• Volume Mode Ventilation
• Pressure Mode Ventilation
• Others

By Mobility

• Intensive Care Ventilators
• High-end ICU Ventilators
• Mid-end ICU Ventilators
• Basic ICU Ventilators
• Portable/Transportable Ventilators

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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