Mechanical Ventilators Market

 Global Mechanical Ventilators Market Size (2024 to 2029)

The mechanical ventilators market size was valued at USD 4.72  billion in 2024, and it is estimated to reach USD 10.13 billion by 2029, at an increasing compound annual growth rate of 16.5% from 2024 to 2029.

Mechanical ventilators are life-saving medical devices for patients suffering from chronic respiratory failure. The need for these devices is significantly growing worldwide due to the growing number of people suffering from respiratory diseases. In addition, the demand for these devices rose rapidly in the developed regions due to the recent COVID-19 pandemic. However, in underdeveloped and developing countries, the adoption of these devices is much more limited as of now owing to the lack of proper healthcare infrastructure and resources and the scarcity of skilled people operating these devices.

MARKET DRIVERS

The growing patient population suffering from chronic respiratory diseases propels the mechanical ventilators market growth. The demand for mechanical ventilators is driven by the increasing patient count with COPD, asthma, and sleep apnea devices. These devices are primarily used for patients with difficulty breathing or severe chronic respiratory diseases.  As per the statistics published by the Centers for Disease and Prevention (CDC), approximately 15 million Americans are suffering from COPD, and 150,000 die of COPD every year.  According to the data published by the Asthma and Allergy Foundation of America (AAFA), asthma is growing rapidly in the United States, and an estimated 25 million people have asthma in the U.S, which is one in every thirteen people. According to the data published by Houston Sleep Solutions, an estimated 6.62% of the American population has suffered from sleep apnea. According to the same source, an estimated 18 million Americans suffer from sleep apnea, which is also one in every fifteen people. Likewise, the growing number of people facing problems with these diseases is anticipated to result in an increasing demand for mechanical ventilators and boost market growth.

The growing aging population is expected to contribute to the mechanical ventilators market during the forecast period.With the growing age, people expect to diagnose with various chronic respiratory diseases such as COPD, pneumonia, lung cancer, and others. People who are aged and suffer from such diseases may require mechanical ventilation. In addition, due to the availability of technologically well-advanced mechanical ventilators, an improved survival rate among aged people has been noticed. Such factors are expected to result in market growth. WHO says one in every six people is expected to be over 60 years old by 2030, and the total population of 60 years old or above is anticipated to reach 1.4 billion by 2030 and 2.1 billion by 2050.  As per the data published by the Urban Institute, the number of people aging more than 65 years old is estimated to reach 40 million by 2040.

In addition, the growing healthcare expenditure is expected to fuel the growth rate of the mechanical ventilators market. As per the statistics provided by the U.S. Centers for Medicare & Medicaid Services, the national healthcare spending in the U.S. is expected to grow at a CAGR of 5.4% between 2019 to 2028 and reach USD 6.2 trillion by 2028. The manufacturers of mechanical ventilators have been adopting technological developments actively to upgrade the capabilities of existing mechanical ventilators and innovate advanced mechanical ventilators, which is expected to promote market growth. In addition, increasing initiatives and investments from governmental organizations are anticipated to promote market growth in the coming years. The governments of some countries have invested significant amounts in the R&D of mechanical ventilators, participated in the procurement programs of mechanical ventilators, and offered tax incentives and subsidies for the manufacturers of mechanical ventilators; such factors are estimated to favor market growth. In addition, the growing awareness regarding the advantages associated with mechanical ventilators among healthcare providers in developing countries is anticipated to fuel the mechanical ventilators market growth. Furthermore, the growing adoption of mechanical ventilators in ICU units and the increasing number of preterm births are expected to fuel market growth in the coming years. 

MARKET RESTRAINTS

Due to the high costs of mechanical ventilators, underdeveloped and developing countries have limited adoption of these devices, hampering the global market's growth rate. The lack of trained personnel with expertise in handling mechanical ventilators is another significant restraint to the market's growth rate. In addition, mechanical ventilators are facing competition from alternative devices, which can be a challenging factor for market growth. In addition, the issues associated with the regulatory system in some countries are anticipated to showcase a negative impact on the market growth during the forecast period.

Impact of COVID-19 on the mechanical ventilators market

Coronavirus is an infectious disease that has reached almost all countries worldwide and resulted in many deaths. The global mechanical ventilators market experienced a slight negative impact on the market growth in the initial days of the COVID-19 pandemic. Due to the growing number of cases, many governments have closed their borders and imposed restrictions on traveling and the shutdown of businesses and manufacturing units for the time being. Such conditions resulted in disruptions in the supply chain ecosystem and mechanical ventilators' production activities, negatively affecting the market growth. During the COVID-19 pandemic, the need for ventilators has grown significantly due to the growing number of people infected with the virus. Some countries have experienced a severe shortage of ventilators and have engaged in importing activities to address the growing need. This has led to an acceleration in market growth. However, considering the decreasing impact of the COVID-19 pandemic, the global market for mechanical ventilators is expected to showcase a promising CAGR during the forecast period.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Mechanical ventilators Market  By Product type

Based on product type, the critical care segment held the leading share of the global mechanical ventilators market in 2022. The domination of the segment is anticipated to continue during the forecast period owing to factors such as increasing adoption of easy-to-use portable mechanical ventilators for the growing geriatric population and a rise in demand for transport ventilators during emergency cases in remote areas.

On the other hand, the neonatal intensive care segment is anticipated to hold a considerable share of the global market during the forecast period. Mechanical ventilators have been on the rise for the last several years owing to the growing number of preterm births and newborns requiring respiratory support, which is majorly driving segmental growth.

The portable segment is projected to witness a healthy CAGR in the coming years due to the rising popularity and adoption of portable devices. These devices can be used in hospital and non-hospital settings, due to which the usage of the devices is increasing.  

Global Mechanical Ventilators Market  By Mode 

Based on mode, the non-invasive segment led the market and captured the most significant share of the global mechanical ventilators market in 2022. The advantages of non-invasive mechanical ventilation, such as better convenience than invasive ventilation and cost-effectiveness, primarily drive the segment's growth. In addition, the growing availability of non-invasive mechanical ventilators outside the ICU setting is fuelling demand for non-invasive ventilation, which is expected to boost the segment’s growth rate. Furthermore, factors such as the increasing patient count suffering from COPD and the rising geriatric population propel segmental growth. The rising adoption of technological advancements is estimated to promote the segment's growth rate.

During the forecast period, the invasive segment is expected to capture a considerable share of the worldwide market owing to the rapid adoption of the devices in ICU settings.

Global Mechanical Ventilators Market By End User

Based on the end-user, the hospital segment held a promising share of the global mechanical ventilators market in 2022. Factors such as financial capabilities to purchase high-priced instruments, availability of skilled professionals to operate mechanical ventilators, and rapidly increasing infectious diseases with an increasing geriatric population propel the market growth.

The adoption of mechanical ventilators in trauma centers is growing, due to which the segment is expected to have a healthy CAGR during the forecast period. In addition, factors such as the growing number of people suffering from trauma incidents and the rising need to provide effective care for patients in trauma centers promote the segment’s growth rate.

The home healthcare segment is also estimated to witness a promising CAGR during the forecast period owing to the increasing aging population seeking home healthcare treatment.

REGIONAL ANALYSIS

Geographically, the North American Mechanical Ventilators Market was the biggest regional segment globally in 2021, occupying 31.7% of the worldwide market. The region's dominance is estimated to continue during the forecast period owing to the presence of key market participants, increasing focus of manufacturers towards the production of advanced medical devices, and filling the demand-supply gap in the market. The U.S. held the leading share of the North American market in 2021, followed by Canada. The U.S. market is also anticipated to hold a dominating share of North America due to the increasing patient population suffering from COPD.

The Europe mechanical ventilators market is expected to witness a notable CAGR during the forecast period.

During the forecast period, the APAC Mechanical Ventilators Market is predicted to register the highest CAGR among all the regions in the worldwide market. The rising patient population suffering from infectious diseases and chronic respiratory diseases is one of the major factors fuelling the regional market growth. India and China are anticipated to capture a major share of the APAC market during the forecast period owing to the large population and increasing adoption of these devices in healthcare facilities.

The Latin American Mechanical Ventilators Market is anticipated to grow at a steady CAGR in the coming years. As a result, countries such as Brazil and Mexico are expected to occupy a considerable share of Latin America in the coming years.

The MEA Mechanical Ventilators Market is projected to showcase a moderate CAGR during the forecast period. In addition, factors such as the increasing number of improvements in the healthcare system of various countries of the MEA region and growing developments in the healthcare infrastructure availability of skilled and professionally operated ventilators are further expected to drive the market growth during the forecast period.

KEY MARKET PLAYERS

Companies playing a leading role in the global mechanical ventilators market are Dragerwerk AG & Co. KGaA, ResMed, Philips Healthcare, Medtronic Plc, GE Healthcare, Getinge Group, Smiths Medical, Fisher and Paykel Healthcare Limited, Dickinson and Company, Becton and Hamilton Medical AG.

RECENT MARKET DEVELOPMENTS

• In 2020, the Phillips Respironics E30 Ventilator was launched by Phillips healthcare. 

• In 2020, NKV-550 Mechanical ventilator was launched by Nihon Koden.

• In March 2020, GE Healthcare associated with Ford Motor Company to produce mechanical ventilators to fight against COVID-19 and thereby expected to have better growth.

DETAILED SEGMENTATION OF THE GLOBAL MECHANICAL VENTILATORS MARKET INCLUDED IN THIS REPORT

This research report on the global mechanical ventilators market has been segmented and sub-segmented into the following categories.

By product type

• Critical care

• Neonatal Intensive Care
• Portable 
• Transport

By Mode 

• Invasive

• non-invasive 

By End User

• Hospitals

• Trauma centers
• Home healthcare

By Region

• North America

• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa