The size of the global ventilator market was valued at USD 2.28 billion in 2019 and growing at a CAGR of 6.1% from 2020 to 2025.
MARKET DRIVERS
Factors such as preterm birth, rapid growth in population, rising lung diseases, and increased number of ICU beds have driven the development of the ventilator market worldwide. The growth in chronic illness among children and the diseases related to hearts and lungs due to lifestyle changes have also led to increased demand in ventilators. The growth in the home therapist has also led to an increase in demand for ventilators. The development of countries like India, China, and Brazil has to lead to a rise in the need for ventilators in these countries. These countries have increased their healthcare budgets, and there is a significant share of the development of ventilators in these budgets.
MARKET RESTRAINTS
There are many restraints like reimbursement scenario in case ventilators are used that have restricted the growth of ventilators. The ventilators are very complex to use, and only trained professionals should be allowed to use them; due to the lack of such professionals worldwide, the use of ventilators is restricted. Physicians have also shown a lack of transition to ventilators, and that also can be a challenge. Ventilators cost is high worldwide, making it inaccessible to the poor, thus limited in reach. The improper functioning of alarms, inappropriate heating or humidification of the inspired gas, and improper ventilation cycle are some minor complications that occur during ventilation.
COVID-19 impact on the Ventilator Market
The COVID 19 virus is spreading around the world. With the increase in coronavirus cases, there is also an increase in demand for ventilators worldwide, which will drive the growth. Many countries like India, which have a large population with high population density, are severely affected by the virus. Due to the large population, the current ventilator number is insufficient to cater to needs; thus, India is importing ventilators from other countries, which has led to the establishment of new business in the ventilator market. Even countries like the USA and France face ventilator shortage due to rising cases of corona cases and thus have started spending more on ventilators than before. It has motivated new players to make low cost and efficient ventilators to meet high demand, and ventilators can be supplied even to low or not so resourceful countries.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Type Of Interface, End-Users, Mobility, And Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This market research report on the global ventilator market has been segmented and sub-segmented based on the Type of Interface, End-users, Mobility, and region.
Ventilator Market – By Type of Interface
Mechanical ventilation is termed as Invasive Ventilation. Invasive ventilatory support is provided via either an endotracheal tube or a tracheostomy tube. Wide applications in respiratory diseases, neurological diseases, and sleeping disorders are the primary factor supporting the growth of the invasive ventilation segment.
The non-invasive ventilation segment is positioned second in dominating the growth rate of the market. Non-invasive ventilation is the one where support is not provided via the endotracheal tube or tracheostomy tube. Non-invasive ventilation is the breathing support through a face mask or nasal mask. Air pressure is administered depending on whether the person is breathing in or out. NIV is used due to the reason that it can avoid spreading the infection. It is second in market share and is expected to increase at a rapid rate.
Ventilator Market – By End-users
Hospitals and clinics have the largest market share right now owing to the fact that ventilators are expensive and difficult to procure. Especially in COVID times, hospitals have increased their inventory of ventilators to cure patients with severe conditions.
The home care segment is the second-largest market of ventilators and is expected to register the highest CAGR among all others. The increased awareness of ventilator technology among patients and doctors and increased healthcare budgets by personal have driven this segment's growth.
Ambulances are the third largest but are expected to rise at a reasonable growth rate due to the increased budget for quality healthcare by private and public institutions.
Emergency medical services are also expected to have a reasonable growth rate due to increased emergency medical cases.
Ventilator Market – By Mobility
The Intensive care ventilators have the largest share of the market and are expected to increase as more hospitals, and other healthcare institutions are built.
Portable ventilators, although they are second in market share but are expected to have a promising CAGR in the market. Portable ventilators are used in cases where ambulances and home care are needed.
Ventilator Market – By Region
North America had the largest share in the global ventilator market in 2019 as the health facilities quality is much better than other countries. The hospitals are more advanced, and the significant players in the ventilator market see massive potential in this market and are investing more in research and development.
Europe has the second-largest share in the ventilator market as the government has allocated a fair share for the healthcare industry in their budget. An increase in smoking, rising population, and high healthcare expenditure are significant forces driving market growth.
Asia Pacific region has the third-largest market share and is expected to grow at a reasonable rate due to the increase in population in China and India. Also, the healthcare budgets and facilities are significantly less compared to the North American and European markets.
PROMISING COMPANIES IN THE GLOBAL VENTILATOR MARKET
Philips, Resmed, Medtronic, Becton, Dickinson and Company, Getinge, Dräger, Smiths Group, Hamilton Medical, GE Healthcare, Fisher & Paykel, Air Liquide, Asahi Kasei, and Allied Healthcare Products are some of the major players in the space of the global ventilator market.
RECENT MARKET HAPPENINGS:
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