The global mechanical ventilators market is expected to witness steady growth during the course of the forecast period, chiefly because of rapid technological innovations in the design and portability of the devices. The growing practice of cost deviation on the part of hospitals by transferring long-term ventilated patients to home care settings is one of the major reasons driving the demand for portable and transport mechanical ventilators globally. The global market for mechanical ventilators was worth US$1.1 bn in 2015 and is poised to reach a value of US$1.8 bn by 2024, registering a 4.8% CAGR therein. In terms of volume, the mechanical ventilators market is projected to expand at a CAGR of 5.5% during the forecast period.
Continuous and intensive research in the field of mechanical ventilators and a rise in research-related co-operation among clinical researchers and market players have demonstrated the importance of the technical efficiency of mechanical ventilators and their significance in healthcare.
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Ventilator manufacturers and assemblers in emerging economies are increasingly working toward developing new and low-cost ventilators to cater to local needs and bring about a level of flexibility in patient care.
Critical Care Mechanical Ventilators Account for Significant Share in Global Market
The global mechanical ventilator market is segmented on the basis of product type into critical care mechanical ventilators, neonatal intensive care mechanical ventilators, portable mechanical ventilators, and transport mechanical ventilators. Critical care mechanical ventilators account for a significant share in the total mechanical ventilators market in terms of value and volume. However, the portable and transport mechanical ventilators segments are projected to exhibit a high growth rate over the forecast period.
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The rising incidence of medical emergencies, the need for patient treatment flexibility, and the growing need to manage critical patients from the point of emergency till the point of treatment are the key factors driving the transport mechanical ventilators segment.
Studies have shown that patients on ventilator support are technically not considered to be a financial benefit for hospital administration, which propels hospitals to transfer such patients from hospital settings to alternate care settings. With ventilators becoming portable and more efficient in various settings, the use of portable and transport ventilators is slated to rise.
On the basis of mode, the global mechanical ventilators market is segmented into invasive and non-invasive mechanical ventilators. Based on end users, the global market is categorized into hospitals, trauma centers, home healthcare, and others, which includes ambulances, army choppers, and air ambulances.
Favorable Reimbursement Policies Positively Influencing Mechanical Ventilators Market in Developed Regions
Geographically, North America and Europe have been leading the global mechanical ventilators market. The high incidence of respiratory disorders, the implementation of advanced reimbursement policies, the increased level of healthcare awareness, and a strong demand for improved advanced healthcare solutions are some of the prominent factors driving the mechanical ventilators market in these regions.
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On the other hand, an increase in per capita income, an improvement in healthcare infrastructure, and a rise in patient awareness about the availability of advanced ventilation solutions promise rapid growth of the mechanical ventilators markets in Asia Pacific, Latin America, and the Middle East and Africa.
The Asia Pacific market is immensely lucrative and is expected to showcase high growth rates over the course of the forecast period. This rapid growth can be attributed to factors such as the rise in awareness about general healthcare, an increase in medical expenditure, a rise in per capita income, and the development of healthcare infrastructure in emerging economies such as India, China, Japan, and Thailand.
Key players in the global mechanical ventilators market include Dragerwerk AG & Co. KGaA, Philips Healthcare, GE Healthcare, Smiths Medical, Becton, Dickinson and Company, Fisher and Paykel Healthcare Limited, Getinge Group, Medtronic Plc, ResMed, and Hamilton Medical AG. Transparency Market Research notes that the presence of various regional ventilator manufacturers capable of understanding local market needs threatens the dominance of multinational market players in some regions.
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