The Ventilator Market generated $2.2 billion in 2017 and is expected to attain $3.8 billion by 2025, registering a CAGR of 6.8% during the forecast period, 2018-2025.
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The ever-increasing demand for portable ventilators has supplemented the need for transport ventilators across the globe, which further propelled the growth of the mechanical ventilator market. Moreover, the increase in chronic respiratory disease and rise in geriatric population fuel the adoption of mechanical ventilators in hospitals and ambulatory surgical centers.
The growth of global ventilator market is primarily driven by the rise in population of geriatric people who are prone to respiratory disorders, increased occurrence of chronic respiratory diseases, and a surge in government expenditures on healthcare. However, the high cost of mechanical ventilators and the increase in the prevalence of ventilator-associated pneumonia hamper market growth. Nonetheless, technological innovation and design improvements that boost portability provide lucrative opportunities to emerging market players.
The report segments the global ventilator market by product type, component, mode, age group, end user, and geography. Based on product type, the report categorizes the market into intensive care unit/critical care, transport/portable/ambulatory, and neonatal care. The intensive care unit/critical care segment accounted for more than half of the total market share in 2017 and is expected to continue its dominance, both in terms of value and volume, throughout the forecast period. This is due to the rise in ICU bed admissions and increased demand for advanced & customizable mechanical ventilators. However, the transport/portable/ambulatory segment is anticipated to encounter the fastest growth rate from 2018 to 2025, registering a CAGR of 7.2% (in terms of volume).
The report bifurcates the market into devices and services based on a component. By mode, the market is bifurcated into non-invasive and invasive ventilation. The invasive ventilation segment garnered the highest revenue in 2017 and is expected to maintain the trend during the forecast period, owing to increase in the patients with permanent breathing disability and the patients who are unlikely to recover within a certain period. However, the non-invasive ventilation segment is projected to grow at the fastest rate from 2018 to 2025, due to the fact that it’s associated with a lower mortality risk as compared to invasive ventilation.
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Based on the age group, the market is sub-segmented into the pediatric, adult, and geriatric. The adult segment dominated the market in 2017 and is expected to maintain this trend during the forecast period. Based on the end user, the market is divided into hospital and clinic, home care, ambulatory surgical center, and others. Regionally, North America dominated the market in 2017, with the U.S. accounting for four-fifths of the global market. However, Asia-Pacific is poised to witness the highest growth rate in the future, owing to its high population base, high ICU bed admissions, and enhanced government expenditure on healthcare
The report also profiles key players involved in the global ventilator market, such as Becton, Dickinson, and Company (CareFusion/Vyaire Medical, Inc.), Carl Reiner Gmbh, Draegerwerk AG & Co. KGaA, Getinge AB (Maquet Holding B.V. & Co. KG), General Electric Company (GE Healthcare), Hamilton Medical AG, Koninklijke Philips N.V., Medtronic, Plc. (Covidien Ltd.), Mindray Medical International Limited, and Smiths Group, Plc. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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