The global mechanical ventilators market is estimated to reach USD 12.54 billion by 2027 from USD 2.94 million in 2019. The market is expected to register a significant growth rate of 16.5% during the forecast period of 2020 to 2027.
Mechanical ventilators are machines which help a patient to breathe while they are undergoing a surgery or cannot breathe on their own due to critical health issues.
Factors such as increasing demand for mechanical ventilators and rising geriatric population are expected to drive the market growth. According to a data published by the World Population Prospects by the UN, in 2017, the world consists of 962 million people aged above the age of 60 years. Other factors responsible for market growth include the rising prevalence of respiratory deaths and growing number of government initiatives.
However, product recalls & failure and high cost are expected to negatively impact the market growth during the forecast period.
COVID-19 pandemic has increased the demand for medical ventilators. As per a report published by the National Center for Biotechnology Information (NCBI) in April 2020, approximately 5 to 15% of the patients suffering from COVID-19 require ventilator support. Companies are also focused on catering to the high demand for mechanical ventilators by increasing their production capacity.
The global mechanical ventilators market has been segmented into product type, component, mode, age-group, and end user.
On the basis of product, the global mechanical ventilators market is divided into intensive care unit/critical care, transport/portable/ambulatory, and neonatal care. Intensive care unit/critical care segment held the largest market share owing to the high installation and adoption rate in the hospitals.
By component, the global mechanical ventilators market is classified into devices and services. The devices segment held the largest market share owing to the rising demand for mechanical ventilators in the market.
Based upon the mode, the market is categorized into non-invasive ventilation and invasive ventilation. Non-invasive ventilation segment held the largest market share because of its convenience over the invasive ventilation mode.
The mechanical ventilators market by age group is segmented into pediatric & neonatal, adult, and geriatric. The adults segment is expected to hold the largest market size owing to the rising prevalence of respiratory diseases in the adults caused due to the rising population of cigarette smokers.
On the basis of end user, the global mechanical ventilators market is classified into hospital & clinics, home care, ambulatory surgical centers, and others. The hospitals & clinics segment held the largest market share owing to the adoption of new and advanced ventilator services in the hospitals.
By region, the global mechanical ventilators market is segmented into the North America, Europe, Asia-Pacific, and LAMEA.
North America held the largest market share owing to the rising number of COVID-19 cases in the U.S. As of June 2020, there were approximately 1,956,421 cases of COVID-19 in the U.S. The market in the Europe is expected to account for the second largest market share owing to the rising demand for ICU beds in the hospitals. According to a statistics published by the European Society of Anesthesiology, as of March 2020, the number of ICU beds in Italy increased from 640 beds to 900 beds.
The Asia-Pacific region is expected to grow at the fastest CAGR owing to rising number of chronic respiratory diseases, caused by cigarette smoking and key developments by major players in the region. According to a report published by the Forum of International Respiratory Societies in 2017, over 300 million people in China smoke over 2 trillion cigarettes every year. The market in LAMEA is expected to witness significant market growth owing to the developments by major players in the region. For instance, Germany based Dragerwerk AG launched ICU ventilators and anesthesia workstation, among other products at the Arab Health 2020 which was held in Dubai, UAE.
Key market players covered in the report include Becton, Dickinson and Company (CareFusion/ Vyaire Medical Inc.) (U.S.), Carl Reiner GmbH (Austria), Draegerwerk AG & Co. KGaA (Germany), Getinge AB (Maquet Holding B.V. & Co. KG) (Sweden), General Electric Company (GE Healthcare) (U.S.), Hamilton Medical AG (Switzerland), Koninklijke Philips N.V. (Netherlands), Medtronic Plc. (Covidien Ltd.) (Ireland), Mindray Medical International Limited (China), Smiths Group Plc. (UK), and Zoll Medical Corporation (US), among others. These companies are involved in expansion activities, product approvals and investments in research & development to manufacture technologically advanced mechanical ventilators. For instance, Koninklijke Philips N.V. announced that it is doubling its manufacturing capacity to produce hospital ventilators by May 2020. Additionally, in March 2020, GE Healthcare signed a partnership with Ford Motor Company for manufacturing ventilators in order to meet the unmet needs of the market. Furthermore, in December 2016, Hamilton Medical launched Hamilton C1-neo, that could combine a range of therapeutic options along with mobility into a ventilator designed especially for neonates. With this, the company expanded its product portfolio.
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