According to a recently released Future Market Insights study, the Mechanical Ventilators Market revenues were expected to be US$ 5.7 billion in 2022 and are projected to increase at a CAGR of 5.7% from 2023 to 2033. The market is anticipated to reach US$ 10.5 billion by the end of 2033. The rising incidence of respiratory crises, the prevalence of chronic obstructive pulmonary disease, and technological advancements in respiratory care equipment are driving the market for mechanical ventilators.
The market’s expansion was influenced favourably by COVID-19. The American Association for Respiratory Care collaborated with other groups at COVID-19 to instruct respiratory therapists on how to utilise ventilators. Participants in the market have been compelled to enhance their production capacity in order to meet the resulting rise in demand.
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The upper respiratory system needs oxygen and special care due to respiratory failure brought on by the COVID-19 virus. When patients with the COVID-19 virus were critically ill, the ventilator was frequently utilised to increase their oxygen supply. A third rise in illnesses, significant levels of airborne transmission, and the synthesis of more COVID-19 variants were all detected in late November 2021, raising the prospect of a previously unheard-of global pandemic.
In addition, the government and major producers of mechanical ventilators took steps to enhance ventilator production in order to meet the pandemic’s heightened demand. Thus, the availability of numerous producers as well as government initiatives to increase market output have spurred the industry’s growth. The use of mechanical ventilators is restricted due to their high cost and risk of ventilator-related infections such nosocomial pneumonia.
Competitive Landscape
Hamilton Medical, Getinge, Drägerwerk AG & Co., Smiths Medical, GE Healthcare, Ventec Life Systems, and Vyaire Medical Inc. are the prominent providers of Mechanical ventilators.
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A few of the recent developments of key Mechanical Ventilator providers are as follows:
- In January 2023, OES Medical debuted a new mains-powered ICU ventilator at the ABHI UK Pavilion at Arab Health 2023 to help hospitals control oxygen demand.
- In May 2022, CorVent Medical gained CE Mark clearance and began selling their RESPOND-19 Ventilator in Europe. This method is meant to allow hospitals to enhance the treatment of critically sick patients with acute respiratory distress syndrome by providing an easy-to-use, flexible augmentation of critical care ventilation capacity (ARDS).
- In April 2020, Koninklijke Philips N.V. announced that it will increase its hospital ventilator output to 4,000 units per week. In addition, the business expected to begin production of its Philips Respironics E30 ventilator with a weekly output of 15,000 units.
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This strategic decision supplemented the company’s current line of mechanical ventilators and added to its unique product portfolio, providing additional options to build highly effective COVID-19 solutions.
- In November 2020, Philips announced the introduction of Ventilator BiPAP A40 Expiratory Flow Limitation (EFL), a noninvasive ventilator for COPD patients.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Mechanical Ventilators Market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Product (Critical Care, Neonatal, Transport & Portable, Other Product Types), By Ventilation Mode (Invasive, Non-invasive), by End-user (Hospitals, Home Healthcare, Other End-Users), across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Market Segments Covered in Mechanical Ventilator Industry Analysis
By Product Type:
- Critical Care
- Ventilators
- Accessories
- Neonatal
- Ventilators
- Accessories
- Transport & Portable
- Ventilators
- Accessories
- Other Product types
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By Ventilation:
- Invasive
- Non-invasive
By End-User:
- Hospitals
- Home Healthcare
- Others
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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