(EMAILWIRE.COM, July 28, 2023 ) The growth of the global ventilators market is driven by the rising burden of respiratory diseases, urbanization, and rising pollution levels, rising obesity cases due to sedentary lifestyle, rapid growth in geriatric population worldwide, growing preference for home care settings, rising number of preterm births, outbreak of infectious respiratory diseases. However, shortage of skilled medical workers, excessive purchase of ventilators during covid-19, reimbursement concerns is expected to negatively impact market growth during the forecast period.
Ventilators market is projected to reach USD 5.4 Billion in 2027 from USD 3.9 Billion in 2022, at a CAGR of 6.3% during the forecast period according to a new report by MarketsandMarkets.
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Ventilators Market DYNAMICS
Rising burden of respiratory diseases
Increasing incidence of COPD and asthma
Urbanization and rising pollution levels
Rising obesity cases due to sedentary lifestyles
Rapid growth in geriatric population worldwide
Growing preference for home care settings
Rising number of preterm births
Outbreak of infectious respiratory diseases
Shortage of skilled medical workers
Excessive purchase of ventilators during COVID-19
Cost efficiency of home care services
Growth opportunities in emerging economies
Low awareness and unavailability of adequate resources in emerging economies
Harmful effects of certain respiratory devices on neonates
In 2021, the intensive care ventilators segment accounted for the largest share of the ventilators market. The intensive care ventilators segment will continue to dominate the market during the forecast period.
In 2021, the adult/pediatric ventilators segment accounted of the ventilators market. The large share of the adult/pediatric ventilators segment can be attributed to the rising number of smokers and the increasing geriatric population worldwide.
In 2021, the hospitals and clinics segment accounted of the ventilators market. The hospitals and clinics segment will continue to dominate the market during the forecast period.
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The APAC market is expected to grow at the highest rate during the forecast period, mainly due to high-growth markets like Japan, China, India, South Korea, Taiwan, Australia, and Singapore. The rising geriatric population, increasing COVID-19 patient volume, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, and expansion of private-sector hospitals to rural areas in various APAC countries are the major factors driving the growth of the ventilators market in this region.
In June 2021, Vyaire Medical, Inc. partnered with GenWorks Healthcare Limited. The partnership in India expands the company’s footprint and provides greater accessibility to high-quality pulmonary screening, testing, and treatment.
In November 2020, Koninklijke Philips N.V. partnered with African Union. This partnership led to the launch of a first-of-its-kind ventilator exchange program to allow the replacement of outdated intensive care unit (ICU) ventilators.
In May 2020, Vyaire Medical, Inc. partnered with Spirit AeroSystems. This partnership helped accelerate the production of ventilators and other related respiratory equipment.
Key players in the ventilators market
The prominent players in the ventilators market are Koninklijke Philips N.V. (Netherlands), ResMed (US), Medtronic (Ireland), Vyaire Medical, Inc. (US), Getinge AB (Sweden), Drägerwerk AG & CO. KGAA (Germany), ICU Medical, Inc. (US), Hamilton Medical (Switzerland), GE Healthcare (US), Air Liquide (France), Asahi Kasei Corporation (Japan), Allied Healthcare Products, Inc. (US), Nihon Kohden Corporation (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd, (China), Skanray Technologies (India), Baxter International Inc, (US), aXcent Medical GmbH (Germany), Metran Co., Ltd (Japan), MAGNAMED (Brazil), Leistung Ingeniería SRL(Argentina), Avasarala Technologies Limited (India), Airon Corporation (Florida), TRITON Electronic Systems Ltd. (Russia), Bio-Med Devices, Inc. (US), and HEYER Medical AG (Germany).