Published Date : 02 Feb 2023
The global ventilator market size was exhibited at USD 3 billion in 2022 and is predicted to attain around USD 6.4 billion by 2030, growing at a CAGR of 13.84% from 2022 to 2030.
A ventilator is a machine that allows air to move freely in and out of a building. It is available in the hospital and helps somebody to breathe. A person will be put on a ventilator if a condition makes it problematic for him to breathe. It is called respiratory failure. It helps to move air in and out of your lungs. A person will be fitted with a mask to get the air into his lungs. A ventilator is mainly used in hospitals and ambulances. It can also be used at home if a person can't be admitted to the hospital. It delivers breaths to a patient who is unable to breathe.
These are computerized microprocessor-controlled machines. It is also called "respirators." It consists of a turbine, air and oxygen supplies, valves and tubes, and a reusable "patient circuit." It may also be equipped with monitoring and alarm systems. Modern ventilators are controlled electronically by an embedded system. During the pandemic, different types of ventilators have been considered.
COVID-19 boosted the demand for ventilators. The measures adopted by the government to counterattack the pandemic resulted in the high production of mechanical ventilators. However, owing to the launch of Covid 19 vaccine and effective treatment ways to treat mild to moderate symptoms of coronavirus, the growth has been significant. Due to high awareness amongst the population, there is an expected decrease in the infection rate of coronavirus. Governments have executed strict measures to control the virus, including social distancing. Supportive regulatory policies by the government create a positive outlook for the market. An increasing Prevalence of Chronic Obstructive Pulmonary Disease (COPD) and a rising senior population significantly contribute to the global market growth. Rapid technological innovations positively influence market growth. The launch of cost-effective and portable devices catalyzed market growth.
Asthma is a highly prevalent respiratory condition across the globe. This has increased the demand for ventilators. Growing demand for home healthcare has propelled the demand for home care ventilators. The COVID-19 pandemic led to a positive impact on market growth. The need for ventilators during COVID-19 enhanced day-to-day operational capabilities. The rising demand for portable ventilators and consumables catalyzed the demand. The market for ventilators has expanded due to technological advancements. The improvements in the sensor created a positive outlook for the market. The rising Prevalence of respiratory disease significantly contributes to the market growth. The emergence of home healthcare offers numerous opportunities for market growth. The growing incidence of lung cancer, chronic obstructive pulmonary disease (COPD), asthma, bronchitis, and other lung disorders positively influences the market growth.
Ventilator Market Report Scope
|Market Size in 2023||USD 3.3 Billion|
|Market Size in 2030||USD 4.7 Billion|
|Growth Rate||CAGR of 10% From 2022 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Type, Interface, and End User|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
North America dominated the market in terms of revenue and is expected to maintain its dominance during the forecast period. The region faced a rising prevalence of diseases and a growing geriatric population. In line with this, developed healthcare infrastructure and increasing clinics and hospitals boosted the market growth. Furthermore, inflating disposable income and high healthcare expenditure positively influence market growth. The rapid adoption of healthcare insurance creates a positive outlook for the market. The growing number of ICU admissions catalyzes market growth.
On the other hand, Asia Pacific is expected to witness a promising CAGR in the coming years. Rapid industrialization significantly contributes to market growth. The rising Prevalence of chronic respiratory diseases positively influences market growth. The heavy investments in developing sophisticated healthcare infrastructure create a positive market outlook.
Market Driver: Increasing Prevalence of Respiratory Disorders
The rising prevalence of chronic obstructive pulmonary disease (COPD) and other respiratory diseases significantly contributes to global market growth. In line with this, the increasing prevalence of sleep apnea, acute lung injury, and hypoxemia positively influence market growth. Furthermore, the growing number of preterm births catalyzes market growth. Rapid growth in the geriatric population propels the market growth.
Besides, the increasing number of people smoking tobacco bolsters market growth. The rising awareness about respiratory diseases among patients strengthens the global market growth. The surging demand for home healthcare creates a positive outlook for the market. The benefits, such as convenience and comfort offered by home healthcare services, significantly contribute to the market growth. Improving Healthcare infrastructure and inflating disposable income positively influence market growth.
Market opportunity: Rapid Advancements in Ventilators
Rapid technological advancements in ventilators offer numerous opportunities for market growth. The launch of advanced portable ventilators creates a positive outlook for the market. In line with this, the enhancement in sensor technologies positively influences the market growth. The heavy investment in developing portable ventilators offers lucrative opportunities for market expansion.
Market Restraint: Low Awareness
Low awareness about respiratory diseases restricts market growth. People are not much aware of respiratory diseases. This leads to a high number of undiagnosed and undertreated patients. The rising number of undiagnosed patients for respiratory diseases hampers the market growth.
Market Challenges: Risks Associated With the Ventilators
There are various risks associated with the usage of mechanical ventilators. This factor challenges the ventilator Market growth. Moreover, the shortage of skilled medical workers hampers the market growth.
In April 2020, Koninklijke Philips expanded its manufacturing capacity of the ventilator for the hospital. It did it to meet the demand-supply gap of the ventilators.
Market Key Players:
By End User
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