The global ventilator market was valued at USD 2.5 billion in 2020 and is expected to reach USD 6.4 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 10% during the forecast period 2021 to 2030. The intensive care ventilators segment is expected to be worth USD 5.7 billion in 2021.
The global ventilator market is primarily driven by the rising prevalence of chronic respiratory diseases among the global population owing to the rising pollution levels. According to the World Health Organization, the most common chronic respiratory diseases includes chronic obstructive pulmonary disease (COPD), asthma, occupational lung disease, and pulmonary hypertension. Around 253 million people suffer from asthma across the globe. As per the Society of Critical Care Medicine, over 5 million people gets admitted to the ICU in US per year. Around 40% to 50% of these ICU admissions requires mechanical ventilation. Therefore, the rising number of admissions to ICU is expected to boost the adoption of the ventilators in the forthcoming years.
The outbreak and rapid spread of the COVID-19 disease in 2020 resulted in the rapid growth in the demand for the ventilators across the globe. COVID-19 is a respiratory syndrome and rapid surge in the hospital admissions significantly boosted the adoption of the ventilators. The demand for the respiratory monitoring devices including the ventilators surged rapidly in 2020 owing to the rapid spread of the COVID-19 virus across the globe. According to the WHO, around 4.7 million patients were affected by the COVID-19 virus by May 2020. There is an acute shortage of ventilators across the globe. There is a huge growth potential for the ventilators manufacturers. Therefore, rising investments by the top market players to expand the production capabilities is expected to drive the growth of the global ventilator market. It is estimated that around 300% increase was registered in the demand for the ventilators during the pandemic. However, the sales level of the ventilator is expected to decline from 2021 and come back to normal levels.
Scope of the Ventilator Market Report
|Market Size in 2030||USD 4.7 Billion|
|Growth Rate||CAGR of 10% From 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Interface, End User, Region|
|Companies Mentioned||ACOMA Medical Industry Co., Ltd., Dragerwerk AG & Co. KGaA, MAQUET Holding B.V. & Co. KG., Bio-Medical Devices Intl, GE Healthcare, CareFusion Corporation, Bunnell Incorporated, Covidien, Teleflex Incorporated, Koninklijke Philips N.V.|
Based on the type, the adult segment accounted largest revenue share of over 65% in 2020. This is attributed to the rising number of ICU admissions. The rising demand for the ventilators among the geriatric population who are admitted to the ICUs has boosted the growth of this segment. The growing geriatric population and rising prevalence of diseases among them is boosting the market growth. According to the United Nations, there were around 382 million old age people, aged 60 years or above, across the globe in 2017 ad this number is expected 2.1 billion by 2050.
On the other hand, the neonatal is estimated to be the fastest-growing segment during the forecast period. This is attributed to the rising incidences of preterm birth across the globe. Moreover, rising government investments in the development of sophisticated healthcare infrastructure is expected to drive the growth of this segment in the upcoming future.
Based on the interface, the invasive segment dominated the global ventilator market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This can be attributed to the rising number of ICU admissions across the globe. Furthermore, the rising prevalence of respiratory diseases is expected to further drive the number of the ICU admissions that is expected to boost the demand for the ventilator across the globe. Further, the demand for the invasive ventilators witness a huge surge in 2020 owing to the increased cases of the COVID-19 all over the globe.
End User Insights
Based on the end user, the hospitals segment dominated the global ventilator market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This can be attributed to the increased penetration of hospitals across the globe. Further, the increased presence of ICUs in the hospitals have driven the adoption of the ventilators in the hospitals. The increased government and corporate expenditure in the growing the number of hospitals and ICU care in the hospitals is surging the growth of the global ventilator market.
On the other hand, specialty clinics is estimated to be the most opportunistic segment during the forecast period. This is owing to the benefits of the specialized clinics over the hospitals. The conveniences and personalized services offered by the specialized clinics is fostering the adoption of the clinical services among the population, which is expected to drive the growth of this segment in the forthcoming years.
Based on region, North America dominated the global ventilator market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. North America is characterized by the rising prevalence of diseases and growing geriatric population which serves as a major factor behind the growth of the ventilator market. Moreover, the presence of developed healthcare infrastructure and presence of huge number of clinics and hospitals has fostered the growth of the market in North America. Increased disposable income, increased adoption of healthcare insurances, and increased healthcare expenditure are the few factors that drives the growth of this region. Furthermore, the increasing number of ICU admissions in the region is fueling the demand. As per the Society of Critical Care Medicine, over 5 million people gets admitted to the ICU in US per year.
On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. The rapid industrialization in this region is contributing in the growth of the air pollution levels, which results in the increased number of chronic respiratory diseases. Further, rising government investments in the development of sophisticated healthcare infrastructure is further expected to increase the adoption of the ventilator across the healthcare units in the region.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In April 2020, Koninklijke Philips raised its production capacity of ventilator for hospital to meet the demand-supply gap of the ventilators.
The various developmental strategies like acquisition, partnerships, mergers, and government policies fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global ventilator market include:
Segments Covered in the Report
By End User
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