The global ventilators market is set to experience substantial growth, driven by the increasing prevalence of respiratory diseases such as COPD and asthma. These conditions lead to the narrowing of airways, making breathing difficult and necessitating external ventilation and airway management for many patients. However, the shortage of skilled healthcare workers, exacerbated during the pandemic, could impede market growth in the coming years.
The Ventilators Market report projects that the market will grow from USD 4.2 billion in 2023 to USD 5.7 billion by 2028, with a CAGR of 6.4% during the forecast period.
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Key Growth Drivers:
Rising Obesity Rates: An unhealthy diet, obesity, and physical inactivity are major contributors to respiratory diseases. Conditions like asthma, COPD, obstructive sleep apnea (OSA), and obesity-hypoventilation syndrome are becoming more prevalent as obesity rates rise. According to the “State of Obesity 2022” report, four in ten American adults are obese, and the trend continues to grow.
Key Growth Opportunity:
Cost Efficiency of Home Care Services: Patients with conditions such as COPD, cystic fibrosis, and paralytic syndromes often require significant respiratory care. The increasing preference for home care therapies has led companies to develop specialized services, including resupply systems and rental services. For example, CHI Health (US) offers affordable devices for safe home care, and sleep apnea therapy equipment needs regular maintenance and replacement to ensure effective treatment.
Market Segmentation:
- By Mobility: The intensive care ventilators segment held the largest market share in 2022, driven by the growing number of geriatric patients and the increasing volume of patients in critical care units.
- By Type: The adult/pediatric ventilators segment dominated the market in 2022, due to the high prevalence of chronic diseases like COPD and asthma, growing tobacco use, and an aging population.
- By End User: The hospitals and clinics segment accounted for the largest market share in 2021 and is expected to continue dominating, driven by the rising number of patients with complex medical conditions and the growing awareness of the benefits of mechanical ventilation.
Regional Analysis:
The Asia Pacific market is anticipated to grow at the highest rate during the forecast period. Factors such as the increasing prevalence of lifestyle-related diseases, a decreasing mortality rate, and a rising demand for home healthcare are driving this growth. Improvements in living standards and greater access to healthcare are also contributing to market expansion.
Recent Developments:
- January 2022: ICU Medical acquired Smiths Group plc, expanding its product line to include infusion therapy and ventilators.
- October 2021: GE Healthcare partnered with Apprise Health Insights to launch Oregon’s Statewide Capacity System, tracking beds and ventilators across 60 hospitals.
- June 2021: Vyaire Medical, Inc. partnered with GenWorks Healthcare Limited to expand its footprint in India and enhance access to pulmonary care.
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Key Players:
Prominent players in the ventilators market include 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), and many others.
The ventilators market is poised for significant growth, supported by advancements in healthcare technology and increasing healthcare needs.
