The global Mechanical Ventilators Market is estimated to be valued at US$ 5467.52 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mechanical ventilators, also known as breathing machines, are medical devices used to provide mechanical ventilation by delivering breathable air to the lungs. They are often used in intensive care units with patients experiencing respiratory failure or respiratory distress.
Market key trends:
One of the key trends in the mechanical ventilators market is the increasing adoption of intensive care ventilators. Intensive care ventilators are advanced life support ventilators used in critical care units. These ventilators provide several advanced therapies and monitoring capabilities. The increasing cases of chronic respiratory diseases such as COPD and the growing elderly population are resulting in the rising number of ICU admissions. This is expected to drive the demand for intensive care ventilators over the forecast period.
SWOT Analysis
Strength: The mechanical ventilators market has witnessed strong demand during the COVID-19 pandemic due to the rapid increase in critical care patients. Ventilators are essential medical devices that help respiratory patients breathe.
Weakness: High costs associated with mechanical ventilators make them inaccessible for many hospitals and patients globally, especially in low-income countries. Ventilator manufacturing also requires a complex supply chain that can be disrupted.
Opportunity: Growing respiratory diseases and the aging population are expected to increase the demand for ventilators over the next decade. Governments and companies are investing in ventilator production to strengthen public health infrastructure.
Threats: Alternative respiratory support devices may reduce the demand for conventional intensive care ventilators. Ventilator overuse can also lead to complications for certain patients.
Key Takeaways
The global mechanical ventilators market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing prevalence of respiratory diseases and the aging population worldwide.
Regional analysis: North America is expected to dominate the mechanical ventilators market owing to the high number of COVID-19 cases in the region and presence of major players. Asia Pacific is anticipated to grow at the fastest pace during the forecast period due to rising healthcare spending, large patient population and increasing COVID-19 impact in countries such as India.
Key players operating in the mechanical ventilators market are Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Getinge AB, General Electric Company, Hamilton Medical, Medtronic, ICU Medical, Inc., Dragerwerk AG & Co. KGaA, ZOLL Medical Corporation, Koninklijke Philips N.V., VYAIRE, Fisher & Paykel Healthcare Limited, ResMed, Max Ventilator (A.B.Industries), NIHON KOHDEN CORPORATION, Inspiration Healthcare Group plc., CorVent Medical Inc., Inovytec, InnAccel Technologies Pvt Ltd., and OES Medical. Major players are focusing on new product launches, partnerships and expansion in emerging markets to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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