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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mechanical ventilators are medical devices used to mechanically assist patients in breathing. They are essential life-saving devices used mainly in critical care units to support or replace spontaneous breathing for patients who either cannot breathe temporarily or permanently. The growing incidence of chronic respiratory diseases such as asthma and COPD has increased the demand for mechanical ventilators.
Market key trends:
One of the key trends fueling the growth of the mechanical ventilators market is the rising geriatric population. Older people are more susceptible to chronic respiratory diseases due to a gradual weakening of the immune system with age. Other risk factors for respiratory diseases like obesity, sedentary lifestyles, and smoking rates are also on the rise in the elderly population globally. This has increased the need for long-term ventilator support and home mechanical ventilation among the aged, thereby propelling market growth during the forecast period.
Segment Analysis
The global mechanical ventilators market is segmented by type, interface, end-use and geography. By type, invasive ventilators account for a major share and are expected to remain the dominating segment over the forecast period. Invasive ventilators offer greater precision in oxygen delivery and monitoring lung mechanics as compared to non-invasive ventilators, thereby finding more applications in critical care.
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 like COPD, asthma etc.
Regional analysis
North America dominates the global mechanical ventilators market and is anticipated to continue its dominance over the forecast period. This is attributed to rising geriatric population, presence of major players in the region and penetration of mechanical ventilation technique in critical care. Asia Pacific is projected to be the fastest growing market for mechanical ventilators due to increasing healthcare spending and developing healthcare infrastructure in emerging countries like China and India.
Key players
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.
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