Mechanical Ventilator Market size was valued at USD 6.8 billion in 2023 and is set to exceed USD 29.2 billion by the end of 2036, registering over 12.9% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of mechanical ventilator is estimated at USD 7.6 billion.
Mechanical ventilator are anticipated to witness substantial demand with the recent advancements in the field of medical technology, and the growing burden of chronic respiratory conditions across the world. The spike in demand for noninvasive and portable ventilator, both in hospitals and at home, is also poised to be a key driver in the market. The mechanical ventilator companies are focusing on researching innovation and strategic mergers to capture market share. For instance, Medtronic, in February 2024, announced its PMRI segment is being combined into a new unit, the Acute Care and Monitoring unit (ACM). The latest development represents Medtronic's strategic move to streamline its operations in areas of high growth within the ventilator segment.
The mechanical ventilator market is also driven by governmental efforts, particularly those that respond to global health challenges. While the U.S. government made landmark efforts in 2023 at securing low-cost medical devices for the country, the most outstanding among others is that it granted a patent to Villanova University professors who developed NovaVent, a CMV ventilating device that can be used in hospitals. Similarly, the WHO and UNICEF have provided the impetus to make ventilator resources available within low-resource settings under the mandates of their aspirational pact, Every Newborn Action Plan, intended to reduce neonatal mortality through acceleration of the use of essential respiratory devices.
Growth Drivers:
Challenges:
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
12.9% |
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Base Year Market Size (2023) |
USD 6.8 billion |
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Forecast Year Market Size (2036) |
USD 29.2 billion |
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Regional Scope |
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Product (Intensive Care Ventilator, Portable/Transport/Ambulatory, Neonatal Care, Others)
The intensive care ventilator segment is expected to dominate the mechanical ventilator market, with an estimation of 38% in 2024. This growth is due to increasing demand for high-performance ventilator for critical care patients who require continuous and precise respiratory support. These factors justify the need for intensive care ventilator to manage severe respiratory conditions, particularly in an ICU setup where the prognosis of the patients is under close observation. In October 2023, Movair introduced Luisa, an advanced ventilator both for hospital and home care. Such product developments are a testament to the growing importance of intensive care ventilator in the market.
Ventilation Mode (Invasive Ventilation, Non-Invasive Ventilation, CPAP, BiPAP, Others)
The non-invasive ventilation segment is anticipated to continue its dominance in the mechanical ventilator market and account for 53% of the total revenue share in 2024. The growth of the segment is predetermined by the growing preference toward non-invasive methods that have fewer complications and more comfort for patients. Non-invasive ventilation is helpful for patients at the stage of mild and moderate respiratory distress to avert invasive procedures such as the insertion of intubation. In August 2023, Getinge received FDA approval for its non-invasive mechanical ventilator, the Servo-air Lite, which indicates rising demand for treatment modes that are less invasive and solidifying dominance in the segment.
Component (Devices, Services)
The devices segment is likely to lead the mechanical ventilator market with a share of 61% during the forecast period. This is because manufacturers are continuously deploying innovative technologies in ventilator and launching new products. Easy operation, high performance, and long life of ventilator with the latest technology have led to an increased focus by manufacturers on developing such devices to meet the requirements of patients with diverse natures.
In February 2023, Getinge launched its Servo-c ventilator, designed with modular parts to enable better functionality and allow a reduction in the cost of operation. This launch highlights the importance of this segment in the market, given that ventilator technology is continuously changing so that it meets different needs in today's health settings.
Our in-depth analysis of the mechanical ventilator market includes the following segments
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Product |
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Ventilation Mode |
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Type |
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Component |
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Application |
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End user |
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North America Market Analysis
North America mechanical ventilator market accounted for around 52% share in 2023 due to better healthcare infrastructure in the region and a higher prevalence of chronic respiratory diseases. The U.S. is dominating the market due to the high investment in medical technologies and advanced patient care. For instance, On July 4, 2024, Air Liquide Medical Systems announced the launch of the Monnal TEO-Resuscitation Ventilator for intensive and critical care in the U.S. market. This new ventilator, designed and built in France, demonstrates the continuous commitment of the company to developing mechanical ventilation.
Meanwhile, in Canada, the mechanical ventilator market is witnessing a rising trend, driven by the country's universal healthcare system. The initiatives toward better respiratory care in a growing incidence of chronic obstructive pulmonary disease also push the demand. Further, the modernizing of healthcare facilities in the country by the government is driving the advancement in medical devices, which further bolsters the market's growth in this country.
Asia Pacific Market Analysis:
Asia Pacific mechanical ventilator market is anticipated to continue to experience rapid CAGR through 2036 owing to surging healthcare expenditure and an increasing burden of respiratory diseases in some major economies such as India, China, and Japan. The market is growing across China as the government emphasizes enhancing healthcare facilities and ensuring better treatment for cases of respiratory illness, especially among the aged population. The initiatives to reduce air pollution, the most important cause of respiratory disease, will considerably hamper the growth of the mechanical ventilator market in the country.
Mechanical ventilator demand in India is on the rise, especially in rural areas, where evidence of critical care is still at a nascent stage. This market is expected to register significant growth as many governments are taking initiatives to improve healthcare infrastructure and trying to make the needed essential medical devices available on a large scale. One of the cases in point is the Indian government initiative, Ayushman Bharat-universal health coverage, which has a strong effect on changing market demand for critical care devices, such as ventilator, amongst others.
The mechanical ventilator market is highly competitive, with several major players dominating the landscape based on technological advancements and strategic acquisitions. The major players involved in this business include Medtronic, Getinge, and Nihon Kohden in the lead, although each radiates its expertise in controlling a significant share of the market. There is continual investment by these companies in research and development to come up with new innovative products that can meet the emerging needs of healthcare providers. The intensity of competition is further increased by key regional players such as Air Liquide Medical Systems and Dräger, which focus on localized strategies to gain a high share of the market.
Here are some leading players in the mechanical ventilator market:
Author Credits: Radhika Pawar
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