Mechanical Ventilator Market Size

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.