Market Overview
Market Research Future (MRFR) studied the global market of ventilation devices 2020 through the analysis period till 2027. As per MRFR study, the ventilation device market is likely to rise at 12.45% CAGR in the forecast tenure from 2017 to 2027. By 2027, the ventilation device market is likely to value at USD 6.10 billion.
The rise in respiratory disorders among all age group is expected to prompt the ventilation market in the review period. The increasing expenditures by governments on the healthcare industry and the availability of modern medical technologies are cause that can add impetus to the global ventilation devices market. COVID 19 pandemic has a significant impact on the growth dynamics of the mechanical ventilators market. The hike un demand for ventilators due to critical condition of lungs and rise in cases of lung failures due to SARS-CoV-2 are some causes favoring the adoption of effective ventilator machines. The high sales of ventilator machines is likely to add to the exponential market rise.
However, issues associated with the sales of mechanical ventilators, such as; high expense and the growing awareness about risk of ventilator-associated pneumonia (VAP) are factors that are expected to restrain the market surge in the review period. Technological innovations with better designs that can solve prevailing issues and offer high convenience at portability are some areas witnessing investment by major companies, which, in turn, can prompt the ventilator market expansion in the near future.
The Ventilation Devices Market was valued at USD 1.1 billion in 2022. The Ventilation Devices market is expected to increase from USD 1.19 billion in 2023 to USD 2.22 billion by 2032, with a compound yearly growth rate (CAGR) of 8.10% over the forecast period (2023-2032).
Market Segment Assessment
The segment study of the global ventilation devices market share is based on product and type. The type-based segments of the ventilation devices market are invasive, non-invasive. The products-based segments of the ventilation device market are long-term acute care (LTAC) ventilation products, high frequency ventilation products, transport ventilators, and neonatal/pediatric ventilators among others. The end users-based segments of the ventilation device market are ambulance and clinics, hospital, and home care.
The increase in number of geriatric people and surge in incidences of chronic respiratory diseases, such as COPD and asthma are some of the causes the are likely to drive the need for ventilators. The cost advantages of home care devices over hospital visits is less, thus adoption of ventilator for houses is observed to surge. Thus, the rapid growth of home healthcare market, along with the aforementioned causes, are expected to favor the ventilation device market.
The ventilation device market is likely to hold decent market potential due to the emerging markets, evolution of miniaturized devices, and healthcare decentralization. The market players are tapping into the potential of respiratory home healthcare domain that can add momentum to the ventilator device market. Hike in healthcare costs and increase in number of patients afflicted with chronic respiratory diseases preferring to undergo treatments at home are boosting the demand for products, such as; CPAP devices, nebulizers, and ventilators to diagnose, treat, and monitor respiratory diseases patients in a home care setting. These are likely to underpin the market rise.
Regional Analysis
In North America, cases of respiratory disorders are observed to increase. The introduction of modern ventilators that are electronically controlled by an embedded system that is sensitive to pressure and can cater to an individual patient's needs can contribute to the market rise in the region. The high demand and sales of fine-tuned ventilator that offer tolerable and comfortable ventilation aid to patients is expected to benefit the regional market. In addition, the availability of various products that offers ventilation can propel the market in the US in the study tenure. In Europe, the adoption of intensive care ventilators is significant due as the number of critically ill patients requiring respiration aid is high. The surge in demand for these devices for emergency care services and life-saving treatment can favor EU ventilator device market in the years to come.
In Asia Pacific, the impact of COVID 19 was sever boosting sales of ventilation device. The rise in cases of respiratory dysfunction due to environmental pollution, along with the above-mentioned factors can prompt the APAC ventilation devices market insights in the approaching years.
Key Players
Allied Healthcare Products (U.S), ResMed (U.S.), Philips Healthcare (Netherlands), Smiths Group plc (U.K.), Hamilton Medical AG (Switzerland), Teleflex Incorporated (U.S.), GE Healthcare (U.S.), Becton, Dickinson and Company (U.S.), Medtronic (Ireland), Getinge Group (Sweden), and Drägerwerk AG Co. KGaA (Germany) among others are some well-established players in the global ventilation devices market that are profiled by MRFR.
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