The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Mechanical Ventilators Market Growth & Trends
The global mechanical ventilators market size is expected to reach USD 3.6 billion by 2027 according to a new report by Grand View Research Inc. The market is projected to register a CAGR of 4.7% from 2022 to 2027. The unprecedented dawn of COVID-19 pandemic, increasing incidence of Chronic Obstructive Pulmonary Disease (COPD), rising incidence of respiratory emergencies, and technological innovation in respiratory care devices are the major factors driving the market growth.
Technological advancements such as rapid innovation in the field of Positive Airway Pressure (PAP) devices, portability, and improvement in the battery life of transport and portable devices are the factors driving the growth of the market. The World Health Organization (WHO) estimates that, at present, approximately 90% of COPD-related deaths occur in low- and middle-income countries. Therefore, the rise in prevalence of such diseases, introduction, and availability of portable, cost contained, and easy-to-use mechanical ventilators for the treatment of respiratory conditions is expected to drive the growth in the demand for mechanical ventilators worldwide.
Mechanical Ventilators Market Report Highlights
- The transport and portable ventilators segment is expected to witness a lucrative CAGR of over 5.2% over the forecast period. Hospitals are promoting the use of portable breathing machines to provide faster and continuous care to patients even prior to their arrival on the premises. Portable breathing machines fulfill the need of patients to obtain home care, thereby increasing their popularity
- North America dominated the market in 2019, in terms of revenue, owing to the rising geriatric population in the U.S., which is leading to a corresponding rise in the incidences of respiratory disorders along with manufacturing boost
- Asia Pacific and Latin America are expected to witness lucrative growth over the forecast period. This growth is attributed to the presence of untapped opportunities, rising expenditure level, and the introduction of favorable government initiatives
- Some key market players include Draeger Medical, Getinge, Medtronic, GE Healthcare, Koninklijke Philips N.V., Hamilton, and Smiths Medical
- Market participants constantly engage in the development of new products in an attempt to improve their presence and ensure sustainability
- Medtronic, plans to boost production nearly fivefold to more than 1,000 ventilators per week. It is expected to curb the breathing machine shortage in the U.S. Additionally, the U.S. automotive giants like Tesla, Ford, and GM have switched to production of medical supplies such as masks and breathing machines