Mechanical Ventilator Market Growth & Trends
The global mechanical ventilator market size is expected to reach USD 4.22 billion by 2030, according to a new report by Grand View Research Inc. It is expected to expand at a CAGR of 4.8% from 2022 to 2030. The unprecedented dawn of COVID19, 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 for mechanical ventilators.
Technical advancements such as rapid innovation in the field of Positive Airway Pressure (PAP) devices, portability, and improvement in battery life of transport and portable devices are the primary factors that encourage the usage of mechanical ventilators. In April 2020, InnAccel Technologies announced the introduction of a non-invasive ventilation system intended for usage in ICU with COVID-19 patients. This system was engineered and manufactured in India to treat patients with deteriorating hypoxemia. Besides, this system functions across numerous settings and clinical applications, without the necessity of continuous electricity, or a trained breathing therapist.
The WHO estimates that at present, approximately 90% of COPD deaths occur in low- and middle-income countries. Therefore, the rise in the prevalence of such diseases, new product launches, and the availability of portable, cost-contained, and easy-to-use mechanical ventilators for the treatment of respiratory conditions are expected to fuel the market growth worldwide. For instance, in August 2020, Spicejet introduced Spiceoxy, a portable, non-invasive ventilation device. The increasing awareness amongst the end users is projected to boost the demand over the forecast period.
Asia Pacific and Latin America are expected to witness lucrative growth over the forecast period. This growth is due to the presence of untapped opportunities, rising expenditure levels, and the introduction of favorable government initiatives. Market participants are constantly engaged in the development of new products in an attempt to improve presence and ensure sustainability. For instance, in April 2021, Dr?gerwerk AG & Co. KGaA has acquired the majority share of STIMIT AG. With this purchase, the company further increases its proficiency in the lung-protective ventilation field.
Mechanical Ventilator Market Report Highlights
- By product, critical care ventilators dominated the market with a share of over 35.0% in 2021 owing to the high adoption and installation rate in hospitals. Besides, increasing incidence of COPD, asthma, and other respiratory emergencies is a key driver of this segment
- Transport and portable ventilators are expected to register a lucrative CAGR 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 o the premises. Portable breathing machines fulfill the need of patients to obtain home care, thereby increasing their popularity
- The non-invasive ventilation mode segment held the largest revenue share in 2021 and is expected to witness the fastest growth during the forecast period. Non-invasive ventilation effectively supports and prevents the necessity for intubation in patients, thus supporting the segment growth
- The home healthcare end-use segment is expected to register a lucrative CAGR over the forecast period. This is a cost-efficient alternative to expensive hospital stays, hence is anticipated to gain popularity in the coming years
- North America dominated the market in 2021 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 a manufacturing boost