Ventilators Market to be Worth $13.23 Billion by 2031
Meticulous Research®, a prominent market research firm, released a report titled, ‘Ventilators Market by Product (Instrument, Catheter, Mask, Tube) Mobility (Intensive Care, Portable) Interface (Invasive, Non-invasive) Age Group (Adult, Neonatal) Mode (Volume, Pressure, Dual) End User (Hospital, ASC, Home Care) – Global Forecast to 2031’.
Meticulous Research® predicts that the ventilators market will expand to $13.23 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.3% between 2024 and 2031. This growth is fuelled by several factors, including the increased availability of intensive care units (ICUs) and ICU beds, higher rates of respiratory diseases, urbanization leading to increased pollution, a growing elderly population, and more instances of preterm births. Nonetheless, obstacles such as the expensive nature of ventilators and the preference for alternative oxygenation therapies hinder market advancement.
Rising demand for therapeutic devices for home care and the emergence of economies in Asia-Pacific and Latin America are poised to offer growth prospects in the market. Nevertheless, challenges such as the negative impacts of ventilators on neonates and challenges in maintaining component supply chains could impede market expansion.
Key Players
The ventilators market report features profiles of prominent players including Schiller AG (Switzerland), Hamilton Medical AG (Switzerland), Koninklijke Philips N.V. (Netherlands), GE HealthCare Technologies, Inc. (U.S.), Medtronic plc (Ireland), Getinge AB (Sweden), ResMed Inc. (U.S.), Zoll Medical Corporation (U.S.), Drägerwerk AG & Co. KGaA (Germany), Fisher & Paykel Healthcare Limited (New Zealand), and VYAIRE MEDICAL, INC. (U.S.).
The ventilators market is divided into several segments, including Product (Ventilator Accessories [Ventilator Catheters, Endotracheal Tubes, Ventilator Masks, and Other Ventilator Accessories], Ventilator/Instrument), Mobility (Intensive Care Ventilators and Portable Ventilators), Interface (Invasive Ventilators and Non-invasive Ventilators), Age Group (Adult & Pediatric and Neonatal & Infant), Mode (Volume Mode Ventilation, Dual/Combined Mode Ventilation, Pressure Mode Ventilation, and Other Ventilation Modes), End User (Hospitals, Homecare Settings, Ambulatory Surgical Centers (ASCs) and Other End Users) and Geography. Additionally, the report assesses industry competitors and conducts analyses at both regional and country levels.
In 2024, the ventilator accessories segment is projected to dominate the market. This is mainly due to the widespread use of such accessories, increasing awareness about hospital hygiene, and certain accessories offering additional functionalities in medication delivery.
Based on mobility, in 2024, it's anticipated that the intensive care ventilators segment will hold the most significant market share. This is primarily due to the rising installation of ventilators in ICUs, the availability of reimbursements for ventilation solutions and respiratory treatments, the increasing patient admissions in Critical Care Units (CCUs) owing to a growing population affected by chronic and respiratory infectious diseases, and the global increase in preterm births.
Among the interfaces studied in this report, in 2024, it is anticipated that the largest share of the market will be held by the invasive ventilators segment. This is mainly due to the extensive use of invasive ventilators in ICUs to treat patients with chronic respiratory and infectious diseases, neurological disorders, and sleep disorders.
Among the age groups studied in this report, the adult & paediatric segment is projected to dominate the market, primarily due to the significant adoption of ventilation support among the elderly population, their heightened susceptibility to chronic and infectious diseases, and the increasing consumption of tobacco-related products.
Among the modes studied in this report, in 2024, it is predicted that the volume mode ventilation segment will hold the largest market share. This dominance can be attributed to the widespread use of volume-controlled ventilators in intensive care units, driven by their advantages such as precise minute ventilation and consistent delivery of tidal volume.
Among the end users studied in this report, in 2024, it is projected that the hospitals segment will hold the largest market share. This is primarily due to the significant number of patients suffering from respiratory illnesses, the availability of skilled medical professionals in hospitals, and the accessibility of advanced healthcare facilities equipped with state-of-the-art medical devices like ventilators.
Among the geographies studied in this report, in 2024, it is anticipated that North America will dominate the market share. This is mainly due to its robust healthcare infrastructure, extensive utilization of cutting-edge technologies, the presence of key market players, a strong demand for advanced medical equipment, an increasing elderly population, and a rising need for long-term and home healthcare solutions.
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Key questions answered in the report-
• What are the market segments experiencing significant growth in terms of product, mobility, interface, age group, mode, end user, and geography?
• What was the past market size of ventilators worldwide?
• What are the projected market forecasts and estimations for the period spanning from 2024 to 2031?
• What are the primary factors propelling, hindering, presenting opportunities, and posing challenges in the ventilators market?
• Who are the key players active in the ventilators market?
• How are the competitive environment structured, and which companies are leading in the ventilators market?
• What are the latest advancements or updates observed in the ventilators market?
• What are the various approaches employed by key players in the ventilators market?
• What are the patterns observed in different regions and which regions or countries are experiencing significant growth in the ventilators market?
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