In terms of revenue, the Global Ventilator Market is expected to reach USD 9.09 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.80% from 2022 to 2028. The Rising number of ICU admissions, due to the prevalence of chronic respiratory diseases is leading to an increase in demand for critical care equipment such as incubators, patient monitoring systems, and others are the driving factors for Ventilator Market.
- Under the mobility segment intensive care sub-segment is anticipated to dominate the segment for Ventilator Market and grow at a substantial Compound Annual Growth Rate (CAGR). The growing demand for due to the growing number of intensive care beds fitted with ventilators.
- Adult/pediatric ventilators sub-segment held a market significant share in 2021. This is attributed to the large population suffering from COVID-19, chronic illnesses such as COPD & asthma, the high prevalence of smoking, and the rising geriatric individuals are driving the growth.
- North America is the largest regional segment. This is due to its government's initiatives to expand the production and non-healthcare sector companies are collaborating with healthcare organizations to develop the production of these ventilators are factors boosting the market growth in the region.
Some of key players in Ventilator Market includes - Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Drägerwerk AG & CO. KGAA (Germany), Nihon Kohden Corporation (Japan), Getinge AB (Sweden), Asahi Kasei Corporation (Japan), Air Liquide (France), Vyaire Medical, Inc. (US), GE Healthcare (US)..
The burden of respiratory diseases is increasing worldwide, due to numerous factors such as smoking, obesity, and lifestyle transformations. The Regents of the University of California, states that the United States, roughly gets 4 million ICU admissions are reported each year. In Germany, about 2.1 million patients are admitted to ICU each year, out of which an estimated 42.0% of patients need mechanical ventilation. The growing demand for critical care equipment, as the number of ICU admissions in emerging and developed countries, is increasing, are some of the primary factors expected to propel the growth of the market.
Strong research and development on cardiovascular interventions and the introduction of novel gadgets that boost the market during the forecast period. Companies are supporting in developing cheaper and new automatic ventilators. In January 2020, Drägerwerk AG introduced new ICU ventilators named new Evita V600 and V800. This new product launch will enable to support daily clinical tasks in the ICU thus, spurring the industry development. In August 2017, Hamilton Medical launched HAMILTON-C6's new generation of innovative ventilators. The introduction of technologically advanced gadgets by industries is increasing the demand, thereby boosting the market growth.
North America is expected to emerge as potential market for Ventilator market. This regional market is anticipated to expand at the highest rate due to several factors, like the increasing government enterprises, subsequent advancements in the healthcare infrastructure in emerging countries, growing medical tourism, and rising demand for quality medical care.