Mechanical Ventilators Market Overview
Mechanical Ventilators Market size is forecast to reach $4.3 billion by 2025, growing at a CAGR of 8.27% during the forecast period 2020-2025. A mechanical ventilator is a machine that helps a patient breathe when they are undergoing a surgery or cannot breathe on their own owing to a critical illness. The patient is connected to the ventilator with a hollow tube that goes in their mouth and down into their main airway or trachea. Thus, it acts as an artificial airway. The main goals of mechanical ventilators are oxygenation and carbon dioxide elimination, which are ensured by maintaining adequate tidal volumes and respiratory rates. Recent outbreak of coronavirus (COVID-19) among major nations of the world has resulted in a sudden surge of demand for ventilators in the healthcare sector. Advantages of mechanical ventilators like quicker recovery and major product launches by key market players like Mindray Medical International Limited and GE Healthcare are some other factors driving the growth of the market.
Asia Pacific dominates the Mechanical Ventilators Market owing to the presence of established healthcare sector, growing incidences of chronic diseases and high ICU bed admission rate in 2019. Recent outbreak of coronavirus (COVID-19) as a global pandemic, increasing investments by key market players in launch and development of various products of Mechanical Ventilators for respiratory support in the healthcare sector has boosted the market growth of Mechanical Ventilators Industry in 2020. The Mechanical Ventilators Market scope for different regions will be provided in the final report.
Growing cases of COVID-19 global pandemic, rising prevalence of severe respiratory disorders among a large percentage of the population and development of technologies for manufacture and functioning of ventilators have helped in significant growth of Mechanical Ventilators Market. Rising geriatric population and development of intensive-care and portable mechanical ventilators in upcoming years is estimated to drive the industry growth during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Mechanical Ventilators Market report.
Rapid growth of manufacturing costs of mechanical ventilators and rising incidences of ventilator-associated pneumonia (VAP) are anticipated to hamper the market growth of the Mechanical Ventilators Industry.
Product Type – Segment Analysis
Intensive Care Ventilators held the largest share in the product type segment of Mechanical Ventilators Market in 2019 and is estimated to grow at a CAGR of 5.87% during the forecast period 2020-2025. Around the world, people are racing to design and manufacture much-needed ventilators to address a global lack of supply. Some healthcare centers have reportedly attempted treating two patients per ventilator in Intensive Care Units (ICUs) out of desperation, amidst coronavirus outbreak. Tracheostomy is one such application which is widely being used in recent years. It provides an air passage to help the patient breathe when the usual route for breathing is somehow blocked or reduced. The benefits of tracheostomy include better secretion removal, improved oral hygiene, less laryngeal damage, and ability to eat and speak. Transportable ventilators segment held the second largest share, owing to rise in demand for portable ventilators in ambulatory surgical centers and better efficiency of healthcare. However, it is estimated that Intensive Care Ventilators will continue to be the fastest growing segment and will register the highest CAGR during the forecast period 2020-2025, owing to increase in its usage in hospitals and other healthcare centers.
Mode of Ventilation – Segment Analysis
Invasive Ventilation holds the major share in the ventilation mode segment of Mechanical Ventilators Market in 2019. Invasive ventilation is done with the help of tracheostomy, and is typically used in infants and children with parenchymal lung or congenital heart disease (CHD). In addition it is used in young children who require continuous mechanical ventilation, those with severe craniofacial malformations. CHDs affect nearly 1% of―or about 40,000―births per year in the U.S. Craniofacial malformation is also highly incident, with an incidence of approximately 1 in 600 live births world-wide. This drives the growth of the treatment among people, and hence, the growth of this segment in Mechanical ventilators market. Non-invasive Ventilation (NIV) held the second largest share in the year 2019, owing to growing incidence of respiratory disorders like asthma, Chronic Obstructive Pulmonary Disease (COPD) and chronic bronchitis. Fiberoptic bronchoscopy (FOB) under NIV is still under research for treatment of acute respiratory distress syndrome. Non-invasive Ventilation segment is forecast to grow at highest CAGR during the forecast period 2020-2025, owing to increasing investment by various manufacturers and assemblers in emerging economies, such as India and China, to create economical and efficient ventilation solutions for the local needs and development in treatment of the respiratory disorders.
Geography – Segment Analysis
Asia-Pacific dominates the Mechanical Ventilators Market in 2019, with a market share of more than 39.6% in 2019, followed by North America. Growing prevalence of respiratory diseases among a larger section of the population, entry of new market players and high ICU bed admission rate have fuelled the market growth in this region. Major investment firms are involved in technological developments of ventilators. Rise in accidents and respiratory disorders owing to pollution have further helped in the growth of Mechanical Ventilators Market infrastructure. One of the significant development of mechanical ventilators is suctioning. Endotracheal suctioning is a component of bronchial hygiene therapy and mechanical ventilation and involves the mechanical aspiration of pulmonary secretions from a patient with an artificial airway in place. North America held the second largest share in 2019, owing to presence of robust healthcare infrastructure and large investments of government in healthcare development.
However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025. This is owing to growth of healthcare sector in developing countries such as India and China, growing health awareness among the masses, and increasing R&D activities on ventilation methods.
Drivers – Mechanical Ventilators Market
Growing prevalence of respiratory diseases and coronavirus outbreak
About 65 million people suffer from chronic obstructive pulmonary disease (COPD) and 3 million die from it each year, making it the third leading cause of death worldwide. About 334 million people suffer from asthma, the most common chronic disease of childhood affecting 14% of all children globally. In view of the statistics, key market players of Mechanical Ventilators Market are investing in various applications like tracheostomy, fiberoptic bronchoscopy (FOB), suctioning and aerosolized medications. Additionally, R&D activities on further development of equipment and easier medication processes of mechanical ventilators are being held. Several rounds of worldwide SARI outbreaks (i.e. Severe Acute Respiratory Infections) in the next two decades, such as SARS (Severe Acute Respiratory Syndrome), MERS (Middle East Respiratory Syndrome) and pH1N1 (Pandemic Influenza H1N1) have caused surge in demand of ventilators. On average, 19% to 32% of the patients have been transferred into ICU and requiring respiratory support In addition to this, the outbreak of the global pandemic COVID-19 (Coronavirus) has further helped in rapid demand of ventilators in the healthcare sector across the world.
Rise in government expenditures on healthcare
Increased expenses of the government on healthcare facilities, technological developments of medications and ventilation system, and growing health awareness among masses is set to drive the market growth during the forecast period 2020-2025. The outbreak of coronavirus (COVID-19) has resulted in high fatality rate and lockdowns in major economies and populated countries has put a pressure on the governments and state funds for investing in healthcare facilities, particularly ventilators which are required during treatment of COVID-19.
Challenges – Mechanical Ventilators Market
Rising incidences of ventilator-associated pneumonia (VAP)
A major concern and disadvantage of being on a ventilator is pneumonia. The breathing tube that’s put in the patient’s airway can allow bacteria to enter the lungs. This causes ventilator-associated pneumonia (VAP). The breathing tube also makes it hard for the patient to cough. VAP is a major concern for people using ventilators owing to the fact they’re often already very sick. Pneumonia may make it harder to treat other diseases or condition. This may hamper the market growth during the forecast period 2020-2025.
Mechanical Ventilators Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Mechanical Ventilators Market. In 2019, Mechanical Ventilators Market share is consolidated by the top players present in the market. Mechanical Ventilators Market top 10 companies are Becton Dickinson and Company, Mindray Medical International Limited, Philips Healthcare, Carl Reiner GmbH, Getinge Group, Draegerwerk AG & Co. KGaA, GE Healthcare, Hamilton Medical AG, Medtronic and Smiths Group Plc among others.
In March 2019, Becton Dickinson and Company fully divested the business of respiratory sector to funds advised by Apax Partners. Their respiratory business would be spun off as a joint venture, forming a separate company called Vyaire Medical, which would be a manufacturer of ventilators and other treatment products and equipments.
In March 2020, Mindray’s SV Series ventilators (SV300/SV600/SV800) were launched. These ventilators are capable of providing complete and reliable support for patients with severe respiratory failure and combat COVID-19 outbreak.
In March 2020, GE Healthcare and Ford collaborated for easier and faster manufacturing of ventilators for COVID-19 Patients.
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