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The ventilators market is expected to grow from US$ 4,617.0 million in 2021 to US$ 9,098.32 million by 2028; it is estimated to grow at a CAGR of 9.0% from 2022 to 2028.
A ventilator is an automatic breathing system that transfers breathable air in and out of the patient’s lungs that are either incapable of breathing or breathing insufficiently. The system add oxygen to the bloodstream and remove CO2 from the bloodstream. This helps a patient suffering from respiratory problems receive the right amount of oxygen. It also helps the patient's body to heal as it eliminates the extra energy of labored breathing.
Market Insights
Growing Prevalence of Respiratory Diseases Drives Market Growth
Respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, acute lower respiratory tract infections, tuberculosis, and lung cancer are among the most common causes of severe illness and death globally. Urbanization, rise in pollution, unhealthy lifestyle habits, and high prevalence of tobacco smoking are among the factors leading to the surge in the number of respiratory and cardiovascular disease cases. These diseases can cause acute respiratory failure, and its treatment requires mechanical ventilation. According to the National Center for Biotechnology Information, COPD is a disease spectrum that includes bronchitis and emphysema. It is becoming a significant health and economic problem worldwide; Further, COPD is expected to become the leading cause of death worldwide in the next 15 years. According to the National Center for Biotechnology Information, 2018, the economic impact of COPD in LMICs is expected to increase to US$ 2.15 (£ 1.7) trillion by 2030. As per the Office of Disease Prevention and Health Promotion, ~14.8 million adults in the US were diagnosed with COPD in 2020. The National Health Service states that ~1.17 million people in the UK were diagnosed with COPD in 2021, i.e., ~1.9% of the total population. The Global Asthma Report states that ~300 million people have asthma worldwide, and the estimates indicate this number will increase by 100 million people by 2025.
A ventilator assists the patient suffering from respiratory diseases and other such disorders in breathing as these disorders make breathing difficult or impossible. Thus, the growing prevalence of respiratory diseases is increasing the demand for ventilators, thus fueling the ventilators market growth.
Ventilators Market -
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Ventilators Market: Strategic Insights
Market Size Value in US$ 4,617.0 Million in 2021 Market Size Value by US$ 9,098.32 Million by 2028 Growth rate CAGR of 9.0% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Ventilators Market: Strategic Insights
| Market Size Value in | US$ 4,617.0 Million in 2021 |
| Market Size Value by | US$ 9,098.32 Million by 2028 |
| Growth rate | CAGR of 9.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Technological innovations in Ventilators Offer Ample Opportunities for Market During Forecast Period
The demand for innovative, smaller, quieter, and more comfortable ventilators that respond to patients' needs is rising, thereby enabling healthcare providers to ensure effective treatment for patients in the ICU. Over the last two decades, technological advancements have significantly improved ICU ventilator performances. State-of-the-art ICU ventilators are primarily featuring a series of microprocessors controlling a gas delivery platform. As a result, the capabilities of these ventilators are more significant than previous generations of ventilators. With advancements in ICU ventilators, new modes are available; closed-loop control is majorly being used. The monitoring capabilities are of them are enlarged, and the user interface is also modified.
The majority of the new generation of ICU ventilators have a computer screen based on their user interface. The recent innovation in mechanical ventilators includes lung protection strategies, automated weaning strategies, and optimizing ventilator synchrony. They are also enabled with technologies such as iVAPS (i.e., intelligent volume-assured pressure support) with an iBR (i.e., intelligent back-up rate), leak management technology, learn circuit, and Vsync and TiControl for ensuring greater comfort.
Portable ventilators are a recent technological innovation in ventilators. The device is set to transform ventilatory care through its small size, conferring portability and ease of use; versatility; and extended battery life. It is cheaper than other ICU ventilators and features both invasive and non-invasive capabilities; thus, the device is ideally suited for patients suffering from diseases of different severity. However, the manufacturers need to focus on the reliability aspect of these machines to deliver consistent ventilatory parameters despite the changing lung mechanics. Therefore, the growing ventilators industry fuels the growth of the ventilators market.
Mobility-Based Insights
Based on mobility, the ventilators market is bifurcated into intensive care ventilators and portable/transportable ventilators. The intensive care ventilators segment held a larger market share in 2021. The portable/transportable ventilators segment will likely grow at a higher CAGR during the forecast period.
Ventilators Market, by Mobility – 2021 and 2028
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Clinical Indication-Based Insights
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The ventilators market, based on clinical indication, is segmented into medical, trauma, neurological, surgical, and others. The medical segment accounted for the largest share of the market in 2021; however, neurological is expected to register the highest CAGR of 12.1% during the forecast period.
Patients-Based Insights
Based on patients, the ventilators market is segmented into adult, paediartic and neonatal. The adult segment accounted for the largest share of the market in 2021 and is expected to register the highest CAGR of 9.4% during the forecast period.
Mode-Based Insights
Based on mode, the ventilators market is segmented into combined mode ventilation, volume mode ventilation, pressure mode ventilation, neurally adjusted ventilatory assists, inverse ratio ventilation, prone ventilation, high-frequency oscillatory ventilation, high-frequency percussive ventilation, and others. The combined mode ventilation segment accounted for the largest share of the market in 2021 and is expected to register the highest CAGR of 10.2% during the forecast period.
Interface-Based Insights
Based on patients, the ventilators market is bifurcated into invasive and non-invasive. The invasive segment accounted for the larger share of the market in 2021 however non-invasive segment is expected to register the higher CAGR of 9.6% during the forecast period.
End User-Based Insights
Based on end user, the ventilators market is segmented into hospitals & clinics, home care, ambulatory care centers, emergency medical services, and others. The hospitals & clinics segment accounted for the largest share of the market in 2021 and is expected to register the highest CAGR of 9.5% during the forecast period.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the ventilators market. A few recent key market developments are listed below:
- In July 2020, Getinge AB received 510(k) clearance from the US Food & Drug Administration (FDA) for its Servo-air mechanical ventilator. Servo-air is a critical care ventilator product, which is a part of the Servo subdivision that helps complete care in ventilation. The product can be used for the treatment of pediatric and adult patient groups. It can be used in invasive and non-invasive ventilation modes and other features.
- In April 2020, Koninklijke Philips N.V. (Philips) and the US Government collaborated to increase the production of hospital ventilators in manufacturing sites in the country.
- In May 2020, ResMed launched its remote ventilator monitoring in Europe. It is cloud-based remote monitoring software that can be used for ventilators. Lumis bilevel devices will help healthcare professionals easily monitor patients remotely. It is also used in the treatment of COVID-19 patients.
Company Profiles
- Vyaire Medical Inc
- Getinge AB
- Dragerwerk AG & Co. KGaA
- Fisher and Paykel Healthcare
- General Electric Co
- Hamilton Medical
- Koninklijke Philips NV
- Medtronic Plc
- ResMed Inc
- BPL Medical Technologies
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Mobility, Clinical Indication, Patients, Interface, Mode, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoAPAC, RoE, RoMEA, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Vyaire Medical Inc, Getinge AB, Dragerwerk AG & Co. KGaA, Fisher and Paykel Healthcare, General Electric Co, Hamilton Medical, Koninklijke Philips NV, Medtronic Plc, ResMed Inc, and BPL Medical Technologies among others are among the leading companies operating in the ventilators market.
A ventilator is an automatic breathing system that transfers breathable air into and out of the lungs to provide breaths to a patient who can either breathe or breathe insufficiently. The unit performs by adding oxygen to the bloodstream and removing carbon dioxide from the bloodstream. This helps a patient with respiratory problems to get the right quantity of oxygen. It also helps the patient's body to heal, since it eliminates the extra energy of labored breathing.
Based on end user, the global ventilators market is divided into hospitals & clinics, home care, ambulatory care centers, and emergency medical services. The hospitals & clinics segment held the largest share of the market in 2021 and is anticipated to register the highest CAGR in the market during the forecast period (2022–2028).
Major factors driving the market growth includes growing prevalence of respiratory diseases, as well as rapid growth in geriatric population. Additionally, growing demand for portable and compact ventilators with enhanced functionalities are likely to emerge as significant future trends in the market during the forecast period.
Based on clinical indication, the global ventilators market is divided into medical, trauma, neurological, surgical, and others. The medical segment held the largest share of the market in 2021. The neurological segment is expected to grow at the highest CAGR during the forecast period.
The List of Companies - Ventilators Market
- Vyaire Medical Inc
- Getinge AB
- Dragerwerk AG & Co. KGaA
- Fisher and Paykel Healthcare
- General Electric Co
- Hamilton Medical
- Koninklijke Philips NV
- Medtronic Plc
- ResMed Inc
- BPL Medical
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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