Mechanical Ventilators Market: Snapshot
The global mechanical ventilators market is expected to witness steady growth during the course of the forecast period, chiefly because of rapid technological innovations in the design and portability of the devices. The growing practice of cost deviation on the part of hospitals by transferring long-term ventilated patients to home care settings is one of the major reasons driving the demand for portable and transport mechanical ventilators globally. The global market for mechanical ventilators was worth US$1.1 bn in 2015 and is poised to reach a value of US$1.8 bn by 2024, registering a 4.8% CAGR therein. In terms of volume, the mechanical ventilators market is projected to expand at a CAGR of 5.5% during the forecast period.
Continuous and intensive research in the field of mechanical ventilators and a rise in research-related co-operation among clinical researchers and market players have demonstrated the importance of the technical efficiency of mechanical ventilators and their significance in healthcare.
Ventilator manufacturers and assemblers in emerging economies are increasingly working toward developing new and low-cost ventilators to cater to local needs and bring about a level of flexibility in patient care.
Critical Care Mechanical Ventilators Account for Significant Share in Global Market
The global mechanical ventilator market is segmented on the basis of product type into critical care mechanical ventilators, neonatal intensive care mechanical ventilators, portable mechanical ventilators, and transport mechanical ventilators. Critical care mechanical ventilators account for a significant share in the total mechanical ventilators market in terms of value and volume. However, the portable and transport mechanical ventilators segments are projected to exhibit a high growth rate over the forecast period.
The rising incidence of medical emergencies, the need for patient treatment flexibility, and the growing need to manage critical patients from the point of emergency till the point of treatment are the key factors driving the transport mechanical ventilators segment.
Studies have shown that patients on ventilator support are technically not considered to be a financial benefit for hospital administration, which propels hospitals to transfer such patients from hospital settings to alternate care settings. With ventilators becoming portable and more efficient in various settings, the use of portable and transport ventilators is slated to rise.
On the basis of mode, the global mechanical ventilators market is segmented into invasive and non-invasive mechanical ventilators. Based on end users, the global market is categorized into hospitals, trauma centers, home healthcare, and others, which includes ambulances, army choppers, and air ambulances.
Favorable Reimbursement Policies Positively Influencing Mechanical Ventilators Market in Developed Regions
Geographically, North America and Europe have been leading the global mechanical ventilators market. The high incidence of respiratory disorders, the implementation of advanced reimbursement policies, the increased level of healthcare awareness, and a strong demand for improved advanced healthcare solutions are some of the prominent factors driving the mechanical ventilators market in these regions.
On the other hand, an increase in per capita income, an improvement in healthcare infrastructure, and a rise in patient awareness about the availability of advanced ventilation solutions promise rapid growth of the mechanical ventilators markets in Asia Pacific, Latin America, and the Middle East and Africa.
The Asia Pacific market is immensely lucrative and is expected to showcase high growth rates over the course of the forecast period. This rapid growth can be attributed to factors such as the rise in awareness about general healthcare, an increase in medical expenditure, a rise in per capita income, and the development of healthcare infrastructure in emerging economies such as India, China, Japan, and Thailand.
Key players in the global mechanical ventilators market include Dragerwerk AG & Co. KGaA, Philips Healthcare, GE Healthcare, Smiths Medical, Becton, Dickinson and Company, Fisher and Paykel Healthcare Limited, Getinge Group, Medtronic Plc, ResMed, and Hamilton Medical AG. Transparency Market Research notes that the presence of various regional ventilator manufacturers capable of understanding local market needs threatens the dominance of multinational market players in some regions.
Mechanical Ventilators Market: Scope of the Study
This report provides forecast and analysis of the mechanical ventilators market on the global and regional levels. It provides historical data of 2015 along with forecast from 2016 to 2024 in terms of revenue (US$ Mn) and volume (units). The report also includes macroeconomic indicators along with an outlook on mechanical ventilators sales globally. It includes drivers and restraints of the mechanical ventilators market and their impact on each region during the forecast period. The report also comprises the study of current issues with end users and opportunities for ventilator manufacturers. It also includes detailed pricing analysis by product type and value chain analysis with a list of vendors and industry stakeholders at each node in the value chain.
In order to provide users of this report with a comprehensive view of the market, we have included detailed competitiveness analysis and company players with unique selling propositions. The dashboard provides a comprehensive comparison of ventilator manufacturers on parameters such as collective market share and geographic concentration. The study encompasses market attractiveness analysis by product type, by mode, by end users and region.
Mechanical Ventilators Market: Segmentation
The report includes revenue generated from sales of mechanical ventilators in all regions and important countries in these regions. By product, the global mechanical ventilators market has been segmented into critical care mechanical ventilators, neonatal intensive care mechanical ventilators, portable mechanical ventilators, and transport mechanical ventilators. By mode, the market is segmented into invasive mechanical ventilators and non-invasive mechanical ventilators. On the basis of end users, the global mechanical ventilators market is segmented into hospitals, trauma centers, home healthcare and others. And on the basis of region, the market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
Mechanical Ventilators Market: Research Methodology
Market numbers have been estimated based on average sales and average pricing of mechanical ventilators by product type and the revenue is derived from regional pricing trends. Market size and forecast for each segment have been provided in the context of global and regional markets. The mechanical ventilators market has been analyzed based on expected demand. Prices considered for the calculation of revenue are regional average prices obtained through primary quotes from numerous regional ventilator manufacturers and distributors. All key end users have been reviewed, and potential applications have been estimated on the basis of secondary sources and feedback from primary respondents. Regional demand patterns have been considered while estimating the market for various end users of mechanical ventilators in different regions. Top-down approach has been used to assess the mechanical ventilators market by region. Market numbers for global product and mode segments have been derived using the bottom-up approach, which is cumulative of each region’s demand. The company-level market share has been derived on the basis of revenues reported by key manufacturers. The market has been forecast based on constant currency rates.
Several primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, NCBI, Google Books, company annual reports, websites, and publications.
The report provides detailed competitive and company profiles of key participants operating in the global market. Key players in the global mechanical ventilators include Dragerwerk AG & Co. KGaA, Philips Healthcare, GE Healthcare, Smiths Medical, Becton, Dickinson and Company, Fisher and Paykel Healthcare Limited, Getinge Group, Medtronic Plc, ResMed, and Hamilton Medical AG.
The market has been segmented as follows:
Global Mechanical Ventilators Market – By Product
- Critical Care Mechanical Ventilators
- Neonatal Intensive Care Mechanical Ventilators
- Portable Mechanical Ventilators
- Transport Mechanical Ventilators
Global Mechanical Ventilators Market – By Mode
- Invasive Mechanical Ventilators
- Non-Invasive Mechanical Ventilators
Global Mechanical Ventilators Market – By End Users
- Trauma Centers
- Home Healthcare
Global Mechanical Ventilators Market – By Region
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific (APAC)
- New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- Rest of Middle East & Africa