Transparency Market Research observes that the leading players in the global mechanical ventilators market are Philips Healthcare, Dragerwerk AG & Co. KGaA, GE Healthcare, Becton, Smiths Medical, Dickinson and Company, Getinge Group, Fisher and Paykel Healthcare Limited, Medtronic Plc, Hamilton Medical AG, and ResMed. The competition in the global market is expected to intensify in the coming years due a strong presence of local players who have the capabilities to match the expertise of established players. To stay ahead of the competition, players are expected to focus on mergers and acquisitions and impactful business strategies.
According to the research report, the global mechanical ventilators market is expected to be worth US$1.8 bn by the end of 2024 from US$1.1 bn in 2015. Between the forecast years of 2016 and 2024, the global market is projected to rise at a CAGR of 4.8%. The rapid technological innovations in portability and design of mechanical ventilators is estimated to drive the global market in the coming years.
Critical Care Mechanical Ventilators to Lead the Pack in the Near Future
The products available in the global market are critical care mechanical ventilators, portable mechanical ventilators, neonatal intensive care mechanical ventilators, and transport mechanical ventilators. Of these, the critical care mechanical ventilators is expected to dominate the global market. By the end of 2024, the segment is projected to acquire a share of 48.2% in the overall market. Analysts expect that the portable mechanical ventilators segment is also likely to grow at a steady pace in the near future.
In terms of geography, the global mechanical ventilators market is segmented into Latin America, North America, Europe, and the Middle East and Africa. The report indicates that North America will lead the pack due to a well-established healthcare sector. Asia Pacific has also been noted as a significant market as medical tourism emerges as a key market in the region.
Rising Air Pollution due to Industrialization and Urbanization Spike Demand for Mechanical Ventilators
The demand for mechanical ventilators has been growing against the backdrop of deteriorating air quality, which has been the primary cause of a wide range of respiratory diseases and disorders. The World Health Organization states that chronic respiratory diseases lead to about five million death every year. This alarming statistic is an indicator of the rising air pollution due to rapid industrialization and urbanization. All of these factors have collectively led to growing demand for mechanical ventilators in trauma centers and hospitals to treat patients suffering from breathing problems.
“The market is also being driven due to incredible research and development in the field of mechanical ventilators that have led to the introduction of better medical devices in the market,” report the lead analyst of the research report. Furthermore, development of mechanical ventilators that are affordable and efficient has opened up new avenues for growth in the emerging economies of the world.
Presence of Local Manufacturers to Hamper Market Growth
On the other hand, local manufacturers have made inroads in the profit margins of global players thus shrinking their earnings over a period of time. Furthermore, intense competition, budget constraints, and poor reimbursement policies in developing countries of the world are also hampering the growth of the global market. However, improving portability of ventilators is expected to offer the global market tremendous scope for growth in the near future.
This review is based on Transparency Market Research’s report, titled “Mechanical Ventilators Market (Product Type - Critical Care, Neonatal Intensive Care, Portable, and Transport; Mode - Invasive and Non-invasive; End User - Hospitals, Trauma Centers, and Home Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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
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