Mechanical Ventilator Market Expected to Reach $18.6 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Mechanical Ventilator Market by Product Type, Component, Mode, Age Group, And End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," Global Mechanical Ventilator Market was valued at $4.6 billion in 2020, and is estimated to reach $18.6 billion by 2030, growing at a CAGR of 12.82% from 2021 to 2030.

Mechanical ventilator is a machine that helps patients breathe when they are having surgery or cannot breathe on their own due to a critical illness. Patients are connected to the ventilator with a hollow tube (artificial airway) that goes in their mouth and down in their main airway or trachea. Mechanical ventilator is majorly classified as intensive care and portable mechanical ventilator.

The growth of the global mechanical ventilator market is driven by increase in incidence of chronic respiratory diseases, such as asthma, chronic obstructive pulmonary disease (COPD), bronchitis, and lung cancer as well as surge in geriatric population. In addition, rise in number of tobacco smokers leads to severe lung diseases, thus contributing toward the market growth. For instance, according to the World Health Organization (WHO) report published in July 2021, tobacco kills more than 8 million people each year, and more than 7 million of those deaths are a result of direct tobacco use while around 1.2 million are the result of non-smokers being exposed to passive smoking. Furthermore, rise in per capital healthcare expenditure and increase in number of hospitals worldwide are expected to supplement the market growth throughout the forecast period. However, high cost of mechanical ventilators and injuries associated with invasive ventilation restrict the market growth.

On the contrary, the global mechanical ventilator market is currently witnessing surge in demand for ventilators across the world, owing to rise in number of cases of COVID-19. In this health condition, oxygen levels drop as the virus attacks lungs of patients, thus resulting in breathlessness.

Hence, the need for external support for breathing such as mechanical ventilator market is anticipated to strengthen the growth of the global market. Consequently, rise in number of COVID-19 patients have propelled market players to double the production of mechanical ventilators, which is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.

The global mechanical ventilator market is segmented into component, product type, mode, end user, age group, and region. By mode, the invasive ventilation segment occupied the largest share in 2020, and is anticipated to continue its dominance during the forecast period. On the basis of product type, the intensive care mechanical ventilators segment dominated the market in 2020, owing to increase in number of hospital admission of patients due to COVID-19 pandemic. However, the transport/portable ventilators segment is projected to grow with the highest CAGR of 13.64% from 2021 to 2030. This is attributed to rise in demand for transport ventilators during emergencies and surge in adoption of easy-to-use portable mechanical ventilators for ease of aged patient population.

Depending on age group, in 2020, the adult population was the highest revenue generator, owing to rise in adult population who are highly susceptible to chronic respiratory diseases. However, the pediatric & neonatal segment is estimated to register fastest CAGR of 12.6% during the forecast period, owing to rise in prevalence of neonatal mortality and need for convenient ventilation facilities for newborn and premature babies.

The COVID-19 outbreak is anticipated to have a positive impact on the growth of the mechanical ventilator market. COVID-19 has negatively impacted many industries; however, it propels the demand for various medical services, including intensive care units (beds and ventilators) and personal protective equipment for healthcare. The COVID-19 infection is associated with respiratory failure, and requires critical care with ventilator support. Mechanical ventilation has regularly been employed to oxygenate seriously ill COVID-19 patients. For instance, according to the report from Imperial College London in November 2020, 30% of COVID-19 hospitalized patients are likely to require mechanical ventilation. In addition, new delta and omicron variants of COVID-19 with high spreading rate found in mid-November 2021 have increased the risk of third wave across the world. Thus, the muted variants of COVID-19 have influenced entire healthcare sector to meet healthcare requirements, including hospital instruments such as mechanical ventilators.

Key Findings Of The Study

• By product type, the intensive care mechanical ventilators segment was the highest contributor to the mechanical ventilator market in 2020.
• On the component, the device segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
• By mode, the invasive ventilation segment occupied the largest share in 2020.
• For age group, the adult population was the highest revenue generator in 2020
• Depending on end user, the hospitals & clinics segment was the highest contributor to the mechanical ventilator market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America accounted for a majority of the global mechanical ventilator market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in the prevalence of chronic diseases, the presence of key players for manufacturing and development of mechanical ventilator, increase in number of hospitals and diagnostic centers, and initiatives taken by government to increase mechanical ventilator production in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in healthcare facilities, high population, and government initiatives to provide healthcare services.