Ventilator Market Size Worth $8,239.18 Mn, Globally, by 2027 at 12.9% CAGR - Exclusive Report by The Insight Partners

- The ventilator market size is driven by growing prevalence of respiratory diseases, rapid growth in geriatric population, increasing number of patients with severe respiratory diseases and launch of innovative technologies.

NEW YORK, Dec. 9, 2021 /PRNewswire/ -- According to the new market research report "Ventilator Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Mobility (Intensive Care Ventilators, Portable/Transportable Ventilators); Type (Adult/Pediatric Ventilators, Neonatal/Infant); Interface (Invasive, Non-Invasive); Mode (Combined Mode Ventilation, Volume Mode, Ventilation, Pressure Mode Ventilation, Neurally Adjusted Ventilatory Assist (NAVA), Inverse Ratio Ventilation (IRV), Prone Ventilation, High-Frequency Oscillatory Ventilation (HFOV), High-Frequency Percussive Ventilation (HFPV), Others); End User (Hospitals and Clinics, Home Care, Ambulatory Care Centers, Emergency Medical Services (EMS)) and Geography", published by The Insight Partners, the global ventilator market size is projected to reach US$ 8,239.18 million by 2027 from US$ 2,620.45 million in 2019 to grow at a CAGR of 12.9% from 2020 to 2027.

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Ventilator Market: Competition Landscape and Key Developments

Getinge AB, Dragerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, General Electric Company, Hamilton Medical, Koninklijke Philips N.V., Medtronic, ResMed, Smiths Group plc and VYAIRE MEDICAL, INCare among the key companies operating in the ventilator market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.

In August 2020, Fisher & Paykel Healthcare Corporation Limited announced at the company's annual shareholders' meeting that it has initiated planning for the establishment of its third manufacturing facility in Mexico. The development is expected to be commissioned by the next couple of years. This development will help the company improve its manufacturing capacity to ensure an additional increase in respiratory products.

In July 2020, Getinge AB received 510(k) clearance from the US Food & Drug Administration (FDA) for its Servo-air mechanical ventilator. It is a part of the Servo subdivision that helps complete care in ventilation. Servo-air is among the critical care ventilator products. The product features and applications such as it can be used for pediatric and adult patients' groups. It can be used in invasive and non-invasive ventilation modes and other features.

In May 2020, ResMed launched its remote ventilator monitoring in Europe. It is cloud-based remote monitoring software that can be used for ventilators and Lumis bilevel devices in the European region. This will help the healthcare professional to easily monitor patients remotely. It will be very much useful in the ongoing COVID19 pandemic.

The North America Ventilator market is segmented into the US, Canada, and Mexico. The US held the largest share of the North American Ventilator market in 2019. High prevalence of respiratory diseases, increasing geriatric population, high prevalence of smoking, highly developed healthcare system, growing healthcare expenditure, and the presence of major market players are some of the prominent factors propelling the market growth.

According to the National Hospital Ambulatory Medical Care Survey: 2017, there were 923,000, number of emergency department visits with emphysema and other chronic obstructive pulmonary disease. Additionally, as per the National Ambulatory Medical Care Survey: 2016, there were 5.7 million number of physician office visits with emphysema and other chronic obstructive pulmonary disease. Also increasing prevalence of COVID 19 cases in the US is likely to grow the demand for ventilators during the forecast period. As per the worldometer, there were 6,000,365 corona virus cases and 183,653 COVID19 deaths as of 27th August 2020.

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Due to corona virus pandemic, respiratory devices company under the Advanced Medical Technology Association (AdvaMed), an American medical device trade association in the US have boosted their ventilator production from 700 ventilators per week to 2000 - 3000 ventilators per week and is expected to reach 5000-7000 per week.

Furthermore, immediate product approvals during this pandemic is also likely to favor the growth of the market. For instance, in April 2020, Medtronic received U.S. Food and Drug Administration's approval to immediately launch and market its PB560 ventilator. These factors are likely to enhance the market growth in the US during the forecast period.

The ventilator market in Asia Pacific is anticipated to grow at the fastest rate in the coming years due to The market growth in this region is attributed to several growth opportunities that are served by increasing government initiatives and rising manufacturing of ventilators by key players to prevent lung cancer and respiratory disease.

Based on mobility, the ventilator market is segmented into intensive care ventilators and portable/transportable ventilators. The intensive care ventilators segment accounted for more than 65.29% of the market share in 2019. In terms of type, the ventilator market is segmented into adult/pediatric ventilators and neonatal/infant. The adult/pediatric ventilators segment held the largest share of the market in 2019. In terms of interface, the ventilator market is segmented into invasive and non-invasive segments. The invasive segment held the largest share of the market in 2019. In terms of mode, the ventilator market is segmented into Combined mode ventilation, Volume mode ventilation, Pressure mode ventilation, Neurally adjusted ventilatory assist (NAVA), Inverse Ratio Ventilation (IRV), Prone Ventilation, High-Frequency Oscillatory Ventilation (HFOV), High-Frequency Percussive Ventilation (HFPV), Others segments.. The combined mode ventilation segment held the largest share of the market in 2019. In terms of end users, the ventilator market is segmented into , hospitals and clinics, home care, ambulatory care centers and emergency medical services (EMS). The hospitals and clinics segment held the largest share of the market in 2019

Growing Prevalence of Respiratory Diseases in Ventilator Market:

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, growing pollution, unhealthy lifestyle habits, and high tobacco smoking prevalence are among the factors leading to the surge in the number of respiratory and cardiovascular disease cases. These diseases can cause acute respiratory failure, treatment of which requires mechanical ventilation.

The Global Burden of Disease Study reported the global prevalence of 251 million COPD cases in 2016. More than 90% of COPD deaths occur in low­ and middle-income countries (LMICs). 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, It is a disease spectrum that includes bronchitis and emphysema. It is becoming a significant health and economic problem worldwide; in 1990, the disease was the sixth-most common cause of death, and it is expected to be the third-most common mortality cause by 2020. According to the National Center for Biotechnology Information, 2018, the economic impact of COPD in LMICs is expected to increase to £ 1.7 trillion by 2030.

A ventilator assists the patient with respiratory diseases or other such conditions in breathing as these disorders make breathing difficult or impossible. Thus, the growing prevalence of respiratory diseases increasing demand for ventilators fuelling the market growth.

Ventilator Market: Segmental Overview

Based on mobility, the ventilator market is segmented into intensive care ventilators and portable/transportable ventilators. The intensive care ventilators segment accounted for more than 65.29% of the market share in 2019. In terms of type, the ventilator market is segmented into adult/pediatric ventilators and neonatal/infant. The adult/pediatric ventilators segment held the largest share of the market in 2019. In terms of interface, the ventilator market is segmented into invasive and non-invasive segments. The invasive segment held the largest share of the market in 2019. In terms of mode, the ventilator market is segmented into Combined mode ventilation, Volume mode ventilation, Pressure mode ventilation, Neurally adjusted ventilatory assist (NAVA), Inverse Ratio Ventilation (IRV), Prone Ventilation, High-Frequency Oscillatory Ventilation (HFOV), High-Frequency Percussive Ventilation (HFPV), Others segments.. The combined mode ventilation segment held the largest share of the market in 2019. In terms of end users, the ventilator market is segmented into , hospitals and clinics, home care, ambulatory care centers and emergency medical services (EMS). The hospitals and clinics segment held the largest share of the market in 2019.

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Impact of COVID-19 Pandemic on Ventilator Market:

The COVID-19 outbreak has disturbed various trades and businesses across the world. Due to an increasing number of infected patients, healthcare professionals and leading organizations are distracting the flow of healthcare resources from research & development to primary care, which is slowing down the process of innovation. Ventilators are critical care medical devices. It is used in the cases of patients with difficulty in breathing or gas exchange in the patients. COVID-19 is a respiratory system infection that rapidly may cause pneumonia-like symptoms, chest infection. This may result in lowering the health conditions of the patient. The ventilators help in managing the gas exchange of the patients.

As an impact of rising cases of COVID19, there is a very high demand for ventilators. As the rise of the pandemic crisis was uncertain, there is a very much shortage of supply of ventilators. It has been difficult for the hospital to manage the ventilators used for inhouse patients and COVID19 patients. To deal with the situation, the market players focus their business operations towards increasing the production capacities of ventilators. Moreover, various other technology giants are collaborating with the government agencies ramping up its ventilator production. For instance, Koninklijke Philips N.V. (Philips) and the US government teamed to ramp-up ventilator production to battle the COVID-19 pandemic. The one of the major reason for rise in demand for the ventilators is the panic buys situations by the governments of the region. However, the ventilators' demand may reduce due to vaccine development and reduction in the death rates. Thus, demand for ventilators is expected to impact the lowering/stabilization of the COVID19 pandemic curve and, eventually, reduce the need for ventilators.

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