Mechanical ventilators are life support systems used for providing respiratory support to patients suffering from respiratory disorders or have compromised breathing ability. They deliver pressurized air/oxygen to a patient’s airway and support breathing by inflating the patient’s lungs. Mechanical ventilators help patients with reduced lung function breath until they recover. The rising prevalence of respiratory diseases and increasing number of emergency care facilities have propelled the demand for mechanical ventilators.
The global Mechanical Ventilators Market is estimated to be valued at US$ 5467.52 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increase in demand for emergency care facilities is one of the major trends fueling the growth of the mechanical ventilators market. Respiratory diseases like chronic obstructive pulmonary disease, cystic fibrosis, and pneumonia have increased the requirement of emergency care facilities worldwide. Various governments are undertaking initiatives to improve emergency medical services and set up more emergency hospitals and centers. This is increasing the adoption of mechanical ventilators as they play a critical role in providing respiratory support to patients in emergency situations. The rising number of emergency care facilities is therefore augmenting the demand for mechanical ventilators over the forecast period.
Strength: Mechanical ventilators are reliable life-sustaining devices that can be used for patients suffering from chronic respiratory diseases. They provide respiratory support and help patients breathe.
Weakness: High costs associated with mechanical ventilators limit their widespread adoption. They also require regular maintenance and servicing.
Opportunity: Growing geriatric population and rising prevalence of chronic respiratory diseases are driving the demand for mechanical ventilators. Technological advancements are also enhancing the capabilities of these devices.
Threats: Supply chain disruptions and shortage of critical components during the COVID-19 pandemic impacted the production of mechanical ventilators. Stringent regulatory protocols also increase compliance costs.
Global Mechanical Ventilators Market Size is expected to witness high growth. It was valued at US$ 5467.52 Mn in 2024 and is forecast to reach US$ 8212.58 Mn by 2030, expanding at a CAGR of 5.6% during the forecast period.
North America dominates the global market and is projected to maintain its leading position throughout the forecast period. This can be attributed to factors such as the rising geriatric population, high healthcare spending, and growing prevalence of chronic respiratory diseases in the US and Canada.
Key players operating in the mechanical ventilators market are Fuji Electric Co., Ltd, Schneider Electric, Mitsubishi Electric Corporation, Toshiba International Corporation, Siemens AG, Emerson Industrial Automation, ABB Ltd., Johnson Controls Inc., American Electric Technologies Inc. (AETI), Rockwell Automation Inc., General Electric Company, Honeywell International Inc., and Hitachi Limited. These players are focusing on developing innovative products with advanced features to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it