The mechanical ventilator market has seen rapid growth, rising from $7.79 billion in 2023 to $8.83 billion in 2024, with a CAGR of 13.3%. This growth is driven by healthcare advancements and emergency preparedness. The market is expected to grow to $15.13 billion by 2028, at a CAGR of 14.4%, influenced by AI integration and government healthcare initiatives.
Major Driver In The Mechanical Ventilator Market
The expansion of healthcare infrastructure, particularly in response to the challenges posed by the COVID-19 pandemic, is set to drive growth in the mechanical ventilator market. Healthcare infrastructure serves as the backbone for enhancing public health services, necessitating improvements in planning, delivery, and evaluation. The outbreak of COVID-19 underscored the importance of infrastructure readiness and the urgent need for enhanced healthcare facilities. To address these challenges, governments worldwide, such as India, have initiated substantial programs to bolster health infrastructure, with significant investments earmarked for expanding mechanical ventilator capacity. For example, India's INR 50,000 crore ($6.8 billion) program aims to fortify the country's healthcare infrastructure. Consequently, the ongoing efforts to improve healthcare infrastructure globally are expected to fuel growth in the mechanical ventilator market, reflecting anticipated market sizes for 2023, 2024, and 2028.
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Mechanical Ventilator Market Competitive Landscape
Air Liquide, Medtronic plc, Becton Corporation, Koninklijke Philips N.V., GE Healthcare, Atos Medical, Smiths Medical, Bio-Med Devices Inc., ResMed, Hill-Rom Holdings Inc., Getinge, Dräger, Spirax-Sarco, Chart Biomedical, Fisher & Paykel Healthcare Limited, ZOLL Medical Corporation, Vyaire Medical Inc., Welch Allyn, SCHILLER, Hamilton Medical, Avasarala Technologies Limited, Ventec Life Systems, Allied Healthcare Products Inc., Bunnell Inc., Carl Reiner GmbH, Acoma Medical Industry Co Ltd., Airon Corporation, aXcent Medical GmbH, Trident Medical Innovations
Key Mechanical Ventilator Market Trend
Product innovation is a key trend gaining popularity in the mechanical ventilator market. Companies are investing in the research and development of new products to automate the mechanical ventilators based on frequency, assist control, and time to minimize the ventilator work. For instance, in January 2022, OES Medical, a UK based-manufacturer of anesthesia equipment and accessories, launched Gemini-G100, an electrically driven piston ICU ventilator. The new Gemini-G100 is designed to assist intensive care teams worldwide, where the high-pressure oxygen gas supplies are problematic. It only requires electric power and doesn’t place any demand on the oxygen supply within the hospital.
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Mechanical Ventilator Market Segmentation
The mechanical ventilator market covered in this report is segmented –
1) By Type: Adult Ventilators, Pediatric Ventilators, Neonatal/ Infant Ventilators
2) By Mobility: Intensive Care Ventilators, High-End ICU Ventilators, Mid-End ICU Ventilators, Basic ICU Ventilators, Portable Ventilators
3) By Mode Of Ventilation: Invasive Ventilation, Non-Invasive Ventilation
4) By End-User: Hospitals and Clinics, Home Care, Ambulatory Care Centers, Emergency Medical Service, Other End-Users
By Geography:The regions covered in the mechanical ventilator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the mechanical ventilator market in 2023.
The Mechanical Ventilator Global Market Report 2024 furnishes information about the global mechanical ventilator market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
