Ventilators Market - Global Outlook & Forecast 2024-2029

INDUSTRY OVERVIEW

The global ventilators market was valued at USD 1.75 billion in 2023 and is expected to reach USD 2.56 billion by 2029, growing at a CAGR of 6.50% during the forecast period. The market is one of the fastest-growing segments in the medical devices market, and the surge in growth is attributable to the prevalence/incidence of COPD patients and the COVID-19 pandemic. Ventilators are vital to healthcare services, from hospitals to ambulatory healthcare services and home care settings. The changing healthcare services in emerging markets and significant achieved development with developed countries consistently drive the ventilator market growth. Further, here are some other conditions such as acute respiratory distress syndrome, asthma, cardiac arrest, pneumonia, collapsed lung, stroke, coma, drug overdose, hypercapnic respiratory failure, lung infection, myasthenia gravis, sepsis, an infection in the blood, upper spinal cord injuries, premature lung development (in babies), etc. that will drive the market consistently in the upcoming period.

MARKET TRENDS & DRIVERS

Growing Demand for Ambulatory & Portable Ventilators
Patients with hypoxemia and chronic respiratory failure may require oxygen therapy and ventilatory assistance to improve alveolar ventilation, rectify anomalies in blood gases (especially hypercapnia), and reduce work of breathing. Light and small oxygen therapy devices and portable ventilators have been developed because of technological advancements to aid patients' mobility and ambulation. On the other hand, daily reliance on a gadget may restrict movement and partially degrade patients' physical activity in daily life (PADL). The use of nocturnal non-invasive ventilation (NIV) in hypercapnic patients appears to improve PADL. In recent years, the surge in demand for ambulatory ventilators is due to the shift of the healthcare environment from hospitals to daycare services such as home care, ambulatory healthcare services, outpatient services, and nursing homes. The rise in patient populations affected by COPD, immunocompromised patients, and cardiogenic pulmonary edema is expected to drive the demand for ambulatory ventilators and support ventilator market growth. COPD is one of the rapidly growing chronic diseases worldwide, which is positively influencing the demand for ambulatory ventilators. In the next 20-30 years, COPD will emerge as the second or third leading cause of death, which will have a positive impact on the demand for ambulatory ventilators.

New Product Launches based on Advanced Technologies
Medical ventilators have evolved significantly over the past decade to optimize gas exchange and minimize ventilator-associated lung injuries. Modern mechanical ventilators allow the manipulation of every aspect of inspiration without altering the expiration except for the magnitude of positive end-expiratory pressure applied. Technological advances will further reduce the footprint of medical ventilators while enhancing the features with advanced blowers, integration of various functionalities, and smart batteries that can work for long hours, independent of electrical and pneumatic sources. In addition, computer-based technology has made the current ventilators more physician- and patient-friendly. Synchronized ventilators with volume control and advanced pulmonary graphics are helping patients wean away from ventilators more easily with lower side effects. Like many technological innovations, the ventilators market recently witnessed the entry of a multi-functional ventilator. Ventec Life Systems introduced the world’s first and only multi-function ventilator, VOCSN.

SEGMENTATION INSIGHTS

INSIGHTS BY INTERFACE
The global ventilators market by interface is segmented into invasive and non-invasive ventilators. In 2023, the invasive ventilators segment was the major revenue contributor due to the rise in the geriatric population, the high prevalence of respiratory disorders, and the increase in the demand for ventilators for emergency medical conditions in the global market. Invasive ventilation helps the patients get adequate oxygen and clear carbon dioxides. These ventilators also give the patient the time to improve and recover their health condition in hopes that breathing format becomes easy and normal again. Further, Hamilton Medical, Getinge, Draeger, Medtronic, Philips, and Resmed are some of the key market players offering invasive ventilators globally.

INSIGHTS BY MOBILITY
The standalone/standard ventilator mobility segment holds the most significant share of the global ventilators market in 2023, and the segment is anticipated to retain its dominance during the forecast period. Standard ventilators are commonly used in hospitals and intensive care units. The rising number of acute care hospitals, multi-specialty healthcare services, and NICUs are the major factors that drive the high adoption of standard ventilators. Furthermore, the high availability of ventilators and the high demand for mechanical ventilation from the patient population have propelled the adoption rate of ventilators. Factors such as the launch of innovative products, adherence to standard practices, and stringent regulations for ventilators have contributed to the availability of high-quality ventilators in the market. Also, standard ventilators are the prime part of emergency healthcare services such as specialty hospitals, nursing homes, and advanced homecare settings.

INSIGHTS BY PATIENT GROUP
The adult patient group segment dominated the global ventilators market share in 2023. Factors like an increasing incidence rate of acute respiratory distress syndrome that are highly found in the adult and elderly population propels the segmental growth. Moreover, as per the National Center for Biotechnology Information report, the incidence rate of acute respiratory distress syndrome (ARDS) increases by age group. Among the adult population worldwide, non-invasive ventilation is commonly used to treat acute care. The innovation and technology upgrades associated with non-invasive ventilators deliver easy application settings, myriad modes, and capabilities designed to improve patients’ adherence to non-invasive ventilation.

INSIGHTS BY APPLICATION
The global ventilators market by application is segmented into critical care, emergency care, home care, and neonatal care. The critical care segment was the major segmental revenue contributor in 2023. Technological advancements led to the upgradation of ventilations such as from tracheostomy tubes to trailblazing ventilation with unique features such as interactive displays and alarms, which significantly impacted the use of ventilators for critical care. Invasive and non-invasive ventilators are widely used to treat patients in critical care departments. In extreme critical situations, invasive ventilation is vital in treating the patients. In the situation where a patient can’t breathe, and their respiration system is partially non-functional, and the patients demand 24×7 aided breathing, the physician primely adopts invasive ventilators.

INSIGHTS BY END-USERS
The global ventilators market by end-users is segmented into hospitals, home care settings, emergency care providers, and others. In 2023, the hospital segment was the major revenue contributor in the global market. Ventilators are vital in hospitals due to the increasing demand for critical care services. The rising number of ICU and NICU wards in hospitals is in high demand for mechanical ventilators, fueling the application rate. Mechanical ventilators are used in hospitals during emergencies where patients find breathing hard or in surgical procedures where patients demand the ventilator’s support. In surgical procedures, general anesthesia sometimes impacts the patient's breathing, demanding ventilator support in hospitals.

GEOGRAPHICAL ANALYSIS

North America holds the most significant share of the global ventilators market, accounting for over 31% in 2023. The increasing prevalence of respiratory disorders and significant production of ventilators to meet the need for ventilators during the COVID-19 outbreak propelled the high market growth. Further, in North America, the U.S. has the highest per capita healthcare expenditure, which triggered the adoption of ventilators in homecare settings and resulted in high demand. This high healthcare expenditure in the U.S. has made the U.S. healthcare system highly complex. Furthermore, North America is a very competitive market, and many big companies are trying to hold their footprint by launching new products in this region to meet growing demand. Hamilton Medical, Koninklijke Philips, GE Healthcare, Medtronic, Resmed, and others are key North American ventilator market vendors.

Europe holds a significant position in the global ventilators market, is growing at a healthy rate, and is expected to grow at a similar pace during the forecast period. The significant share of the region in the global market is mainly due to the increasing geriatric population, rise in COPD cases, and other related chronic respiratory conditions in Europe. Furthermore, the increasing number of critical care beds in this region will drive the high market growth of ventilators. Germany accounted for a higher market share in the European ventilator market. The rapid changes and high COVID-19 surge resulted in high investment in ventilator production. In 2020, the German government supported ventilator production by issuing funds.

VENDOR LANDSCAPE

The global ventilators market is fragmented due to many global, regional, and local vendors offering a wide range of medical ventilators. Hamilton Medical, Medtronic, Vyaire Medical, GE Healthcare, SCHILLER, Koninklijke Philips, and Drägerwerk are some of the key players dominating the global ventilators market. Most prominent players in the market focus on implementing various strategies, such as new product launches and approvals, marketing and promotional activities, acquisitions, R&D initiatives, and strengthened distribution networks to enhance their revenue share and presence in the market. For instance, Koninklijke Philips is a Dutch multinational conglomerate specializing in health technology. The company is focused on delivering healthcare solutions that enable better outcomes across the entire health continuum, including healthy living, diagnosis, treatment, and home care. The company has leveraged the latest technologies, such as AI and data science, to offer deep clinical and consumer insights, which ensure efficient point of care for the patient.