According to FMI’s most recent market research, the global Medical Ventilators Market is anticipated to be worth US$ 1.7 billion in 2023. Between 2023 and 2033, the market is predicted to grow at a 9.1% annual rate. The market is expected to exceed US$ 4 billion by 2033.
Rapid urbanization has resulted in surging construction activities and industrialization. Owing to this, there has been an increase in the carbon emission rate over the past few years. Consequently, lots of people have started suffering from respiratory diseases, like COPD, asthma, etc. These factors have resulted in an increase in the demand for medical ventilators.
The COVID-19 pandemic has surged the market growth. The lungs of patients were getting infected, as a result of which a lot of them had to be kept under ventilators. There have been massive government investments on this front as well. In April 2020, the United States government offered ventilators contract to General Health and Philips worth staggering US$ 1.1 billion. Even Britain secured 300 new ventilators from China in April 2020.
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The market has been witnessing technological advancements of late. The manufacturers have been enhancing the ventilators with sensors. This would ensure almost no interference from human beings. Thus, the human resource can be streamlined and directed to other important areas of the business.
Surging geriatric population across the globe is also expected to surge the sales of medical ventilators. This age group is prone to almost any kind of ailment, especially respiratory issues and cancer cases.
Thus, the FMI analysts believe that, ‘rapid urbanisation, COVID-19 pandemic, technological advancements, and a lot of other factors are expected to propel the medical ventilators market growth during the forecast period.’
Key Takeaways:
- The market is expected to record a growth rate of 9.1%.
- In 2023, the market valuation is expected to be at US$ 1.7 billion.
- By 2033, the market value is expected to surpass US$ 4 billion.
- As per the regional analysis, North America is expected to be the largest market.
- The United States market is expected to grow at 6.8%.
- The United Kingdom market is projected to advance at 5.8%.
- China market is anticipated to surge at 14.7%.
- Japan market is expected to advance at 9.1%.
- South Korea market is anticipated to grow at 8%.
- On the basis of product type, the critical care ventilators are expected to be the leading segment, and may surge at 8.6%.
- On the basis of application, the invasive ventilators are projected to be the dominant segment, and is expected to grow at 7.5%.
- Based on the end user, the hospitals segment is expected to be the leading segment.
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Competitive Landscape
The key players operating in the medical ventilators market are focusing on product innovation. On that basis, they are looking to integrate their products with latest microprocessors. There are also huge investments being made on Research and Development, with an aim to create best quality ventilators. The manufacturers are also investing on tactical mergers and acquisitions, with a view to expand their market share. With a view to achieve sustainable goals, the manufacturers are also looking to cut down green house emissions, and make use of eco-friendly facilities. In order to make new strategic moves, the key players are also roping in some of the most astute minds who have been a part of this niche for decades.
Top players in the market:
- Cardinal Health
- Becton Dickinson and Company
- GE Healthcare
Key developments in the medical ventilators market:
- In October 2022, new research conducted by Cardinal Health highlights rheumatologist’s increasing confidence on biosimilars.
- In January 2023, Michelle Quinn was named as the acting General Counsel for Becton, Dickinson and Company.
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Medical Ventilators Market Segmentation
By Product:
- Critical Care Ventilators
- Transport Ventilators
By Application:
- Invasive Ventilators
- Non-invasive Ventilators
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Long Term Care Centers
- Home Care Settings
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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