Recent market research conducted by FMI indicates a promising future for the Global Medical Ventilators Industry, with a projected worth of US$ 1.7 billion in 2023. This forecast, extending until 2033, anticipates a robust annual growth rate of 9.1%, ultimately surging the market to exceed US$ 4 billion by 2033.
The confluence of rapid urbanization and increasing industrialization worldwide has led to surging construction activities. Unfortunately, it has also resulted in higher carbon emissions. These environmental changes have contributed to a rising trend in respiratory diseases, such as COPD and asthma. As a consequence, the demand for medical ventilators has witnessed a significant upswing.
The COVID-19 pandemic further accelerated this trend, with a sharp increase in the need for medical ventilators. Patients afflicted with COVID-19 often suffer from severe respiratory distress, necessitating the use of ventilators for life-saving support. In response to this crisis, governments worldwide made substantial investments in ventilator procurement. For instance, in April 2020, the United States government awarded contracts worth an astounding US$ 1.1 billion to General Health and Philips for the supply of ventilators. Additionally, Britain procured 300 new ventilators from China in the same month.
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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 Industry:
- 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 Industry 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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