Future Market Insights (FMI) has unveiled its latest market research, revealing a robust growth trajectory for the global medical ventilators market. According to the research, the market is projected to reach a valuation of approximately USD 1.7 billion in 2023 and is anticipated to expand at a remarkable compound annual growth rate (CAGR) of 9.1% from 2023 to 2033.
By 2033, the medical ventilators market is expected to exceed USD 4 billion, driven by increasing healthcare needs and advancements in medical technology. This growth is reflective of the rising demand for advanced respiratory support systems due to a variety of factors including the growing prevalence of chronic respiratory diseases, the impact of global health crises, and ongoing technological innovations.
The impact of the COVID-19 pandemic has further accelerated market growth. As a result of viral infections, many patients have required ventilator support. In response, governments around the world have made significant investments in medical ventilator procurement. For instance, in April 2020, the United States government entered into a US$ 1.1 billion contract with General Health and Philips to bolster ventilator supplies. Additionally, in the same month, the United Kingdom secured 300 new ventilators from China.
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.
The 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.’
Medical Ventilators Market 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’s market is anticipated to surge by 14.7%.
- Japan’s market is expected to advance at 9.1%.
- The South Korean market is anticipated to grow at 8%.
- Based on product type, critical care ventilators are expected to be the leading segment and may surge at 8.6%.
- Based on application, invasive ventilators are projected to be the dominant segment and are expected to grow at 7.5%.
- Based on the end user, the hospital segment is expected to be the leading segment.
Medical Ventilators Market 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 the latest microprocessors. There are also huge investments being made in Research and Development, to create the best quality ventilators. The manufacturers are also investing in tactical mergers and acquisitions, to expand their market share. To achieve sustainable goals, the manufacturers are also looking to cut down greenhouse emissions and make use of eco-friendly facilities. 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 in biosimilars.
- In January 2023, Michelle Quinn was named as the acting General Counsel for Becton, Dickinson, and Company.
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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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