Transparency Market Research (TMR) has published a new report titled, ‘Mechanical Ventilators Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global mechanical ventilators market was valued at US$ 1.9 Bn in 2018 and is projected to expand at a CAGR of above 12.8% from 2019 to 2027.
- Mechanical ventilation refers to artificial breathing devices that are utilized by patients that are unable to breathe naturally due to acute medical conditions.
- Technological innovations in the last few decades have revolutionized the mechanical ventilators market, in terms of usage settings of these devices. Development in the technology and design of ventilators has expanded the use of mechanical ventilators not only in hospitals, but also in transport and home care settings.
- North America dominated the global mechanical ventilators market in 2018 and the trend is anticipated to continue during the forecast period. Quick adoption of advanced product and strong government support in terms of investment is boosting the growth of mechanical ventilators market in North America.
- However, Asia Pacific is likely to be a highly lucrative market for mechanical ventilators and it is expected to expand at a high CAGR during the forecast period
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Technological Advancement – Drives the Market
- Critical care ventilators have undergone extensive evolution in their design, safety, and efficiency since their introduction. Integration of high-speed signal processing and on-board intelligent firmware in mechanical ventilation have resulted in offering certain clinical benefits such as faster weaning, better gas exchange and oxygenation, least damage to lungs, lesser side-effects, and minimal adverse effect on systemic and pulmonary circulation.
- Ventilator manufacturers and assemblers in developing countries, such as India and China, have increased their efforts toward creating low-cost non-invasive ventilation solutions in order to cater to the local needs and bring flexibility in patient care.
- Small local players are efficiently catering to the customization needs of their local markets through collaborations and partnerships, which the global companies do not find as a monetarily viable option.
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Critical Care Ventilators Segment to Dominate Market
- Based on product, the critical care ventilators segment accounted for the largest share of the mechanical ventilators market in 2018, rapid rise in the geriatric population, increase in incidence of chronic obstructive pulmonary disease and other respiratory emergencies, and technological innovation in respiratory care devices are major factors that are expected to drive the segment during the forecast period
Non-invasive Ventilators Segment to Dominate Market
- In terms of interface, noninvasive ventilators segment accounted for a dominant share of the market in 2018. Added portability in traditional invasive ventilators has paved the way for the introduction of non-invasive mechanical ventilators, and thereby, has fuelled the market.
- The introduction of new portable and non-invasive ventilators has revolutionized the mechanical ventilators market; factors such as reduction in infection risk, patient’s ability to speak and swallow, and lesser need for sedation, drive the demand for non-invasive ventilators in the market.
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Hospitals and Clinics to be Highly Lucrative Segment
- Based on end-users, the hospitals segment held the largest share of the market in 2018 due to increase in the number of critically ill patients as well as rising number of hospitals beds globally.
- Furthermore, huge budgets of hospitals allow them to cater to the demands of patients for better quality outcomes.
North America to Dominate Global Market
- In terms of region, the global mechanical ventilators market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global mechanical ventilators market in 2018, followed by Europe.
- North America accounted for major share of the global mechanical ventilators market in 2018, as the region has always been on the leading edge of medical device technology and adoption.
- Key players are investing to expand their reach and strengthen their market position in North America market through new product development and approvals.
- The global mechanical ventilators market is fragmented in terms of number of players. Key players in the global market include Teleflex Incorporated, VYAIRE, Dragerwerk AG & Co. KGaA, GE Healthcare, Medtronic plc, Koninklijke Philips N.V., Smiths Medical, ResMed Inc., Bunnell Inc., and Getinge AB. among others among others
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