Demand for Medical Ventilators is Poised to Expand 2.5x to reach US$ 3.6 Billion by 2031

The global demand for medical ventilators market is poised to expand 2.5x to reach US$ 3.6 Bn from 2021 to 2031. As of 2020, the industry was valued at US$ 1.4 Bn, with sales surging rapidly in the wake of the COVID-19 pandemic outbreak. Future demand is highly reliant on the increasing number of patients suffering from chronic obstructive pulmonary disease and asthma.

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Future prospects appear significantly bright, as numerous technological advancements penetrate the medical ventilators domain. For instance, the advent of microprocessor controlled ventilation would enable more efficient care for critically ill patients. From 2021 to 2031, the market will likely expand at a CAGR of 9.9% according to Fact.MR

Key Takeaways of Medical Ventilators Market

• Rising demand due to the COVID-19 pandemic: The medical ventilators market experienced a surge in demand during the COVID-19 pandemic. Ventilators are essential medical devices used to support patients with respiratory insufficiency, including those severely affected by COVID-19. The pandemic highlighted the critical need for ventilators, leading to increased production and procurement efforts globally to meet the overwhelming demand.

• Technological advancements driving innovation: The medical ventilators market is witnessing significant technological advancements, leading to the development of more sophisticated and user-friendly devices. Innovations such as advanced sensors, improved algorithms, and connectivity features are enhancing the performance and functionality of ventilators. These advancements aim to improve patient outcomes, provide better control over ventilation parameters, and enable remote monitoring and data analysis.

• Growing prevalence of respiratory diseases: The increasing prevalence of respiratory diseases, such as chronic obstructive pulmonary disease (COPD), asthma, and respiratory failure, is a major driver of the medical ventilators market. These conditions require respiratory support, and ventilators play a crucial role in managing patients' breathing and improving their respiratory function. As the global burden of respiratory diseases continues to rise, the demand for ventilators is expected to grow.

• Shift towards portable and homecare ventilators: There is a growing trend towards the use of portable and homecare ventilators, allowing patients to receive respiratory support in non-hospital settings. Portable ventilators offer mobility and flexibility, enabling patients with chronic respiratory conditions to maintain their quality of life while managing their condition. The demand for these devices is increasing as healthcare systems focus on transitioning patients from hospital care to homecare, reducing healthcare costs, and improving patient comfort.

• Geographical variations in market growth: The medical ventilators market exhibits regional variations in terms of growth and demand. Developing regions with a high burden of respiratory diseases and limited healthcare infrastructure are witnessing significant market growth as governments invest in expanding healthcare facilities and acquiring essential medical equipment. Additionally, developed regions with aging populations and advanced healthcare systems also contribute to market growth due to the higher prevalence of respiratory conditions and the need for critical care interventions.

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Competitive Landscape

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.

Manufacturers are now focusing on boosting ventilator manufacturing capacity to meet the urgent global demand and stay competitive during the COVID-19 pandemic.

• For instance, Philips Healthcare have developed the Trilogy EV300 ventilator that delivers enhanced performance in non-invasive (NIV) and invasive (IV) ventilation, so patients can be treated with a single device throughout their hospital stay, regardless of changing conditions.

• Similarly, Switzerland-based Hamilton Medical has received FDA approval to bring its medical device, an MR compatible ventilator the HAMILTON-MR1, to the United States. The HAMILTON-MR1 features a gaussmeter that displays the magnetic field's shape and strength around itself, helping clinicians to safely position the unit near the MRI scanner.

Key Companies Profiled:

• Becton Dickinson and Company
• Cardinal Health Inc.
• GE Healthcare
• Koninklijke Philips N.V
• Hamilton Medical AG
• Smith Medical Inc.
• Drägerwerk AG
• Getinge
• Fisher & Paykel Healthcare
• Bunnell Incorporated

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Key Segments Covered

• Product Type

o Critical Care Medical Ventilators
o Transport and Portable Medical Ventilators
o Neonatal Medical Ventilators

• Technology

o Invasive Medical Ventilators
o Non-Invasive Medical Ventilator

• End User

o Medical Ventilators for Hospitals
o Medical Ventilators for Ambulatory Surgical Centres
o Medical Ventilators for Long Term Care Centres
o Medical Ventilators for Home Care Settings
o Medical Ventilators for Emergency Health Services

Key Questions Covered in the Medical Ventilators Market Report:

• What is the projected value of the Medical Ventilators factors Industry in 2022?
• At what rate will the global Medical Ventilators factors market size grow until 2031?
• Which are the factors hampering the growth of Medical Ventilators factors?
• Which region is expected to lead in the global Medical Ventilators factors market by 2031?
• Which are the factors driving the Medical Ventilators factors Industry during the forecast period?
• What is the expected market value of the Medical Ventilators factors market during the forecast period?

Regional Analysis for Medical Ventilators Market:

• APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
• North America (USA, Canada and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, United Arab Emirates, South Africa)

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This release was published on openPR.