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Ventilators Market 2024-2033: Size, Share, Segments, and Industry Growth Forecast
Ventilators Global Market Report 2024
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According to The Business Research Company's, The ventilators market size has grown rapidly in recent years. It will grow from $4.55 billion in 2023 to $5.02 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to respiratory conditions prevalence, surgical procedures, intensive care units (icus), technological advancements, aging population.
The ventilators market size is expected to see rapid growth in the next few years. It will grow to $7.39 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to telemedicine and remote monitoring, personalized medicine, technological innovations, hospital infrastructure investment. Major trends in the forecast period include portable and transport ventilators, advanced ventilation modes, digital health and telehealth integration, innovation in ventilation technologies.
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Market Drivers and Trends:
The rising prevalence of respiratory diseases is driving the ventilators market. Chronic respiratory diseases such as asthma, bronchitis, pneumonia, and others resulting from different bacterial and viral infections and other causes will boost the demand for ventilators. The ventilators are respiratory devices that are used to support respiration in patients with chronic respiratory diseases. For instance, in 2023, according to Australian Institute of Health and Welfare, an Australia-based organization, nearly 30% of Australians said they had long-term respiratory illnesses. 5.1 million Australians (20% of the total population) had allergic rhinitis, also known as 'hay fever,' 2.7 million (11%) had asthma, and 2.0 million (8.0%) had chronic sinusitis, out of the expected 7.5 million people with these disorders (ABS 2022). Coronavirus infects the lungs causing pneumonia and other respiratory disorders affecting patients' respiration. The emergence of such infectious diseases resulting in a pandemic is driving the ventilator market growth.
The companies in the ventilator market are increasingly expanding their ventilator production capabilities realizing the current demand due to the outbreak of the COVID-19 pandemic. COVID-19 is a respiratory disease caused by the coronavirus that infects the lungs causing pneumonia and other respiratory conditions. The patients affected with the virus suffer fromsevere pneumonia and lung dysfunction resulting in the need for ventilator support for respiration. For instance, Medtronic, a leading medical device manufacturer increased its ventilator production by 40%. Also, Philips targeted to increase its ventilator production capacity by 4-fold, to meet the rising demand.
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Major Key Players of the Market:
Philips Healthcare, ResMed Inc., Medtronic plc, Becton Dickinson and Company, GE Healthcare, Hamilton Medical AG, Drägerwerk AG & Co. KGaA, Getinge AB, Smiths Group plc, Fisher & Paykel Healthcare Corporation Limited, Air Liquide S.A., Allied Healthcare Products Inc., Teleflex Incorporated, Mindray Medical International Limited, Vyaire Medical Inc., SCHILLER Healthcare India Private Limited, ZOLL Medical Corporation, Asahi Kasei Corporation, Biovo Technologies Ltd., Breas Medical AB, Enexor BioEnergy LLC, Sechrist Industries Inc., Spiritus Medical LLC, Ventis Medical Inc., Airon Corporation, Beijing Aeonmed Co. Ltd., Demax Medical Technology Co. Ltd., FW Equipment Co. Ltd., Hamilton Medical Inc., Heyer Medical AG
Ventilators Market 2024 Key Insights:
• The ventilators market size is expected to see rapid growth in the next few years. It will grow to $7.39 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• The Role Of Ventilators In Supporting Patients With Chronic Respiratory Diseases
• The Impact Of Covid-19 On The Global Ventilator Market
• Asia-Pacific was the largest region in the ventilator devices market in 2023
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