Global Ventilators Market Outlook, 2028

Global Ventilators Market Outlook, 2028

In the wake of the COVID-19 pandemic, the ventilator industry has emerged as a critical player in global healthcare. Ventilators, essential respiratory support devices, gained unprecedented attention as healthcare systems around the world grappled with the surge in severe respiratory cases. Beyond the immediate challenges posed by the pandemic, the ventilator industry has witnessed significant transformations, innovations, and a reevaluation of its role in healthcare infrastructure. Ventilators have been instrumental in medical care for decades, with early models dating back to the mid-20th century. Initially designed for surgical anesthesia, these machines evolved to become life-saving devices for patients with respiratory failure. The exponential growth in technology over the past few decades has resulted in a diverse range of ventilators, from basic models for short-term use to sophisticated, computerized systems capable of providing prolonged respiratory support. The ventilator industry comprises a mix of established players and innovative startups. Companies such as Philips Respironics, Medtronic, and GE Healthcare have long been synonymous with ventilator manufacturing. However, the pandemic spurred new entrants and collaborations as governments and private entities sought to address the sudden surge in demand. This led to a temporary disruption in the supply chain but also prompted the industry to adapt and innovate rapidly. Ventilator technology has undergone significant advancements in recent years. Traditional ventilators have been complemented by portable and compact models, enhancing mobility for patients and facilitating home care. Moreover, the integration of artificial intelligence (AI) and smart sensors has enabled ventilators to adapt to individual patient needs, optimizing the delivery of respiratory support. One notable development is the rise of dual-use ventilators, capable of functioning both as invasive and non-invasive devices. This versatility has proven crucial in treating a range of respiratory conditions, providing healthcare professionals with more options for patient care. Major improvements in the treatment of patients with severe respiratory complications have been made possible by technological advancements in microprocessor-controlled ventilation combined with the complexity of new ventilator modes. Upgraded ventilators have many safeguards in place and are prepared for any kind of emergency. There are sensors and monitors for both patient-specific parameters like air pressure, air volume, and flow rate as well as general parameters like air leakage, mechanical failure, power failure, battery backups, oxygen tanks, and remote control.

According to the research report, “Global Ventilator Market Outlook, 2028” published by Bonafide Research, the market is anticipated to cross USD 8 Billion by 2028, increasing from USD 6.07 Billion in 2022. The market is expected to grow with more than 6.49% CAGR by 2023-28. Ventilators are in high demand in the market around the globe. This is due to increasing COVID-19 cases that cause an acute respiratory infection with pneumonia, and these devices are the most common supportive care for critically ill patients. They help or substitute breathing by injecting oxygen into the bloodstream for vital organs. As a result, the industry is projected to expand significantly in the coming years. Hybrid respiratory solutions, helmet-based, wireless networking, 3D printing, and high-performance turbine-based ventilators are some technological advancement that can help the market expands. The emergence of COVID-19 will be the most important factor that will drive the market during the forecast period. The increasing cases of COVID-19, respiratory diseases, and emerging technologies have resulted in the introduction new ventilator products in the market. For instance, In April 2020, Philips increased the Philips Respironics E30 ventilator production with plans to produce nearly 15,000 units every week to meet the increasing global need due to the pandemic. A research team from IISc, India, has successfully developed a prototype of an ICU-grade ventilator within 50 days. The ventilator uses proprietary techniques and algorithms that will correct the ratio of air and oxygen supports in both non-invasive and invasive ventilation in the market. Governments across the globe are significantly investing to increase the number of ventilators in healthcare facilities in this market. In April 2020, General Motors entered into a deal with the government to produce 30,000 ventilators for $489.4 million to meet the need of hospitals during the coronavirus pandemic. General Electric and Ford Motor also entered into a $336 million federal contract to produce 50,000 ventilators for the U.S. government. Furthermore, the increasing geriatric population who are more prone to develop chronic diseases as well as the increasing incidences of chronic conditions, such as chronic obstructive pulmonary disease (COPD), are driving the market’s growth.

North America is expected to account for the primary share of the ventilator market in 2022 due to the ongoing advancements in ventilator technology, such as the development of more sophisticated and portable devices.
North America is expected to dominate the global ventilator market during the forecast period. The growth of the regional market is attributed to increasing prevalence of respiratory diseases, growing geriatric population, presence of developed healthcare infrastructure and the presence of huge number of hospitals and clinics. In addition, rising disposable income, increased adoption of healthcare insurances, and rising healthcare expenditure are the factors which propel the market growth. Additionally, the aging US population, with a higher prevalence of respiratory diseases among the elderly, has created a sustained demand for ventilators. As healthcare facilities continue to prioritize respiratory care and emergency preparedness, the North America ventilator market is expected to maintain its growth trajectory, offering a range of opportunities for manufacturers, suppliers, and healthcare providers alike. The expansion of this segment in North America is due to factors such as a high level of public awareness about the existence of such services. Increased prevalence of chronic obstructive pulmonary disease (COPD) and respiratory illnesses, well-established healthcare infrastructure, and the presence of prominent market competitors in the region are some of the factors driving market expansion. North America is characterized by the rising prevalence of diseases and growing geriatric population which serves as a major factor behind the growth of the ventilator market. Moreover, the presence of developed healthcare infrastructure and presence of huge number of clinics and hospitals has fostered the growth of the market in North America. Increased disposable income, increased adoption of healthcare insurances, and increased healthcare expenditure are the few factors that drives the growth of this region. Furthermore, the increasing number of ICU admissions in the region is fueling the demand.
The dominance of instruments and ventilator machines in the ventilator market is a result of their technological sophistication, versatility, customization capabilities, portability, user-friendly interfaces, integration with telehealth, adherence to regulatory standards, and ongoing investments in research and development.

Modern ventilator machines are equipped with advanced technologies such as artificial intelligence (AI), machine learning, and sophisticated sensors. These features allow for real-time monitoring of patient conditions, adaptive adjustments to ventilation settings, and improved patient outcomes. Many ventilator machines are designed with connectivity features, enabling seamless communication with electronic health records (EHRs) and remote monitoring systems. This facilitates efficient data sharing among healthcare professionals, leading to better coordination and decision-making. Ventilator machines with dual-mode functionality, capable of both invasive and non-invasive ventilation, offer versatility in treating a variety of respiratory conditions. This adaptability is crucial for addressing the diverse needs of patients, making these machines highly sought after in the market. Advanced ventilator instruments allow for precise customization of ventilation parameters based on individual patient requirements. This personalized approach improves the overall effectiveness of respiratory support and contributes to better patient outcomes. Instrumentation and ventilator machines with user-friendly interfaces enhance the ease of use for healthcare professionals. Intuitive controls, touchscreens, and simplified menu navigation contribute to faster setup and adjustments, improving overall workflow efficiency in clinical settings. Advanced ventilator machines often adhere to rigorous regulatory standards, ensuring safety, reliability, and compliance with healthcare guidelines. This is a crucial factor in gaining market acceptance and trust from healthcare professionals and institutions.

By age group, the adult segment was the major contributor in 2022, and is expected to maintain its lead during the forecast period, owing to COVID-19 infection mainly affects elderly people.
The increasing prevalence of respiratory diseases and rising geriatric population are the major factors that are responsible for the growth of the segment. According to the United Nations, the world's population is aging. The number of people aged 65 and older is expected to more than double, from 761 million in 2021 to 1.6 billion by 2050. Hence, the rising demand for ventilators among the geriatric population who are admitted to the ICUs has boosted the growth of the segment. Neonatal segment is expected to grow at a fastest rate during the forecast period. The growth of this segment is attributed to growing incidences of preterm births and the increasing government investments in the development of healthcare infrastructure. The growth is also attributed to the rising number of ICU admissions. The rising demand for the ventilators among the geriatric population who are admitted to the ICUs has boosted the growth of this segment. Adults are more prone to a wide range of respiratory conditions and diseases, such as pneumonia, chronic obstructive pulmonary disease (COPD), acute respiratory distress syndrome (ARDS), and others. These conditions can significantly compromise the ability of the adult respiratory system to function effectively, often necessitating the use of ventilators for respiratory support. Adults are generally more exposed to various environmental factors and pathogens over their lifespan, leading to a higher likelihood of respiratory infections. Infections, such as severe cases of influenza or viral pneumonia, can cause severe respiratory distress and may require ventilator support for adults. Adults are more likely to have pre-existing chronic health conditions that can affect respiratory function. Conditions such as diabetes, cardiovascular diseases, and obesity can contribute to respiratory compromise, making ventilator support necessary in certain situations. On the other hand, the neonatal is estimated to be the fastest-growing segment during the forecast period. This is attributed to the rising incidences of preterm birth across the globe. Moreover, rising government investments in the development of sophisticated healthcare infrastructure is expected to drive the growth of this segment in the upcoming future.

The invasive segment held dominating share in 2022 owing to the increase in the demand from ICU’s due to the increasing number of patients admitted to the ICU department.

The demand for invasive ventilators owing to clinical and operational benefits offered over non-invasive devices is further fuelled by the current pandemic. There has been a surge in the number of patients suffering from covid-19, being admitted to the ICU and requiring mechanical ventilation. The growing prominence of invasive ventilators in the healthcare landscape is attributable to their efficacy in managing severe respiratory conditions, particularly in adults facing acute respiratory distress. Invasive ventilation involves the insertion of an endotracheal tube into the patient's airway, allowing for precise control over the delivery of oxygen and removal of carbon dioxide. This method is indispensable in cases where patients are unable to adequately ventilate their lungs independently due to conditions such as pneumonia, acute respiratory distress syndrome (ARDS), or post-surgical recovery. Invasive ventilation ensures a secure airway, facilitates controlled mechanical support, and allows healthcare professionals to tailor ventilation parameters with precision. The surge in demand for invasive ventilators is also linked to the global increase in respiratory ailments, the impact of the pandemic, and the expanding aging population prone to respiratory challenges. The versatility and life-saving capabilities of invasive ventilators make them a critical tool in intensive care units, emergency departments, and surgical settings, contributing to their growth in the medical technology landscape.
Hospitals segment is expected to dominate the global ventilator market size during the forecast period based on the increasing penetration of hospitals across the globe, rising ICUs beds, rising government and corporate expenditure in the growing number of hospitals and the ICU care in the hospitals.

The growth of hospital end-users in the ventilator market can be attributed to several interconnected factors that underscore the crucial role of ventilators in modern healthcare. Firstly, the increasing prevalence of respiratory diseases, compounded by global health crises like the COVID-19 pandemic, has heightened the demand for advanced respiratory support systems. Hospitals, as primary centers for acute and critical care, have become focal points for managing severe respiratory conditions, thus driving the need for ventilators. Additionally, the aging global population has contributed to a rise in chronic respiratory disorders, necessitating long-term ventilator support that is often administered within hospital settings. The growing awareness of the effectiveness of ventilators in improving patient outcomes and reducing mortality rates further emphasizes their integral role in hospital-based medical interventions. As healthcare infrastructure expands, particularly in developing regions, hospitals continue to invest in upgrading their respiratory care capabilities, fostering sustained growth in the hospital end-user segment of the ventilator market. The evolution of ventilator technologies, coupled with the emphasis on critical care, positions hospitals as pivotal stakeholders in meeting the escalating demand for respiratory support across diverse patient demographics.

Based on the indication, cardiovascular disorders and hypertension play a major role in boosting the ventilator market due to the profound impact these conditions can have on respiratory function.

Cardiovascular disorders, especially congestive heart failure, can lead to the accumulation of fluid in the lungs, causing pulmonary edema. This fluid buildup impairs gas exchange and oxygenation, resulting in respiratory distress. Ventilators become crucial in providing mechanical support to help these patients breathe and maintain adequate oxygen levels. Patients undergoing cardiac surgeries may develop respiratory complications due to the effects of anesthesia, surgical trauma, and the underlying cardiovascular condition. Ventilators are often employed in the postoperative period to support breathing until the patient can regain independent respiratory function. Hypertension and cardiovascular disorders can lead to acute exacerbations of respiratory symptoms, such as exacerbations of chronic obstructive pulmonary disease (COPD) or acute respiratory distress syndrome (ARDS). Ventilators are instrumental in managing these critical situations, providing respiratory support and preventing further deterioration. Cardiovascular disorders and hypertension are more prevalent in the elderly population. As age increases, the risk of both cardiovascular and respiratory complications rises. The elderly are more likely to require ventilator support during acute episodes, contributing to the overall demand for ventilators in healthcare settings. Patients with cardiovascular disorders often have co-existing chronic respiratory conditions, such as chronic bronchitis or emphysema. These individuals may experience exacerbations of respiratory symptoms, necessitating ventilator support during acute phases to prevent respiratory failure. The global burden of cardiovascular diseases is substantial, and hypertension is a widespread health issue. The evolving approach to integrated care recognizes the interconnected nature of cardiovascular and respiratory health. Hospitals and healthcare providers are adopting comprehensive strategies that involve both cardiac and respiratory care, contributing to the growth of the market as an essential component of this integrated care approach.

Market Drivers

• Global Health Emergencies: The ventilator industry has been profoundly influenced by global health emergencies, with the COVID-19 pandemic serving as a stark illustration. The surge in respiratory distress cases during the pandemic underscored the critical role of ventilators in treating severe respiratory illnesses. This surge in demand not only exposed the vulnerabilities in healthcare infrastructure but also acted as a catalyst for innovation and expansion in the ventilator industry. Manufacturers faced the urgent need to scale up production to meet the unprecedented demand, leading to accelerated research and development efforts. The heightened focus on ventilators has not only improved their production capacity but has also spurred advancements in technology, design, and efficiency. The global health emergency has, therefore, become a pivotal driver, reshaping the ventilator industry and emphasizing the need for agile and scalable healthcare solutions.

• Technological Advancements: Innovations in sensors, connectivity, and data analytics have transformed traditional ventilators into smart and sophisticated medical devices. Ventilators equipped with artificial intelligence algorithms and remote monitoring capabilities are becoming increasingly prevalent. These technological advancements offer healthcare providers a more comprehensive and real-time view of patients' respiratory parameters. Smart ventilators not only enhance the precision and effectiveness of respiratory support but also contribute to improved patient outcomes. The integration of cutting-edge technology into ventilator systems reflects a broader trend in the healthcare industry towards leveraging digital solutions to enhance patient care, diagnostic capabilities, and treatment efficacy.

Market Challenges

• Supply Chain Disruptions: The COVID-19 pandemic laid bare the fragility of global supply chains, with shortages of essential components and delays in manufacturing posing significant challenges. The complexity of the supply chain for ventilators, which involves various specialized components sourced from different regions, makes it susceptible to geopolitical, economic, and logistical disruptions. The consequences of supply chain disruptions in the ventilator industry extend beyond delays in production to impact the availability of life-saving devices during critical moments. Addressing these challenges requires a concerted effort to build more resilient and diversified supply chains, reducing dependence on specific regions and suppliers.

• Cost Pressures: Balancing the imperative for technological innovation with the economic realities of healthcare budgets represents an ongoing challenge for the ventilator industry. Ventilators, as sophisticated and life-critical medical devices, often come with a considerable price tag. Healthcare providers and institutions face the challenge of acquiring state-of-the-art ventilators while navigating budget constraints. The pressure to maintain cost-effectiveness without compromising the quality and efficacy of ventilators is a delicate balancing act. Striking this balance is crucial to ensuring widespread access to advanced respiratory support technologies, especially in resource-limited settings. The challenge is not only to develop innovative and feature-rich ventilators but also to make them economically viable for a broad range of healthcare settings.

Market Trends

• Remote Patient Monitoring: A prevailing trend in the ventilator industry is the integration of remote patient monitoring capabilities. This trend aligns with the broader shift in healthcare towards digital solutions and telemedicine. Ventilators equipped with connectivity features enable healthcare professionals to monitor patients' respiratory parameters remotely. This not only facilitates timely interventions but also allows for more efficient use of healthcare resources. The ability to track and analyze ventilator data in real-time contributes to a more comprehensive understanding of patient conditions, enabling personalized and targeted treatment strategies. Remote patient monitoring in ventilators reflects a broader paradigm shift towards patient-centered care and the integration of technology to enhance healthcare delivery.

• Focus on Portability and Versatility: An emerging trend shaping the ventilator industry is the emphasis on portability and versatility. Traditional ventilators, often large and stationary, are being reimagined to be more compact and adaptable. This trend is driven by the recognition of the importance of rapid deployment and flexibility in diverse healthcare scenarios, including emergencies and critical care settings. Portable ventilators facilitate easier transportation, enabling healthcare providers to respond swiftly to evolving medical situations. The focus on versatility means that ventilators are designed to cater to a range of patient needs, accommodating varying levels of acuity and respiratory conditions. This trend not only aligns with the demand for more agile healthcare solutions but also underscores the importance of adaptability in the face of dynamic medical challenges.

Covid-19 Impacts

The most immediate impact of COVID-19 on the ventilator market was the unprecedented surge in demand for ventilators. The respiratory effects of severe cases of COVID-19 often necessitated intensive care and mechanical ventilation. The sudden and overwhelming demand for ventilators exposed global shortages, leading to a race among manufacturers to ramp up production to meet the surge in requirements. Governments and healthcare organizations worldwide faced challenges in securing an adequate supply of ventilators, and this urgency spurred collaborations between public and private sectors, as well as innovations in production processes. Some companies pivoted their manufacturing capabilities to focus on ventilator production, and regulatory agencies expedited approvals to facilitate a faster response to the crisis. The ventilator market faced significant challenges due to disruptions in the global supply chain caused by the pandemic. Shortages of key components, such as sensors, valves, and specialized materials, impacted the production and distribution of ventilators. Countries and manufacturers grappled with logistical issues, transportation delays, and competition for essential components, highlighting vulnerabilities in the interconnected global supply chain. The urgency created by the pandemic spurred a rapid acceleration of technological innovation within the ventilator market. Manufacturers focused on enhancing the functionality, connectivity, and usability of ventilators. Artificial intelligence and remote monitoring capabilities became integral features, allowing healthcare providers to manage ventilated patients more efficiently and minimize exposure risks. The increased adoption of digital solutions not only improved the monitoring and management of ventilated patients but also laid the foundation for future advancements in telehealth and remote patient care.

Competitive Landscape

Some of the major companies operating in the ventilator market are Koninklijke Philips N.V., Hamilton Medical AG, Getinge AB and Medtronic. These players accounted for a dominant share of this market in 2019. These companies strongly focus on the development of novel technologically advanced devices. Other key strategies adopted by players market include mergers & acquisitions, partnerships, collaborations and geographical expansions. Additionally, key market players operating in the market are scaling up the production. For instance, Getinge AB, a manufacturer of advanced ventilators for intensive care units, has announced a ramp-up of 160% in the production capacity and rise from 10,000 in 2019 to 26,000 by the end of 2020. Other key players include Vyaire Medical, Inc., Becton Dickinson and Company, Drägerwerk AG & Co. KGaA, GE Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. and others.

Key Developments

• In December 2022, A soft, robotic implantable ventilator created by MIT researchers was launched that can help the diaphragm contract more naturally.

• In January 2022, ICU Medical acquired Smiths Group plc, aims to support the expansion of ICU Medical’s product line, including infusion therapy and ventilators, thus expanding ICU Medical’s presence in critical care markets.

• In January 2022, OES Medical joined the ABHI UK Pavilion at Arab Health 2022 to launch a new mains-powered ICU ventilator to support hospitals in managing oxygen demand.

• In May 2021, CorVent Medical received CE Mark approval and launched commercial use of its RESPOND-19 Ventilator in Europe. The novel system is designed for easy-to-use, flexible expansion of critical care ventilation capacity to allow hospitals to improve the treatment of critically ill patients suffering from acute respiratory distress syndrome (ARDS).

• In October 2021, GE Healthcare partnered with Apprise Health Insights. The companies together launched Oregon’s Statewide Capacity System to track 7,368 beds and approximately 800 ventilators across 60 hospitals.

Considered in this report:

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:

• Global Ventilator market with its value and forecast along with its segments
• Region & Country-wise Ventilator market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report

• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

By Mobility

• Instruments/ Ventilator Machines
• Portable/transportable Ventilators

By Type

• Adult Ventilators
• Neonata/Infant/Pediatric Ventilators

By Interface

• Invasive Ventilators
• Non-invasive Ventilators
By End- User
• Hospitals
• Ambulatory Surgical Centers
• Home Healthcare
• Others

By Indication

• Cardiovascular Disorders & Hypertension
• Cancer
• Respiratory Diseases
• Diabetes
• Movement Disorders
• Wound Care
• Pregnancy
• Hearing Disorders
• Other Indications (sleep disorders, kidney disorders, neurovascular diseases, and HIV)

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Ventilator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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