Mechanical Ventilator Market Size, Share & Trends Report

Mechanical Ventilator Market Size, Share & Trends Analysis Report, By Product (Critical care, Neonatal, Transport and Portable), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2021 - 2028

  • Published Date: Feb, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-543-4
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 150

Report Overview

The global mechanical ventilator market size was valued at USD 7.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2021 to 2028. The unprecedented dawn of COVID19 is anticipated to increase the demand by leaps and bounds for mechanical ventilators. As per the Society of Critical Care Medicine, the current stock of hospital ventilators in the U.S. is around 160,000 units in the 2020 Q1. An additional stockpile of 12,700 with Strategic National Stockpile (SNS) would be made available in grim situations. Over 6.09 million active COVID-19 cases as of August 2020, and an estimated 960,000 Americans needing mechanical help to breathe during the pandemic as per the American Association for Respiratory Care. Mechanical ventilators thus experienced a sudden spike in the demand in 2020.

North America mechanical ventilator market size, by product, 2016 – 2028 (USD Million)

The intuitive measures adopted by the government and the manufacturers to curb the initial unpreparedness for the pandemic resulted in an inflow of mechanical ventilators at an expedited rate. However, mechanical ventilators’ coronavirus wave is anticipated to crest by mid-year 2021 or 2022, owing to the development of the Covid-19 vaccine coupled with effective therapeutic options to treat mild to moderate symptoms of the infection. In addition, there is an expected decrease in the infection rate of coronavirus due to high awareness amongst the population and adherence to physical distancing measures.

To restrict the spread of this pandemic, governments in various countries have implemented strict measures including social distancing. In a welcome move, the U.S. FDA temporarily waived off its enforcement and inspection requirements, which would be helpful for cross-industry manufacturers to fabricate much-needed components for mechanical ventilators and other critical care equipment. Supportive and timely regulatory policies by the government are anticipated to provide a growth platform for this market in the coming financial year; thereby, affecting the growth rate over the forecast year.

Increase in incidence of Chronic Obstructive Pulmonary Disease (COPD), rapid growth in the geriatric population, technological innovation, and rise in the incidence of respiratory emergencies in respiratory care devices are the major factors that will drive the market over the forecast period. The evolution of patient-friendly, cost-effective, and portable devices further encourage their usage.

Increasing geriatric population base requiring long term ventilation is expected to drive the demand for healthcare facilities offering long-term treatment for chronic respiratory conditions. An increasing need for emergency treatment for prolonged illnesses and protracted treatment associated with lung diseases in children as well as adults is expected to drive the growth of the market.

Extensive evolution of mechanical ventilators in terms of efficiency, design, safety resulted in many significant benefits such as improved weaning, better gas exchange, better oxygenation, and least damage to the lungs. Integration of high-speed signal processing and on-board intelligent firmware in mechanical ventilation has resulted in offering other benefits such as minimal side effects and lower adverse effects on systemic and pulmonary circulation.

Product Insights

In terms of revenue, critical care ventilators dominated the market with a share of 40.1% in 2020, due to high adoption and installation rate in hospitals. Critical care ventilators are majorly used in hospital intensive care units. The rise in the number of hospitals over the forecast period is expected to sustain the market growth.

The demand for transport and portable mechanical ventilator is experiencing steep growth owing to their efficiency variety of applications in different care delivery settings. The application of transport and portable ventilators ranges from home care to ambulatory centers. Growth in the market for point-of-care treatment and increase in cases of medical emergencies are vital drivers of the segment growth. Hospitals are encouraging the usage of portable mechanical ventilators to provide convenient and faster care to patients from an ambulance to the hospital bed. Portable ventilators prompt the patients to adopt home care, hence increasing its popularity.

Global mechanical ventilator market share, by product, 2020 (%)

Production and technological system up-gradation leading to the development of highly compact, robust, and smaller ventilators providing high performance are expected to drive the growth of the segment. The neonatal population growth would be driven due to an increase in the fertility rate of women and an increase in the age of childbearing with various races. The rising prevalence of neonate mortality along with increasing cases of preterm births with respiratory disorders is expected to boost the market growth of the neonatal segment in coming years. Each year around 15 million preterm birth happens which has its own complications leading to death.

The ventilator accessories are inclusive of breathing circuits, endotracheal tubes, respiratory masks, expiratory valves, humidifiers, etc. Increasing usage of these accessories to control ventilator-associated pneumonia is contributing towards the lucrative growth of ventilator accessories in coming years.

Regional Insights

North America dominated the mechanical ventilator market and accounted for the largest revenue share of 60.0% in 2020. A soaring number of serious critical COVID-19 patients in the U.S. (4,813,647 as of 3 August 2020) along with the presence of leading manufacturers is attributed to this dominance. Additionally, the U.S. automotive giants like Tesla, Ford, and GM have switched to the production of medical supplies such as masks, mechanical ventilators, and other medical devices. This, in turn, is further expected to provide a significant growth trajectory to this regional market in the next financial quarters.

In the Asia Pacific, the market is anticipated to witness a significant growth rate over the forecast period owing to increasing cases of COVID 19, chronic respiratory diseases, rising healthcare expenditure, and various collaborations and strategic agreements. For instance, Air Liquide, in 2017, acquired OxyMaster and Sogo Sangyo Kabushiki Kaisha to expand the household healthcare product portfolio across the Asia Pacific.

Also, the growth within this region is attributed to the development of infrastructure and healthcare policies promoting better care provided to individuals. The rising trend of lifestyle habits such as smoking and genetic allergy developments expediting the number of cases of respiratory disorders further promotes market growth. China’s Five Year Plan from 2016 includes various healthcare reforms that support the expansion of the market within the region. Over the next seven years, according to various economic reports, healthcare spending per capita is expected to rise for developing nations of the continent, providing a lucrative profit for the market.

Key Companies & Market Share Insights

Manufacturers are bracing up to multiply the production capacity to meet the global rising demand to overcome the COVID-19 disease outbreak as follows:

  • The German manufacturer Drägerwerk AG & Co. received an order of around 10,000 mechanical ventilators from the government of the U.K., which is equal to its annual production capacity.

  • Hamilton Medical has accelerated the normal production of some 15,000 mechanical ventilators annually by 30.0% - 40.0% and is now producing about 80 mechanical ventilators daily. This company shipped around 400 ventilators to Italy in March 2020.

  • Siare Engineering International Group s.r.l., an Italy-based ventilator manufacturer, is working with 25 army technicians to ramp up its production to meet the unprecedented demand for mechanical ventilators in the country.

  • Moreover, automobile manufacturers are offering their assembly lines to aid in the production of ventilators. For example, Tesla and Medtronic and General Motors and Ventec Life Systems are teaming up for the production of mechanical ventilator.

Market is moving towards saturation, as various manufacturers have speed up their production capacities to meet the existing demand and there will ample availability of ventilators post covid-19 situation. However, as the prevalence of chronic diseases is expected to be rising there will be always a demand for critical care units like ventilators in the coming years. Moreover, with technological advancements, the demand for low cost and advanced feature ventilators is anticipated to increase over the forecast period. Some of the prominent players in the mechanical ventilator market include:

  • Getinge AB

  • Medtronic

  • Vyaire Medical Inc.

  • Drägerwerk AG & Co. KGaA

  • Koninklijke Philips N.V.

  • Hamilton Medical

  • GE Healthcare

  • Smiths Medical

Mechanical Ventilator Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 5.8 billion

Revenue forecast in 2028

USD 3.9 billion

Growth Rate

CAGR of 4.9% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; U.K.; France; Italy; Spain; China; Japan; India; Thailand; South Korea; Brazil; Mexico; Argentina; Colombia; South Africa; Saudi Arabia; UAE

Key companies profiled

Getinge AB; Vyaire Medical Inc.; Medtronic; Drägerwerk AG & Co. KGaA; GE Healthcare; Koninklijke Philips N.V.; Smiths Group plc; Hamilton Medical; ACOMA Medical Industry Co., Ltd.; ResMed Inc.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global mechanical ventilator market report on the basis of product and region:

  • Product Outlook (Revenue, USD Million, 2016 - 2028)

    • Critical care

      • Ventilators

      • Accessories  

    • Neonatal

      • Ventilators

      • Accessories              

    • Transport & portable

      • Ventilators

      • Accessories  

    • Others 

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • India

      • China

      • Japan

      • Thailand

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

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