Mechanical Ventilator Market 2020 and Forecast 2021-2027

  • TBI907585
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research

Report Overview: Global Mechanical Ventilator Market

The global mechanical ventilator market size was valued at USD 1.0 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 2.6% from 2021 to 2027. The unprecedented dawn of COVID19 is anticipated to increase the demand by leaps and bounds for the mechanical ventilators. As per the Society of Critical Care Medicine, the current stock of hospital ventilators in 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 1.0 million active COVID-19 cases as of today, and an estimated 960,000 Americans needing mechanical help to breathe during the pandemic as per American Association for Respiratory Care, mechanical ventilators are anticipated to experience a sudden spike in the demand over the coming few months. 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 2021-2027. The evolution of patient-friendly, cost-effective, and portable devices further encourage their usage. 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 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. 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 the systemic and pulmonary circulation. The growing global base of geriatric population is expected to enhance the application of mechanical ventilators, which in turn, is fueling the growth of the market. As per the report published by United Nations in 2017, the global geriatric population was around 962.0 million and by 2050 it is anticipated to grow more than double to reach an estimated population of over 2.1 billion. Increasing geriatric population base requiring long term ventilation is expected to generate the demand for healthcare facilities offering long-term treatment for chronic respiratory conditions. 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 mechanical ventilator market. COPD and sleep apnea are attributed to the greater susceptibility of the geriatric population as a consequence of different immunological conditions. Also, the prevalence of COPD and sleep apnea is almost twice in the elderly population in the age group of 70 years to 80 years.

Product Insights: Global Mechanical Ventilator Market

In terms of revenue, critical care mechanical ventilators lead the market with a share of 40.9% in 2019, due to high adoption and installation rate in hospitals. Critical care mechanical ventilators are majorly used in the hospital’s intensive care units. The rise in the number of hospitals over the forecast period is expected to sustain market growth. The demand for transport and a portable mechanical ventilator is experiencing steep growth owing to their efficiency in a variety of applications in different care delivery settings. The application of transport and portable mechanical ventilators ranges from home care to ambulatory centers. Growth in the market for point-of-care treatment and an increase in cases of medical emergencies are integral drivers of the segment. 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 mechanical ventilators prompt the patients to adopt home care, hence increasing its popularity. Production and technological system upgradation leading to the development of highly compact, robust, and smaller mechanical 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 child bearing with various races.

Regional Insights: Global Mechanical Ventilator Market

North America lead the mechanical ventilators market with a share of 31.7% in 2019 and anticipated to gain 59.0% in 2020. Soaring number of serious critical COVID 19 patients in U.S. (16,514 as of 11 May 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 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 spending, 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 Players & Market Share Insights Manufacturers are bracing up to multiply the production capacity to meet the global rising demand to overcome COVID-19 disease outbreak as follows: The German manufacturer Drägerwerk AG & Co. received an order of around 10,000 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 manufacturing of ventilators. For example, Tesla and Medtronic and General Motors and Ventec Life Systems are teaming up for the production of mechanical ventilators. Some of the prominent players in the mechanical ventilator market include:

Key companies Profiled: Global Mechanical Ventilator Market 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 2027. For the purpose of this study, Trusted Business Insights has segmented the global mechanical ventilator market report on the basis of product and region:

Product Outlook (Revenue, USD Million, 2016 - 2027)

  • Critical care
  • Ventilators
  • Accessories
  • Neonatal
  • Ventilators
  • Accessories
  • Transport & portable
  • Ventilators
  • Accessories
  • Others

Table of Contents 
Chapter 1 Methodology and Scope
  1.1 Market Segmentation & Scope
      1.1.1 Product
      1.1.2 Regional Scope
      1.1.3 Estimates and Forecast Timeline
  1.2 Research Methodology
  1.3 Information Procurement
      1.3.1 Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum)
      1.3.2 IFF Internal Database
      1.3.3 Secondary Sources
      1.3.4 Primary Research
      1.3.5 Det
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