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| Global Mechanical Ventilators Market Size |
Mechanical ventilators are medical devices that are used to support breathing
of critically ill patients suffering from respiratory failure or respiratory
diseases. They facilitate oxygen delivery and carbon dioxide removal from the
lungs when a patient is unable to breathe adequately on their own. Mechanical
ventilation is crucial for patients suffering from lung infections like
pneumonia and chronic obstructive pulmonary disease (COPD), respiratory failure
caused by injuries or illnesses, those recovering from general anesthesia
during surgery, and preterm neonates. The growing prevalence of respiratory
diseases and demand for critical care equipment during medical emergencies has
fueled the need for mechanical ventilators.
The global mechanical ventilators market is estimated to be valued at US$ 5467.52 Mn in 2023 and is expected
to exhibit a CAGR of 5.6% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity:
As an indispensable device for critical care support, there is a considerable
unmet demand for mechanical ventilators, especially in developing regions. The
growing burden of chronic respiratory diseases propelled by aging population,
increasing pollution levels and smoking rates has created a need for reliable
ventilator support. Emerging markets in Asia Pacific and Latin America lack
sufficient critical care infrastructure to address respiratory healthcare needs
of their populations. The growing affordability and awareness regarding
availability of ventilator therapy presents a major market opportunity for
manufacturers to tap into developing countries and address the demand-supply
gap for lifesaving respiratory care equipment. Collaborating with local
hospitals and partners can help establish reliable distribution and service
networks in evolving medical markets and capitalize on the market potential.
Porter’s Analysis
Threat of new entrants: Low due to high capital requirement for manufacturing
and presence of established players. Bargaining power of buyers: Moderate as
there are many national and international players offering ventilators.
Bargaining power of suppliers: Moderate due to presence of many component
suppliers and contracting manufacturing. Threat of new substitutes: Low as
there are limited substitutes for mechanical ventilators. Competitive rivalry:
High due to presence of global players offering technologically advanced
products.
SWOT Analysis
Strengths: Growing geriatric population suffering from chronic diseases,
technological advancements. Weaknesses: High cost of diagnostic procedures,
reimbursement issues. Opportunities: Untapped emerging markets, increasing
healthcare expenditure. Threats: Trade barriers, stringent regulatory
framework.
Key Takeaways
Global
Mechanical Ventilators Market Size is expected to witness high growth
during the forecast period of 2023-2030. The North America region currently
dominates the market due to increasing prevalence of chronic respiratory
diseases and rapid adoption of advanced technologies. By 2024, the market size
is projected to reach US$ 5467.52 Mn.
Regional analysis- North America dominates the global market owing to
increasing healthcare spending and presence of major players. Europe is the
second largest market driven by growing elderly population and supportive
reimbursement policies. Asia Pacific is projected to witness fastest growth due
to improving access to healthcare facilities and rising medical tourism.
Key players operating in the mechanical ventilators market are Fuji Electric
Co., Ltd, Schneider Electric, Mitsubishi Electric Corporation, Toshiba
International Corporation, Siemens AG, Emerson Industrial Automation, ABB Ltd.,
Johnson Controls Inc., American Electric Technologies Inc. (AETI), Rockwell Automation
Inc., General Electric Company, Honeywell International Inc., and Hitachi
Limited. The market players are focused on developing multi-functional
ventilators and expanding geographical presence through collaborations.
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