Mechanical Ventilators Market is Estimated to Witness High Growth Owing to Opportunity to Meet Growing Demand for Critical Care Equipment

Global Mechanical Ventilators Market Size
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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