by The mechanical ventilator is a life-saving device supporting respiration for patients dealing with respiratory failure or depressed breathing due to several disease conditions. Mechanical ventilators deliver breaths to the lungs either continuously or intermittently, dependent on the patient’s condition and requirements for breathing assistance. They are specifically designed for use in critical care settings such as hospitals and emergency medical facilities. Mechanical ventilators come equipped with advanced monitoring features and alarms help caregivers closely track patients’ ventilation needs.
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 key trends:
One of the key trends driving growth in the mechanical ventilators market is the increasing prevalence of chronic respiratory diseases worldwide. According to the Global Asthma Report 2018, asthma currently affects around 339 million people globally. Similarly, as per the Global Burden of Disease Study, chronic obstructive pulmonary disease (COPD) affected over 251 million people in 2016. The growing geriatric population is another major driver as older adults are more prone to respiratory conditions and more likely to require ventilator support in critical care. Portable and home care ventilator devices are gaining popularity for their convenience and ability to facilitate early discharges. Technological advancements are also transforming the market with new features like advanced ventilator modes, closed-loop ventilation control, minimally invasive ventilation, and integrated monitoring systems.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as achieving economies of scale and branding is difficult for new players due to high research and development costs involved in manufacturing customized mechanical ventilators.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of several large players operating in the market providing a wide variety of ventilators. Buyers can negotiate on price and customized product offerings.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials used for manufacturing ventilators like plastic, copper, and steel.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives available for mechanical ventilators used widely for treating respiratory diseases.
Competitive rivalry: The competitive rivalry is high among leading players due to their global presence and technological innovations.
Key Takeaways
The Global Mechanical Ventilators Market Size is expected to witness high growth.
Regional analysis: Asia Pacific is expected to witness the fastest growth during the forecast period. Improving healthcare infrastructure and growing incidence of respiratory diseases are driving the growth in the region.
Key players: 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. Fuji Electric Co., Ltd specializes in manufacturing systems integration for mechanical ventilators.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
