Market Set for Double Growth by 2030
Medical ventilators have long been central to treating patients in intensive care units (ICUs), providing breathing support for patients with chronic obstructive pulmonary disease (COPD). In the wake of coronavirus pandemic, demand for these ventilators has seen a quantum leap, as the disease is characterized by mild to severe respiratory illness. Future Market Insights, in its new study, forecasts the medical ventilators market to grow two-fold over the next decade, as manufacturers race to ramp up production and meet an exponential increase in demand in 2020. However, a combination of supply chain disruptions and increased number of COVID-19 patients worldwide is widening the gap between demand and supply.
Medical Ventilators Market - Key Research Findings
- The global medical ventilators market in 2019 was valued at ~US$ 1.2 Bn.
- The medical ventilators market is expected to grow at a CAGR of ~8.7% during the forecast period (2020-2030).
- The global outbreak of coronavirus, emergence of next generation medical ventilators, technological innovation, and increase in need for effective respiratory disease treatment are the primary factors driving growth of the medical ventilators market.
- Portable low cost ventilators are marking a promising trend.
- Collectively, Europe and North America are expected to account for more than ½ of the global market value by 2029.
- North America will remain a prominent regional market, due to increasing cases of COVID-19 and rising government funding towards building quality healthcare infrastructure.
- Critical care ventilators are expected to hold about 87% of total revenue share, owing to growing preference for use in intensive care units to provide breathing support to patients who cannot breathe effectively.
- Invasive ventilators continue to influence growth strategies, while stakeholders are capitalizing on non-invasive ventilators, owing to extensive use in chronic respiratory failure, weaning, and for acute respiratory failure.
- Hospitals remain prominent end user for medical ventilators. This is attributed to the availability of medical ventilators and skilled personnel for better clinical management of various diseases.
Key Factors Shaping the Medical Ventilators Market
Growing Preference for Ventilators among Long-term Oxygen Therapy Patients
Long-term oxygen therapy has been found to reduce, overall mortality, improve emotional status and cognitive function in chronic obstructive pulmonary disease patients. This therapy is now recommended by healthcare professionals for COPD patients by current treatment guidelines across the globe. Non-invasive mechanical ventilation has proven to reduce hypoventilation and help functional performance and is recently prescribed on a large percentage for patients with stable COPD in most European countries.
Non-invasive mechanical ventilation would provide physiological and clinical advantages to the long-term oxygen therapy patients and reduce hospital admissions and ICU length of stay. This is expected to provide significant push to the medical ventilators market growth.
Rise in Number of Coronavirus Cases
Thousands and millions of peoples are now dying due to coronavirus pandemic around the world. According to WHO, the number of deaths is estimated about 69,487 within the first three months of 2020. According to an estimation by the Imperial College of London, about 30% of coronavirus diseased patients now require mechanical ventilation. The intensive care units are now overcrowded due to the increasing coronavirus cases. Therefore, there is a huge requirement of many more ventilators to manage the corona pandemic all over the world, which is expected to create lucrative growth opportunities for medical ventilators market players.
Launch of Technological Advanced Medical Ventilators
Development and launch of innovative products as per patients need is the major factor responsible for intense competition among key players in the global medical ventilators market. Several companies are focusing on launching advanced medical ventilators to increase their product sales and profit margins. For instance, In May, 2017, Draegerwerk AG & Co. KGaA launched a robust ventilator “Oxylog VE300” which is a sturdy life saver ventilator that can be used for emergency services
Production Capacity Expansion by Key Market Leaders
The ventilator industry is getting a burst of desperate orders from China, Italy, Germany and the US for the management of patients with severe respiratory illness, amid the coronavirus outbreak. Therefore, manufacturers are focusing to boost up their ventilator manufacturing capacity. For instance, companies such as Medtronic, Koninklijke Philips N.V., and Getinge AB are planning to expand their ventilator production by 40%-60% to supply ventilators in response to the urgent needs across the globe confronting COVID-19.
Medical Ventilators Market Structure Analysis
- Key players continue to improve their revenue share with the launch of new innovative products in the market.
- Major players focus on inorganic growth strategies to make a strong hold on targeted in-licensing and acquisitions and expanding their distribution channels particularly in their specialist retail chains
- The medical ventilators market is characterised as a consolidated market and likely to remain dynamic, growing at steady pace throughout the forecast period.
- Approximately 65% - 80% share of the market is held by tier-1 players.
- Key players continue to focus on expanding their production capacity, expansion of product offerings, and large scale investments on product development.
Base year considered
Actual estimates/Historical data
2015 - 2019
2020 - 2030
Value (USD) Mn
Product, Application, End User, and Region
North America (US & Canada), Europe (UK, Germany, France, Spain, Italy, Russia, BENELUX and Rest of Europe), Latin America (Brazil, Mexico, and Rest of LA), East Asia (China, Japan and South Korea) South Asia (India, Indonesia, Malaysia, Thailand and Rest of South Asia), Oceania (Australia and New Zealand) and MEA (GCC, South Africa, Turkey, Northern Africa and Rest of MEA)
Koninklijke Philips N.V., Draegerwerk AG & Co. KGaA, Medtronic Plc., Getinge AB, Hamilton Medical AG
Major 11 players covered.
Revenue forecast, company share, competitive landscape, growth factors, and trends
Critical Care Ventilators Stay in Greater Demand
Critical care ventilators are witnessing higher demand and investments than transportable ventilators. As 8 in 10 units sold in 2019 were critical care ventilators, manufacturers are specifically focused on this category. With COVID-19 patients overwhelming ICUs, governments and public health organizations are lending a hand in ramping up the production of critical care ventilators. In a bid to support a sudden spike in demand immediately, leading players such as Phillips are adding new manufacturing lines, increasing the number of shifts of its employees, and hiring additional manufacturing workers.
North America at Epicenter of COVID-19 Pandemic and Massive Demand
Accounting for over 30% of the global market value, North America’s medical ventilators market remains at the forefront, propelled in part by the emergence of the U.S. as the worst-hit country by COVID-19. As the nation faces with daunting shortages of medical ventilators, many companies are teaming up with car manufacturers to produce hundreds and thousands more. For instance, General Motors team up Ventec Life Systems, a Washington-based ventilators company to scale up its production capacity using the former’s factories, to address the nation’s shortages
* This data is only a representation. Actual data may vary and will be available in report.
Influx of New Entrants and Low-cost Alternatives to Cause Significant Disruptions
In addition to COVID-19’s toll, the medical ventilators market is witnessing a robust increase in number of new market players, putting a pressure on leading stakeholders to differentiate their products while meeting the growing demand. As governments and health authorities are speeding testing, facilitating access to crucial medical products, and allowing manufacturers to make changes to existing products, various fast produced, low-cost medical ventilators are inundating the marketplace. While these measures help expand production to save numerous lives in COVID-19 pandemic, they are likely to represent potential threat for incumbents in the long-term outlook.
Critical care ventilators remain product of choice
Demand for transport ventilators picks pace
Invasive ventilators take the lead
Adoption of non-invasive ventilators increases rapidly
Hospitals emerge as top end user
Adoption in home care settings remains bullish
How Growth will Unfold
Hospitals account for more than half of the total adoption of medical ventilators. Increased pressure on hospitals to accommodate rapidly growing number of COVID-19 patients has been weighing heavily on the demand for medical ventilators. Moreover, companies are seeking help from non-health industries and universities in a wartime-like effort to add more ventilators to hospitals. Additionally, growing demand from home care services and long term care centers for patients with respiratory issues is likely to result in increased market share over the next decade.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
Custom Market Research Services
FMI offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.
A recent market study published by Future Market Insights (FMI) on the medical ventilators market offers global industry analysis for 2015-2019 & opportunity assessment for 2020-2030. The report consists of a comprehensive assessment of the most important market dynamics. On conducting thorough research on the historical as well as current growth parameters of the market, growth prospects of the market are obtained with maximum precision.
The report features unique and salient factors that may make a huge impact on the development of the market during the forecast period. It can help market players modify their manufacturing and marketing strategies to envisage maximum growth in the market in the coming years. The report provides detailed information about the current and future growth prospects of the medical ventilators market in the most comprehensive way for better understanding of readers.
Medical Ventilators Market Taxonomy
FMI’s study on the market offers information divided into four important segments - product type, technology, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
- Critical Care Ventilators
- Transport Ventilators
- Invasive Ventilators
- Non-Invasive Ventilator
- Ambulatory Surgical Centers
- Long Term Care Centers
- Home Care Settings
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa
The report commences with the executive summary of the medical ventilators market report, which includes the summary of key findings and statistics of the market. It also includes the market value (US$ million) estimates of the leading segments of the market as well as the key trends impacting the market.
Readers can find detailed taxonomy and product definition of the medical ventilators market, in this chapter, which help readers understand basic information about medical ventilators.
This section highlights the key trends impacting the market, which will help readers understand the current trends and their impact on market growth.
This section explains the current and future market volume (in ‘000 Units) projections and the growth trend. Readers can also get knowledge about the current volume of medical ventilators, by region/ country and historical market volume (in ‘000 Units) of global market.
The report covers the pricing analysis of the market on the basis of region and other attributes in this chapter. It will help the reader find comparative analysis of product pricing across different regions of the globe.
This section explains the global market value analysis and forecast for the market during the forecast period. Along with the historical market and opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2020), and an incremental $ opportunity for the forecast period (2020-2030).
This chapter explains the key macroeconomic factors that are expected to influence the growth of the market during the forecast period. The chapter also highlights the major forecast factors that will shape market growth. This section also provides knowledge about value chain analysis of the market. Besides, it provides key dynamics of the market, which include the drivers, restraints, and opportunity analysis. This chapter is expected to enable readers to understand the factors that are propelling the growth of the market, as well as those that are likely to hamper the growth of the market. The opportunity analysis for the will help readers understand the market opportunities, based on which they can plan their strategies.
Based on product type, the market is segmented into critical care ventilators, and transport ventilators. In this chapter, readers can find information about a detailed analysis of the market by different product type and their growth over the forecast period.
Based on technology, the market is segmented into invasive ventilators and non-invasive ventilator. In this chapter, readers can find information on market attractive analysis based on technology.
Based on end user, the market is segmented into hospitals, ambulatory surgical centers, long term care centers, home care settings. In this chapter, readers can find information on market attractive analysis based on end user.
This chapter explains how the market will grow across various geographic regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa (MEA).
This chapter includes a detailed analysis of the growth of the North market along with the country-wise assessment including the U.S. and Canada. Readers can also find key takeaways of this region, and market growth based on product type, end user, and country in the North American region.
This chapter includes the growth prospects of the market in leading countries such as Brazil, Mexico, and the rest of Latin America. Readers can find thorough information about the growth parameters of the Latin America medical ventilators market during 2020-2030.
Important growth prospects of the market based on product type, end user, and country in several European countries such as the U.K., Germany, France, Italy, Spain, Russia, BENELUX, and Rest of Europe are included in this chapter.
Detailed information about factors such as incremental opportunity, Y-O-Y growth, and regional trends that are impacting the growth of the East Asia market are included in this chapter. It also includes the growth prospects of the medical ventilators market in leading East Asian countries such as China, Japan, and South Korea.
India, Indonesia, Malaysia, Thailand, and the rest of South Asia are the leading countries/regions in South Asia that are the prime subjects of assessment to obtain the growth prospects of the South Asia market, in this chapter. Readers can find thorough information about the growth parameters of the South Asia market during 2030.
This chapter consists of important parameters that have a huge impact on the growth of the market in Oceania, based on market segmentation, during the forecast period. The chapter also provides an overview of the drivers, restraints, and trends in the Oceania market.
This chapter provides information on how the market will grow in the major countries in MEA region, such as GCC Countries, South Africa, Northern Africa, Turkey and Rest of MEA during 2020-2030.
This chapter covers the market analysis of competitors based on revenue tiers, single point view of portfolio across industry segments, and their relative market position.
In this chapter, readers can find a comprehensive list of all the leading stakeholders in the market, along with detailed information about each company, including company overview, revenue shares, strategic overview, and recent company developments. Players featured in the medical ventilators market report include Becton Dickinson and Company, Cardinal Health, GE Healthcare, Koninklijke Philips N.V., Medtronic Plc., Hamilton Medical AG, Smiths Medical, Draegerwerk AG & Co. KGaA, Getinge AB, Fisher & Paykel, and Bunnell Incorporated among others.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the report.
This chapter helps readers understand the research methodology followed to obtain various conclusions, important qualitative information, and quantitative information about the medical ventilators market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Product Managers
- Business Development Officers
- Production Managers
- Procurement Heads
- Sales Executives
- Raw Material Suppliers
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Yesteryear Trends
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near-term and Long-term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity of Assumptions
- Industry Publications
- World Health Organizations (WHO)
- National Institute of Health (NIH)
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Company Websites,
Primary Interview Splits