The global ventilators market was valued at USD 8.65 billion in 2020 and is expected to grow at a CAGR of 3.3% during the forecast period. Increasing chronic and infectious disease incidences, a growing number in the aging populations, a spike in the number of preterm births, increasing number of ICU beds, evolving technologies of neonatal care, and the advent of the COVID-19 pandemic are some of the key factors that will possibly supplement the growth of the global ventilators market.
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Ventilators are in high demand in the market around the globe. This is due to increasing COVID-19 cases that cause an acute respiratory infection with pneumonia, and these devices are the most common supportive care for critically ill patients. They help or substitute breathing by injecting oxygen into the bloodstream for vital organs. As a result, the market is projected to expand significantly in the coming years. Hybrid respiratory solutions, helmet-based ventilators, wireless networking, 3D printing, and high-performance turbine-based ventilators are some technological advancements that can help the market expand.
The emergence of COVID-19 will be the most important factor that will drive the market during the forecast period. Globally, more than 130 million people are affected by COVID-19 by April 2021. COVID-19 mainly affects the respiratory organs in the affected people. In most cases, there is a low oxygen saturation level that requires immediate hospitalization, and a ventilator is an integral part of treating severe COVID-19 cases.
The increasing cases of COVID-19, respiratory diseases, and emerging technologies have resulted in the introduction of new ventilator products in the market. Fitbit Flow is a low-cost automated resuscitator launched by Fitbit, and the instrument received FDA approval to treat COVID-19 patients in June 2020. In April 2020, Philips increased the production of Philips Respironics E30 ventilator with plans to produce nearly 15,000 units every week to meet the increasing global need due to the pandemic.
In November 2020, Philips launched BiPAP A40 EFL ventilators to extend its homecare solutions COPD by adjusting pressure continuously and optimally based on the need of the patient. Even research institutes are increasingly focusing on developing innovative low-cost ventilator models.
A research team from IISc, India, has successfully developed a prototype of an ICU-grade ventilator within 50 days. The ventilator uses proprietary techniques and algorithms that will correct the ratio of air and oxygen supports in both non-invasive and invasive ventilation in the market.
Governments across the globe are significantly investing to increase the number of ventilators in healthcare facilities in this market. Last year, in April 2020, General Motors entered into a deal with the government to produce 30,000 ventilators for $489.4 million to meet the need of hospitals during coronavirus pandemic. General Electric and Ford Motor also entered into a $336 million federal contract to produce 50,000 ventilators for the US government.
The increasing incidence of chronic and respiratory diseases, growing geriatric population, development of new ventilator technologies, along the emergence of COVID-19 pandemic is expected to drive the global market during the forecast period 2021-2028.
Globally, more than 720 million people are over 65 years of age, and most chronic diseases affect this population in the market. Ventilator is used in the treatment of many chronic diseases which need emergency treatment.
The geriatric population is expected to double by 2050. Chronic respiratory diseases such as COPD are increasing worldwide, and according to research conducted by UK researchers, nearly 550 million people are suffering from COPD globally. It is the third most common cause of death in the year 2019.
The market is primarily segmented on the basis of product, interface, end-use, and region.
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The instruments/ventilator machines segment generated the highest market revenue in 2020, owing to a spike in the number of respiratory disease patients, as well as a surge in the percentage of preterm births and the outbreak of the COVID-19 pandemic. The market segment is further categorized into ICU ventilators, emergency and transport ventilators, and others.
Among these, ICU ventilators generated the highest market revenue in 2020 owing to the high demand for non-invasive ventilators and the rise in patient population. AICU ventilator and NICU ventilators have further categorizations of ICU ventilators, of which AICU occupied a maximum share, in 2020. Ventilator masks generated the largest market revenue in 2020, among various accessories segments owing to increased efficacy and high requirement for non-invasive products.
The hospital market segment generated the highest revenue in 2020. One of the major factors contributing to the surge in demand is an increase in ICU admissions in hospitals. The rising prevalence of respiratory disease and COVID-19 is also the added factor expected to propel the growth of this market segment. The COVID-19 pandemic not only has put a strain on healthcare services but has also enhanced the number of hospital admissions. Furthermore, the growing number of hospitals in developing economies is expected to augment the demand for ICU equipment in this market.
North American region is expected to be the biggest contributor of market revenue share in the global ventilators market due to the modern healthcare infrastructure, increase in geriatric population and chronic respiratory diseases.
The COVID-19 pandemic has badly hit this region. US is the worst-hit nation in the world, with more than 31 million cases detected by April 2021. US is also home to more than 54 million geriatric population in 2020, which is expected to reach 100 million by 2060. There are also more than 16 million people living with COPD.
Asia-Pacific region is expected to be the fastest-growing region in the global ventilators market due to the increase in healthcare infrastructure, rising cases of COVID-19, chronic respiratory diseases, and various collaborations and strategic agreements. India is the third-worst COVID-affected country, with more than 12 million cases by April 2021. In India, the cases of COPD have exponentially increased from 28.1 million in 1990 to 55 million in 2016.
Last year, in June 2020, the government allocated INR 2,000crore for producing 50,000 ventilators indigenously to meet the need of healthcare facilities during a pandemic. China is the major market globally, accounting for one-fifth of that of the globe’s ventilator production. The country is also home to almost 100 million COPD cases which are 8.6% of China's adult population.
There is an increased focus on developing innovative cost-effective ventilators across the globe to meet the urgent need of healthcare owing to the pandemic situation. Many companies, including some of the US-based automotive giants, have switched to the production of mechanical ventilators, which is expected to significantly increase the competition in the global ventilators market.
Some of the Major Players operating in the market include Air Liquide S.A, Airon Corporation, Allied Healthcare Products, Inc., Asahi Kasei Corporation, Avasarala Technologies Ltd, aXcent medical GmbH, Dragerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, General Electric Company (GE Healthcare), Getinge AB, Hamilton Medical, Koninklijke Philips N.V., Metran Co., Ltd., Nihon Kohden Corporation, Resmed Inc., Shenzhen Mindray Bio-Medical Electronic Co., Ltd., Smiths Group plc, Ventec Life Systems, and Vyaire Medical, Inc.
Market size value in 2020
USD 8.65 billion
Revenue forecast in 2028
USD 20.03 billion
3.3% from 2021 – 2028
2016 – 2019
2021 – 2028
Revenue in USD billion and CAGR from 2021 to 2028
By Product, By Interface, By End-Use, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Air Liquide S.A, Airon Corporation, Allied Healthcare Products, Inc., Asahi Kasei Corporation, Avasarala Technologies Ltd, aXcent medical GmbH, Dragerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, General Electric Company (GE Healthcare), Getinge AB, Hamilton Medical, Koninklijke Philips N.V., Metran Co., Ltd., Nihon Kohden Corporation, Resmed Inc., Shenzhen Mindray Bio-Medical Electronic Co., Ltd., Smiths Group plc, Ventec Life Systems, and Vyaire Medical, Inc.