Market Size of Global Mechanical Ventilators Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 7.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Mechanical Ventilators Market Analysis
The mechanical ventilators market is expected to register a CAGR of 7.5% during the forecast period (2022 - 2027).
The COVID-19 outbreak has had a positive impact on the mechanical ventilators market due to the increased use of mechanical ventilators in the management of the disease. For instance, according to a research study by Yang Wang et al., published in the American Journal of Respiratory and Critical Care Medicine, in February 2020, 23 (65.7%) patients received invasive ventilation in China. In addition, as per the same source, a total of 134 (40.6%) patients were treated with mechanical ventilation (either non-invasive or invasive), of which 34 received treatment with non-invasive ventilation, whereas 100 patients were given invasive ventilation. Also, the COVID-19 outbreak has increased the demand for respiratory devices like ventilators. For instance, in March 2020, Zoll Medical Corporation planned to increase manufacturing capacity to 10,000 ventilators per month. This production volume expansion helped treat patients suffering from COVID-19, and it may ultimately lead to market expansion. However, this sudden increase in demand for mechanical ventilators is expected to decline with the decline in COVID-19 cases and severely and further, with the ongoing large-scale vaccination program, the demand for mechanical ventilators is expected to reach back to the pre-COVID-19 times and witness a normal growth over the forecast period.
Furthermore, the increasing geriatric population who are more prone to develop chronic diseases as well as the increasing incidences of chronic conditions, such as chronic obstructive pulmonary disease (COPD), are driving the market's growth. For instance, according to the statistics published by the Australia Bureau of Statistics, in March 2022, 17.6% of females and 10.7% of males aged 75 years or above were having asthma in 2020-2021, in Australia. Also, as per the research study published by the European Respiratory Society (ERS), in September 2021, titled "An estimate of the European prevalence of COPD in 2050", an estimated 36,580,965 Europeans were living with chronic obstructive pulmonary disease in 2020, and this number is projected to reach 49,453,852 people by 2050. Thus, the increasing burden of respiratory diseases among the population is expected to increase the demand for ventilators, thereby propelling the market growth.
However, the highly expensive materials and processes involved in the manufacture of ventilators and higher cost of healthcare systems as well as increasing incidences of ventilator-associated pneumonia are likely to restrain the market growth.
