"Designing Growth Strategies is in our DNA"
The global ventilator market size was USD 2.54 billion in 2019 and is projected to reach USD 9.13 billion by 2027, exhibiting a CAGR of 5.0% during the forecast period.
According to the Society of Critical Care Medicine, more than 5 million patients are admitted in ICU each year in the United States. This further leads to an estimated 40.0%-50.0% of these ICU admissions requiring mechanical ventilation. The Rising number of ICU admissions, due to the prevalence of chronic respiratory diseases is leading to an increase in demand for critical care equipment such as incubators, patient monitoring systems, and others. A ventilator is a machine which provides mechanical or artificial ventilation to a patient who is unable to breathe or can breathe partially. There are various modes of ventilation, however, ventilation is primarily termed as invasive, and non-invasive. Non-invasive ventilation modes offer distinct features, however severe and emergency conditions often demand invasive ventilation, owing to clinically proven benefits over non-invasive ventilation. Key market players are investing heavily on R&D with an aim to develop and introduce technologically advanced critical care equipment. For instance, in November 2019, Nihon Kohden launched NKV-550 Series System, offering a full suite of applications necessary in a critical care setting for neonates and adults
With the outbreak of COVID-19, there is an increased demand for advanced medical devices such as critical care equipment to treat infected patients. Intensive care unit equipment such as patient monitors, incubators, etc. are experiencing an increase in demand from countries worldwide, and are focusing on catering to the unmet needs during the global pandemic. Koninklijke Philips N.V., a leading medical device manufacturer, registered a significant increase in order intake in Q1 2020, for its sleep and respiratory care devices offerings which were primarily driven by the rise in demand for ventilators. Additionally, the rising prevalence of COVID-19, has led to a significant increase in the number of ICU admissions globally, subsequently increasing the need for critical care equipment. According to the World Health Organization (WHO), as of May 18, 2020, around 4.7 million patients are suffering from COVID-19 globally. According to another report published by Imperial College London, an estimated 30.0% of hospitalized patients suffering from Covid-19, are at a higher probability of requiring mechanical ventilation.
Currently, there is a massive gap between the availability of ventilators and its demand in various nations worldwide. The global pandemic has exposed the frailties of healthcare systems worldwide, and the sudden increase in the ICU admissions has once again highlighted the lack of healthcare resources including medical professionals, and critical care equipment in various countries. According to the article published by NCBI, currently, there is an estimated 62,000 fully-featured mechanical ventilators installed in the U.S. This is supported by a Strategic National Stockpile (SNS), and around 98,000 non-full-featured ventilators in the country. This takes the total tally of devices capable of providing ventilation to around 200,000 in the U.S. However, according to the various statistics if the COVID-19 virus continues to spread as projected in the U.S., in 2020, around 4.8 million patients would require hospitalization. Additionally, 1.9 million COVID-19 patients would require ICU admissions, and 960,000 would progressively require mechanical ventilation in the U.S. These number of patients would be highly challenging for the country to manage, given the substantially lower number of available devices. This has further led to the rising demand for home care restorative devices such as ventilators and others.
The rising prevalence of COVID-19 globally has visibly exposed the lack of various critical care equipment in hospitals and other healthcare settings globally. This has led the government authorities to scramble and prepare contingency plans to increase the number of available devices per 100,000 people. This has subsequently led to a rapid growth in the demand in 2020.
Request a Free sample to learn more about this report.
Market Players Focusing on Ramping up Production citing the Supply-Demand Gap
The current demand for critical care equipment is very high due to the rising number of patients requiring urgent care. The existing healthcare infrastructure present worldwide is unable to meet the increasing demands and hence require upgrading. Most of the healthcare facilities are focusing on improving the healthcare infrastructure and are investing massively on the same. Majority of the key market players are focusing on expanding their current production capacities, realizing the exponential demand for these devices due to the outbreak of the COVID-19 pandemic. For instance, in March 2020, Medtronic, a leading medical device manufacturer, increased its production by 40.0%. Also, in March 2020, Koninklijke Philips N.V., targeted to increase its production capacity by 4 times, to meet the rising demand. Getinge AB launched a second ramp-up to its production capacity from 10,000 in 2019 to 26,000 ventilators in 2020, an increase in size by 160.0% compared to 2019. Significant demand for new devices from various countries is projected to aid in the expansion of the market during 2020-2027.
Increasing Number of ICU Admissions is Augmenting Demand for Critical Care Equipment
The burden of respiratory diseases is rising globally, owing to numerous factors such as smoking, obesity, and lifestyle changes. According to the Regents of the University of California, in the United States, approximately 4 million ICU admissions are registered each year. In Germany, around 2.1 million patients are admitted in ICU each year, out of which an estimated 42.0% patients require mechanical ventilation. The increasing demand for critical care equipment, due to increasing number of ICU admissions in emerging and developed countries are some of the major factors anticipated to drive the growth of the market. Additionally, the impact of COVID-19, the number of ICU admissions had an additional impact and the need of critical care equipment. According to the Centers for Disease Control and Prevention, as of March 2020, 53.0% of the total COVID-19 cases reported, were admitted in the ICU. The rise in the number of ICU admissions due to COVID-19 is another major factor driving the market.
Introduction of Technologically Advanced Products to Drive Market
Robust research and development on cardiovascular interventions and the introduction of novel devices will boost the market during the forecast period of 2020-2027. Key market players are investing in developing cheaper and new mechanical ventilators. For instance, in May 2020, NASA received an emergency approval from the U.S. Food and Drug Administration (FDA), for the VITAL system for the treatment of patients suffering from COVID-19.
Additionally, in January 2020, Drägerwerk AG launched new ICU ventilators named new Evita V600 and V800. This new product launch will help to support daily clinical tasks in the ICU thereby, spurring the industry growth. In August 2017, Hamilton Medical launched HAMILTON-C6 new generation of high-end ventilators. Introduction of technologically advanced devices by key market players is increasing the demand, thereby promoting growth.
Complications Associated with Ventilator will Challenge Growth
Despite the rising ICU admissions and increasing demand for critical care equipment, certain factors are challenging this market. They cause complications such as bronchopleural fistula, pneumothorax and nosocomial pneumonia and similar complications that result in a decrease in cardiac output, gastric problems and renal impairment, or alkalosis. According to a study published by the American Society of Microbiology, 80.0% of nosocomial pneumonias are associated with mechanical ventilation and are termed ventilator-associated pneumonia (VAP). Around 250,000 and 300,000 such cases are reported each year in the United States. This is one of the major factors causing hindrance to the growth of the market.
To know how our report can help streamline your business, Speak to Analyst
Adult Segment to Grow at Faster Pace during Forecast Period
Based on indication, the market is segmented into adult and pediatric & neonatal. In the U.K., the number of ICU admission is increasing by 2.5% annually. Higher demand for ventilation support in the elderly population being admitted to the ICU, is one of the major factors driving the growth of the adult segment. Moreover, the increasing number of preterm births is propelling the demand for the pediatric ventilators and will help this segment grow at a significant CAGR.
Invasive Segment Held Dominant Share in 2019
Based on interface, the market is segmented into invasive and non-invasive. The invasive segment held dominating share in 2019. The dominance is attributable to the increase in the demand from ICU’s due to the increasing number of patients admitted to the ICU department. In the U.S., around 5 million patients are admitted to ICU each year out which around 45.0% require mechanical ventilation.
The demand for invasive ventilators owing to clinical and operational benefits offered over non-invasive devices, is further fuelled by the current pandemic. There has been a surge in the number of patients suffering from covid-19, being admitted to the ICU and requiring mechanical ventilation. (This addition of the statement above was simple.) For instance, according to an article published by The Lancet in February 2020, out of 710 COVID-19 patients in Wuhan China, 52 patients were admitted to the intensive care unit.
Higher Adoption by Hospitals has led to the Dominance of the Segment in 2019
An increasing number of ICU admissions in hospitals is one of the major elements leading to the rise in demand. Increasing prevalence of respiratory diseases and COVID-19 is also one of the additional factors anticipated to propel the growth of the hospital segments. Additionally, the rising number of hospitals in the emerging countries is likely to increase the demand for the ICU equipment, hence driving the segmental growth. For instance, in September 2019, Aster DM Healthcare, a medical service provider in India and the GCC, announced its plans to open two new hospitals in Bengaluru, India. The Specialty Clinics segment is anticipated to grow at a significant CAGR during the forecast period due to the rising number of well-equipped specialty clinics in developed and developing countries. An influx of private players in the hospitals and healthcare industry in various countries has changed the face of specialty clinics. These clinics have diversified their service offerings, and are more focused towards offering critical care and emergency services as well. This has led to a gradual rise in demand from these settings.
North America Ventilator Market Size, 2019 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
The market size in North America stood at USD 0.88 billion in 2019 and is expected to hold a major ventilators market share due to the increasing number of patients admitted in ICU each year. For instance, according to the Society of Critical Care Medicine around 5 million patients are admitted in ICU each year in the U.S. Also the country has among the highest number of critical care beds per capita, at around 34.7 per 100,000 populations. According to the United States Department of Health & Human Services (HHS), there are only 20.5 ICU beds per 100,000 population, equipped with a ventilator. Additionally, the rising prevalence of COVID-19 in the U.S., has led to an increase in the number of patients admitted to ICU and number of patients requiring mechanical ventilation. The increasing number of ICU admission is anticipated to drive the demand for critical care equipment including these and hence driving the growth of the market in the region. Europe is anticipated to account for the second highest share in the market due to increasing ICU admission in the region. For instance, in U.K and Germany, out of the total hospital admissions in these countries, statistics revealed that 6.7% and 9.0% patients were admitted in the ICU department in 2018. Statistics also suggested that, out of the total ICU admissions in the U.K., around 67.0% admissions required ventilation. The inclining rate of ICU admissions in Europe and need of mechanical ventilation support are some of the major factors anticipated to increase the demand for these devices in the region. For instance, the annual growth rate of the ICU admissions in Europe is 5.0%-6.0% annually. Asia Pacific is expected to grow at a significant CAGR during the forecast period. Increasing number of ICU admission coupled with patients requiring respiratory support, especially in India and China are some of the major factors anticipated to drive the market growth in Asia Pacific. The current outbreak of COVID-19 has led local manufacturers and new startups to develop devices at a low cost. In addition, governments initiatives to boost the production and non-healthcare sector companies are collaborating with healthcare companies to expand the production of these ventilators are among the additional factors boosting the market growth in Asia Pacific. Latin America and Middle East & Africa is anticipated to grow at a slower pace during the forecast period.
Strong Portfolio of Koninklijke Philips N.V., Hamilton Medical AG, Getinge AB and Medtronic has propelled these players to Leading Market Position
Some of the major companies operating in this market are Koninklijke Philips N.V., Hamilton Medical AG, Getinge AB and Medtronic. These players accounted for a dominant share of this market in 2019. These companies strongly focus on the development of novel technologically advanced devices. Other key strategies adopted by players market includes mergers & acquisitions, partnerships, collaborations and geographical expansions.
Additionally, key market players operating in the market are scaling up the production. For instance, Getinge AB, a manufacturer of advanced ventilators for intensive care units, has announced a ramp-up of 160% in the production capacity and rise from 10,000 in 2019 to 26,000 by the end of 2020.
Other key players include Vyaire Medical, Inc., Becton Dickinson and Company, Drägerwerk AG & Co. KGaA, GE Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. and others.
An Infographic Representation of Ventilator Market
To get information on various segments, share your queries with us
This report provides a detailed Ventilator Market analysis and focuses on key aspects such as leading companies, types, interface and end-users. Besides this, the market research report offers insights into the market, current trends, and the impact of COVID-19 on respiratory disorders, and highlights the key industry developments. Furthermore, the report encompasses several factors that have contributed to the growth of the market over recent years.
To gain extensive insights into the market, Request for Customization
Value (USD billion)
Fortune Business Insights says that the global market size was USD 2.54 billion in 2019 and is projected to reach USD 9.13 billion by 2027.
In 2019, the market value stood at USD 2.54 billion.
Growing at a CAGR of 5.0%, the market will exhibit steady growth in the forecast period (2020-2027).
Invasive segment is expected to be leading this market during the forecast period.
Rising prevalence of respiratory diseases and COVID-19 are some of the major factors driving the growth of the market.
Koninklijke Philips N.V., Hamilton Medical AG, Getinge AB and Medtronic plc are some of the leading player in the global market.
North America dominated the market in 2019.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry