The global medical ventilators market size was US$ 1.9 billion in 2021. The global medical ventilators market is forecast to grow to US$ 3.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Medical ventilators help patients by reducing the energy used by the patient for breathing. In addition, it helps people fight infection or recover rapidly. The health benefits of medical ventilators are forecast to drive the growth of the market.
The increasing advancements in the sector are likely to benefit the global medical ventilators market. The growing demand for automation is forecast to boost the growth of the medical ventilators market.
The growing prevalence of respiratory diseases is forecast to fuel the growth of the global medical ventilators market. In addition, beneficial government initiatives for boosting healthcare expenditure will also benefit the medical ventilators market.
The rising cases of premature births will contribute to the growth of the global medical ventilators market. In addition, limited reimbursement to patients may restrict the growth of this market.
COVID-19 Impact Analysis
The COVID-19 pandemic has created an emergency for the worldwide health system. Nonetheless, because of the rising incidence of COVID-19, the demand for ventilators increased steeply. A wide range of COVID-19 patients was admitted to ICU. As a result, it surged the demand for ventilators. Thus, the global medical ventilators market witnessed significant growth. On the contrary, stringent rules established by the government interrupted the production activities, which ultimately challenged the growth of the global medical ventilators industry.
Simultaneously, the rising number of instances of the current pandemic has compelled government agencies to increase the trade for ventilators and other critical healthcare supplies. Thus, numerous domestic and international manufacturers have enhanced their capacity to make ventilators to support and diagnose patients in the recent pandemic outbreak. Thus, all of this contributed to the growth of the global medical ventilators market.
Regional Analysis
North America is forecast to hold the highest market share in the medical ventilators market. The market expansion is attributed to the increasing number of technological developments and the presence of prominent market players in the region. In addition, the growing prevalence of diseases and the increasing spending on healthcare will benefit the global medical ventilators market.
Competitors in the Market
Market Segmentation
The global medical ventilators market segmentation focuses on Technology, Product, Application, End-Use, and Region.
Based on technology, the medical ventilators market has been segmented into –
Based on product, the medical ventilators market has been segmented into-
Based on application, the medical ventilators market has been segmented into-
Based on end-use, the medical ventilators market has been segmented into-
Based on end-use, the medical ventilators market has been segmented into-
