Mechanical Ventilators Market is Estimated to Witness High Growth Owing to Opportunity in Reducing Mortality Rates

Mechanical ventilators, also known as mechanical breathing machines or respirators, are medical devices that provide mechanical ventilation by moving breathable air into and out of the lungs, to deliver breaths to a patient who is physically unable to breathe, or breathing insufficiently. Mechanical ventilators are commonly used in intensive care units for patients with respiratory failure or under anesthesia during surgery.

The global mechanical ventilators market is estimated to be valued at US$ 5467.52 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The growing global geriatric population and increasing prevalence of respiratory diseases has led to rise in demand for mechanical ventilators globally. As per estimates, over 26 million people suffer from respiratory failure each year worldwide which requires use of mechanical ventilators. Advanced technology mechanical ventilators that optimize ventilator settings helps in reducing mortality rates from respiratory failure. The integration of technologies such as sensors and chips in ventilators to monitor vital parameters in real-time and adjust ventilation accordingly, presents an opportunity to reduce ventilator associated mortality and associated healthcare costs significantly over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the mechanical ventilators market is moderate. Developing a ventilator requires technical expertise and significant capital investments for R&D and manufacturing facilities. However, the rising demand and growth opportunities have encouraged new companies to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high in the mechanical ventilators market. Buyers have moderate switching costs and a sufficient number of providers to choose from. Buyers can negotiate on price and demand additional features.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While there are many component suppliers, key suppliers of ventilator parts like sensors and electronic controls have some bargaining power due to their technical expertise.
Threat of new substitutes: The threat of new substitutes is low as there are no close substitutes that can replace mechanical ventilators for life-threatening respiratory diseases.
Competitive rivalry: The competitive rivalry in the market is high owing to the presence of several global and regional players. Companies compete based on product features, pricing, quality, customer support, and innovation.

SWOT Analysis
Strengths: Mechanical ventilators are clinically validated life-saving devices for critically ill patients suffering from acute respiratory conditions. Technological advancements help achieve better treatment outcomes.
Weaknesses: Ventilator therapies are highly complex and require skilled professionals for operation and monitoring. Incidence of ventilator-associated pneumonia can lead to increased healthcare costs and mortality risks.
Opportunities: Rising ICU admissions, increasing geriatric population, and growth in respiratory disease burden in developing nations will boost demand. There is scope for portable emergency ventilators.
Threats: Stringent regulatory approvals and quality standards increase compliance costs. Supply chain disruptions and rising raw material prices are challenges faced by manufacturers.

Key Takeaways
The Global Mechanical Ventilators Market Size is expected to witness high growth owing to the escalating prevalence of respiratory diseases worldwide, particularly in the wake of the COVID-19 pandemic. The global mechanical ventilators market is estimated to be valued at US$ 5467.52 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period from 2023 to 2030.

Regional analysis: North America dominates the market currently due to the region's high healthcare expenditures and technological advancements. However, Asia Pacific is expected to grow at the fastest pace during the forecast period driven by expanding medical infrastructure, growing public health awareness, and rising healthcare investments in countries like China and India.

Key players: Key players operating in the mechanical ventilators market are Philips Healthcare, ResMed, Medtronic, Fisher & Paykel Healthcare, Dräger, and Hamilton Medical. Philips introduced new emergency use ventilators and ramped up production capacities during the pandemic. Hamilton Medical launched a low-cost ventilator for hospitals in developing nations.