The global ventilator market, valued at US$3.86 billion in 2023, is forecasted to grow at a robust CAGR of 4.7%, reaching US$3.71 billion in 2024 and an impressive US$4.66 billion by 2029. The ventilators market has been segmented by type, age group, interface, mode, care settings, and region. The demand for invasive and non-invasive ventilator systems has increased due to the rapidly growing geriatric population and the increasing rates of respiratory diseases such as pneumonia, ARDS, and COPD. In addition, government initiatives, increasing healthcare spending, and the expansion of critical care units have contributed to market growth. However, the high price of ventilator buying, maintenance, and usage is a limitation, particularly in low- and middle-income countries. Also, stringent regulatory norms, product recalls, and ventilator-associated pneumonia (VAP) complications are obstacles to market growth.
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In this report, the ventilators market has been segmented on the basis of type, age group, interface, mode, care settings and region.
Based on interface, the hybrid ventilators segment accounted for the largest share during the forecast period.
Hybrid ventilators command the largest share of the ventilator market as they are handy and can accept invasive and non-invasive ventilation within one single unit. Hybrid ventilators also provide greater health care practitioner versatility, with changes between modes of ventilation possible at any time without interruption based upon the needs of the patient and hence are exceedingly well-suited for use within ICUs, emergency rooms, and home care. Also, hybrid ventilators improve patient outcomes through the provision of tailored ventilation strategies, lung-protective modes, and real-time monitoring capabilities. Their cost savings relative to buying individual invasive and non-invasive ventilators further fuels adoption. The growing incidence of chronic respiratory disorders, rising ICU admissions, and technological improvements in AI-based ventilator technologies further fuel demand. Further, government investments in critical care infrastructure and the trend towards home-based ventilation support fuel market growth. With their efficiency, versatility, and technology, hybrid ventilators are still the first choice and thus the largest segment by interface in the market for ventilators.
Based on mode, the combined-mode ventilators segment accounted for the largest share of the ventilators market.
Mode combined ventilators have the largest market share among ventilators due to the fact that they are able to provide volume-controlled and pressure-controlled ventilation using a single device. The versatility afforded allows caregivers to customize respiratory support based on the needs of the patient, and thus they are best used in intensive care units, emergency wards, and long-term ventilation therapy. These ventilators provide enhanced patient synchronization, enhanced lung protection techniques, and fewer complications, thereby improving overall treatment outcomes. Also, developments in AI-based automation and real-time monitoring further increase their adoption. The rising incidence of respiratory conditions, growing ICU admissions, and increased demand for technologically superior ventilators support market leadership. Further, government investments in critical care facilities and reimbursement policies in favor of advanced ventilator technologies also drive demand. Thanks to their capability of optimizing patient care, enhancing efficiency, and minimizing the requirement for multiple modes of ventilation, combined mode ventilators are still the most popular choice, which makes them the largest segment by mode in the market for ventilators.
The ventilators market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa and GCC Countries on the basis of geographic region.
North America holds the largest share of the ventilators market in 2024. North America is the largest market share holder in the ventilators market based on a number of key factors. The region has a high incidence of respiratory illnesses, including Chronic Obstructive Pulmonary Disease (COPD), acute respiratory distress syndrome (ARDS), and pneumonia, especially among the elderly population in the United States and Canada. Besides, well-established healthcare infrastructure, high visibility of leading ventilator manufacturers, and high usage of advanced medical technology also propel market dominance. Favourable government policies, favourable reimbursement policies, and elevated healthcare spending also support ventilator acquisitions in hospitals and home care. Moreover, the spread of the COVID-19 pandemic led to increased investments in ICU facilities and ventilator inventory piling up, further propelling market growth. With continuous advancements in technology, AI-driven ventilators, and heavy R&D spends, North America is still the revenue and innovation driver of the global market for ventilators.
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Prominent players in this market include ResMed (US), Getinge AB (Sweden), Koninklijke Philips N.V. (Netherlands), Drägerwerk AG & CO. KGAA (Germany), Shenzhen Mindray Bio-Medical Electronics Co., Ltd, (China), Metran Co., Ltd (Japan), MAGNAMED (Brazil), Leistung Ingeniería SRL (Argentina), Avasarala Technologies Limited (India),GE Healthcare (US), Baxter (US), Vyaire Medical, Inc. (US), ICU Medical, Inc. (US), Asahi Kasei Corporation (Japan), Air Liquide (France), Flexicare (Group) Limited (UK), Nihon Kohden Corporation (Japan), Hamilton Medical (Switzerland), Skanray Technologies (India), aXcent Medical GmbH (Germany), Airon Corporation (Florida), TRITON Electronic Systems Ltd. (Russia), Bio-Med Devices, Inc. (US), HEYER Medical AG (Germany) and AgVa Healthcare (India).
Market Ranking:
The ranking of companies in the Ventilators market has been determined through a market share analysis, conducted after thorough secondary research and validated by primary respondents. This ranking considers parameters such as revenue generated from ventilators, product portfolio breadth and depth, innovation, and approvals and launches. Based on this analysis, the top three players leading the market are ResMed (US), Getinge AB (Sweden), Koninklijke Philips N.V. (Netherlands). These companies dominate due to their strong market presence, extensive product portfolios, and continuous innovation in Ventilators market.
ResMed
ResMed provides a broad portfolio of ventilators and has a wide geographic presence across North America, the Asia Pacific, and Europe. ResMed is well-positioned in the ventilators market and focuses on developing new and innovative products. In accordance with this, the company developed and launched several respiratory care products over the last five years. The company’s strategic focus on cloud-connected devices has enhanced patient monitoring and compliance, further strengthening its market position. Additionally, ResMed’s effective navigation of supply chain challenges has enabled it to meet increasing global demand, reinforcing its leadership in the ventilator industry.
Getinge AB
Getinge holds a significant market share in the ventilator market, positioning it as a leading player due to several strategic advantages. The company’s robust product portfolio, including advanced ventilators designed for adult and pediatric patients, has been a key factor in its success. Additionally, Getinge’s focus on emerging markets and local manufacturing initiatives, like establishing the India Innovation Centre, allows it to cater effectively to diverse healthcare needs while enhancing cost efficiency. The integration of digital health solutions and strategic partnerships further strengthens its competitive position, enabling the company to maintain high growth and meet the increasing demand for critical care equipment globally.
Koninklijke Philips N.V.
Philips is a leading provider of medical tools for different healthcare specialties. Philips Respironics, a subsidiary of Philips Healthcare, primarily focuses on providing respiratory care devices. Philips Healthcare has a significant global footprint owing to its strong sales and distribution network. It significantly invests in R&D activities to add innovative technologies and products to its portfolio, which has helped it strengthen its presence in the market. The company also has made significant acquisitions to expand its presence in the ventilators market. For instance, the company’s growth has been fueled by strategic partnerships and collaborations with various companies and organizations such as SinoMed Imaging System, InSightec, the Yale School of Medicine (US), and Hologic, Inc. (US).
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