Ventilator Market: Current Analysis and Forecast (2021-2027)

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A ventilator, breathing machine, or respirator is a machine that assists with breathing. It is mainly used in hospitals to treat chronic obstructive pulmonary disease (COPD), sleep apnea, acute lung injury, and hypoxemia. The market is experiencing significant growth on account of the rising incidence of Asthma and COPD cases, rise in the aging population, increasing prevalence of tobacco smoking, growing urbanization and pollution, and lifestyle changes.

Ventilator Market is expected to exceed the market valuation of more than US$ XX billion in 2027 and is expected to grow at a significant CAGR of 8% during the forecast period (2021-2027). The surging elderly population along with the growing incidence of chronic respiratory disorders is anticipated to boost the demand for ventilators. Significant rising awareness of lung cancer symptoms and an increase in hospital admissions will fortify the demand for excellent treatment choices offering enormous growth opportunities. Furthermore, the global market is witnessing an uptick on account of the surging prevalence of the cardiovascular disease, the aging population, and other cardio-related problems that increases the possibility of cardiac arrest. As per the WHO, CVDs are the number 1 cause of death globally and approximately 31% of total deaths happened due to CVDs. Moreover, the rising global aging population who are more prone to the diseases are acting as a growth catalyst to the industry.

With the increase in population and urbanization, air pollution is becoming the major public health concern all over the world. Exposure to the harmful chemicals present in the air leads to significant adverse effects on health. Air pollutants are the major cause of asthma and chronic obstructive pulmonary disease (COPD) like chronic diseases. These pollutants not only lead to the acute aggravation of Asthma and COPD attacks but also increases the rate of respiratory morbidity and mortality. South Asia, East Asia, and the Pacific are the major reasons that experience high mortality rates due to air pollution. In 2019, the exposure to air pollutants resulted in more than two million deaths in these regions, with high death rates in China and India.

Some of the major players operating in the market include Koninklijke Philips N.V., Medtronic, Vyaire Medical Inc., GE Healthcare, Fisher & Paykel Healthcare Limited, Smiths Group plc, Drägerwerk AG & CO. KGAA, Getinge AB, Resmed, and Hamilton Medical. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.

Insights Presented in the Report

“Amongst Mobility, Intensive care ventilators category held the major share”

Based on mobility, the Ventilator Market is categorized into Intensive care ventilators and Portable/transportable ventilators. In 2020, Intensive care ventilators category accounted for the majority share in the market. This is mainly attributed to the presence of various manufacturers and initiatives taken by government to increase the production of ventilators to provide care for patients with serious respiratory diseases and increasing number of ICU beds, have propelled the growth of the market.

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However, portable/transportable ventilators category to witness higher CAGR during the forecast period. Portable ventilators are used to deliver oxygen to patients when required. These ventilators are used in hospitals and day care centers for continuous oxygen supply when a COPD patient is unconsciousness or when there is discomfort due to breathing problems. Rise in hospital admissions owing to increase in incidence of COPD and surge in emphasis on home care are projected to drive the portable ventilators segment.

“Amongst Type, Cloud Based (SAAS) Model Segment holds the major share”

Based on type, the market has been bifurcated into Adult ventilators and Neonatal/infant ventilators. In 2020, Adult/pediatric ventilators accounted for a higher market valuation of US$ XX billion in 2020. This is mainly due to the growing incidence of chronic diseases such as COPD & asthma in adult population coupled with the growing number of smoker and the rising number of lung cancer cases in geriatric population.

In addition, increase in government expenditure on health care provides citizens with access to health care services at affordable cost. This is a crucial factor boosting the respiratory devices/products market in emerging economies. According to WHO statistics, per capita health care expenditure has risen across the globe. The health care expenditure in South Africa increased from 8.5% to 8.8% of the GDP from 2013 to 2017. Furthermore, Thus, the rising number of hospitals and ICU beds is also expected to fuel the segment growth.

“Amongst End-User, Hospitals and Clinics segment holds the major share”

Based on End-User, the Ventilator Market is categorized into Hospitals & clinics, Ambulatory care centers, Home Care, and Others. Amongst End-User, the Hospital and Clinics category accounted for the significant share in the market owing to the attributed to the financial capabilities of hospitals to purchase high-priced instruments and the availability of trained professionals to operate ventilators. Moreover, rise in number of patients affected by sudden cardiac arrest coupled with the geriatric population globally is resulting in the increasing need for advance healthcare facilities and clinics.  As per the Journal of Thoracic and Cardiovascular surgery, around 75% of the world does not have access to cardiac surgery when needed because of lack of infrastructure, human resources, and financial coverage. Therefore, the government across countries are investing more in healthcare for better infrastructure and services. For instance, Total healthcare expenditure increased from USD 186.5 per capita in 2010 to USD 501.1 per capita in 2019, in China. Whereas, per capita healthcare expenditure in U.S. was above USD 10,000 in 2019. Thus, showing great potential for market players to grow and increase their market presence, during the forecast period.

“North America represents one of the largest markets of Ventilator market”

For a better understanding of the market dynamics of the Ventilator market, a detailed analysis was conducted for different regions across India including North America (US, Canada), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, New Zealand, Rest of Asia-Pacific), Rest of World. North America dominated the market owing to the rising number of patients admitted to intensive care and critical care units every year. Additionally, the reimbursement policies offered by the governments of Canada and the U.S. are also aiding in the expansion of this regional market. In addition, rising incidence rate of respiratory diseases among the region’s population is expected to force policy makers to invest in new and advance medical devices for the treatment of patients, thus decreasing the mortality rate. Though respiratory disease is one of the leading causes of morbidity and mortality among non-communicable diseases, most major respiratory conditions are preventable. Much of the respiratory conditions can be mitigated by improved screening and early diagnosis of patients/public, especially in the smoking population. Therefore, creating tremendous opportunities for the market players during the 2020–2027.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Ventilator market were the three major steps undertaken to create and analyze the adoption of ventilators in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Ventilator market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Ventilator through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Ventilator market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as Mobility, Type, Interface, and End-User. Further country-level analyses were conducted to evaluate the overall adoption of Ventilator in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Ventilator. Further, we conducted factor analysis using dependent and independent variables such as increased prevalence of chronic diseases and the need for more remote healthcare access. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Ventilator sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Ventilator market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

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Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Ventilator across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Ventilator market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Ventilator market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Ventilator market.

The main objective of the Ventilator Market Study

The current & future market trends of Ventilator were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Ventilator in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and their subtypes
• Define and analysis of the regulatory framework for the Ventilator industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Ventilator market for the major region
• Major regions studied in the report include North America (US, Canada), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, New Zealand, Rest of Asia-Pacific), Rest of World.
• Company profiles of the Ventilator market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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