Based on a new report published by Allied Market Research, entitled “Market Ventilators by Product Types, Materials, Fashion, Age Group, and End User: Global Opportunity Exploration and Industry Forecast, 2021-2030,” The global mechanical ventilator market at $4.6 billion in 2020 and is expected to reach $18.6 billion by 2030, growing at a CAGR of 12.82% from 2021 to 2030.
The COVID-19 outbreak is expected to have a positive impact on the growth of the mechanical ventilators market. COVID-19 has had a negative impact on many industries; however, it is driving demand for various medical services, including intensive care units (beds and ventilators) and personal protective equipment for medical care. COVID-19 infection is associated with respiratory failure and requires intensive care with respiratory support. Mechanical ventilation has been routinely used to oxygenate critically ill patients with COVID-19. For example, according to the Imperial College London November 2020 report, 30% of patients hospitalized with COVID-19 are likely to require mechanical ventilation. Additionally, new delta and omicron variants of COVID-19 with a high rate of spread found in mid-November 2021 have increased the risk of a third wave globally. Therefore, the silent variants of COVID-19 have influenced the entire healthcare industry to meet healthcare requirements, including hospital instruments such as mechanical ventilators.
The global mechanical ventilators market is segmented on the basis of component, product type, model, end-user, age group, and region. By mode, the invasive ventilation segment held the largest share in 2020 and is expected to continue to dominate during the forecast period. Based on product type, the critical care mechanical ventilator segment led the market in 2020, owing to the increase in the number of patient hospitalizations due to the COVID-19 pandemic. However, the portable/transport ventilator segment is expected to grow with the highest CAGR of 13.64% between 2021 and 2030. This is attributed to increased demand for emergency transport ventilators and increased adoption of easy-to-use portable mechanical ventilators to facilitate the elderly patient population.
By age group, in 2020, the adult population was the biggest earner, due to the increase in the adult population highly susceptible to chronic respiratory diseases. However, the pediatric and neonatal segment is estimated to register the fastest CAGR of 12.6% during the forecast period, owing to the increased prevalence of neonatal mortality and the need for convenient ventilation facilities for infant’s newborns and premature babies.
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