Source : Astute Analytica newswires MicroBase Technology Corp compilation
Mechanical Ventilator Market is Witnessing High Revenue Growth of US$ 8,938.98 Million By 2031
Global mechanical ventilator market revenue is estimated to reach US$ 8,938.98 million by 2031, growing at a CAGR of 8.16% during the forecast period from 2023 to 2031. In 2022, the global held a revenue of US$ 4577.82 million.
The aging population, which increases the risk of Chronic Respiratory Diseases drive the global mechanical ventilator market. The probability that someone would develop a respiratory infection increases as they get older, necessitating the use of breathing aids such as mechanical ventilators. By 2050, there will be 2 billion individuals in the globe who are 60 or older, up from 900 million in 2015, according to the World Health Organization (WHO).
The COVID-19 pandemic has also raised the need for mechanical ventilators since COVID-19 can cause severe respiratory distress and respiratory failure and mechanical ventilation may occasionally be required to sustain breathing. The overall number of invasive mechanical ventilation days for patients in critical care increased by 38% from April 2020 to December 2020, according to a study by the American Thoracic Society.
According to the market research report, in 2022, there were 204,520 mechanical ventilators sold globally, with portable and non-invasive ventilators accounting for a large portion of those sales.
Non-invasive ventilators, which are designed to provide breathing help without the need for invasive procedures like intubation, led the market with more than 57% of all sales. This trend will continue because non-invasive ventilation is regarded to be more patient-friendly and cost-effective than invasive ventilation and can also minimize the risk of complications from invasive operations.
Mechanical Ventilators are Majorly Adopted by Healthcare End-Users
The research also shows that hospitals and clinics account for more than 46% of the market share for mechanical ventilators. As a result, hospitals and clinics play a crucial role in fostering the growth of the mechanical ventilator market. Due to the rise in patients with respiratory disorders and premature births, there will certainly be a greater need for mechanical ventilators in hospitals and clinics.
U.S. manufacturers dominate North America's mechanical ventilator market. This is due to the overwhelming demand for these devices across the country. There are several reasons why people in the US require mechanical breathing, including medical conditions like COPD and asthma. This is not surprising given the high number of intensive care unit beds in the U.S. and the fact that many hospitals have been investing in new ventilator equipment.
In the U.S., chronic respiratory diseases like COPD, asthma, and lung cancer are widespread. As of 2021, 16 million Americans have COPD diagnoses, making it the third leading cause of mortality in the country, according to the Centers for Disease Control and Prevention (CDC). Around 25 million Americans have asthma, and lung cancer is the second most common cancer in the country.
In addition, the U.S. population is aging, and as people age, chronic respiratory conditions tend to grow more prevalent. As of 2021, about 73 million Americans were 65 or older, and according to the U.S. Census Bureau, that number will increase to around 92 million by 2060. Thus, this demographic trend will increase the need for mechanical ventilators and other respiratory care equipment.