Rapid Increase in Geriatric Population Fuels Ventilators Market Growth

According to our new research study on "Ventilators Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Mobility, Clinical Indication, Patients, Interface, Mode, and End User," the market is expected to grow from US$ 4,617.0 million in 2021 to US$ 9,098.32 million by 2028; it is expected to grow at a CAGR of 9.0% from 2022 to 2028. The report highlights trends prevailing in the market, and drivers and restraints pertaining to the market growth.

The rise in life expectancy is increasing the geriatric population. According to the World Health Organization (WHO), people aged 60 and above is likely to grow from 12% in 2015 to 22% by 2050. This rise in the geriatric population has led to an increase in geriatric ailments, leading to a greater requirement for intensive care, which includes mechanical ventilation. Elderly patients are progressively opting for intensive care unit (ICU) treatment with mechanical ventilation (MV). Non-invasive ventilation (NIV) is a better alternative for elderly patients admitted to hospitals for the treatment of respiratory diseases. According to one of the studies published in Medicina Intensiva, the journal of the Spanish Society of Intensive and Critical Care Medicine and Coronary Units (SEMICIUC), patients aged 75 and above exhibit significantly greater in-ICU mechanical ventilation requirements. In addition, aging is the main factor that contributes to the increase in the prevalence of chronic-degenerative disease cases; in a few cases, aging-related issues lead to the need for interventions that require admission to ICUs. Thus, rapid growth in the geriatric population is boosting the need for ventilatory support, which is fueling the global ventilators market growth.

North America held the largest market share of the ventilators market in 2021. High prevalence of respiratory diseases and smoking, rise in the geriatric population, a developed healthcare system, rise in healthcare expenditure, and the presence of major market players are a few of the prominent factors propelling the market growth. In North America, the US is the largest market for ventilators. The growth of this market is primarily driven by the growing prevalence of respiratory diseases, high R&D spending for new technologies, and the presence of major market players in the US are going to accelerate the growth of this market in this country. According to the 2019 National Health Interview Survey (NHIS), approximately 25 million people in the US have asthma, i.e., 1 in 13 people. Further, ~20 million adults in the country aged 18 and older have asthma. . Thus, the rising number of patients suffering from respiratory disorders and COPD is likely to generate the need for supplemental oxygen, which is expected to support the growth of the market for ventilators during the forecast period.

Due to the COVID-19 pandemic, respiratory devices company under the Advanced Medical Technology Association (AdvaMed), an American medical device trade association in the US, have boosted their ventilator production from 700 ventilators per week to 2000-3000 ventilators per week and is expected to reach 5000-7000 per week in 2020. Furthermore, immediate product approvals during the pandemic are influencing the growth of the market. For instance, in April 2020, Medtronic received the US Food and Drug Administration's approval to immediately launch and market its PB560 ventilator. The US government signed several contracts with ventilator manufacturers in April 2020.

Vyaire Medical Inc, Getinge AB, Dragerwerk AG & Co. KGaA, Fisher and Paykel Healthcare, General Electric Co, Hamilton Medical, Koninklijke Philips NV, Medtronic Plc, ResMed Inc, and BPL Medical Technologies are among the leading companies operating in the global ventilators market.

The global ventilators market is segmented on the basis of mobility, clinical indication, patients, mode, interface, end user, and geography. Based on mobility, the ventilators market is bifurcated into intensive care ventilators and portable/transportable ventilators. Based on clinical indication, the ventilators market is segmented into medical-in general, trauma, neurological, surgical, and others. Based on patients, the ventilators market is bifurcated into adult and pediatric & neonatal. Based on mode, the ventilators market is segmented into combined mode ventilation, volume mode ventilation, pressure mode ventilation, neurally adjusted ventilatory assists (NAVA), inverse ratio ventilation (IRV), prone ventilation, high-frequency oscillatory ventilation (HFOV), high-frequency percussive ventilation (HFPV), and others. Based on interface, the ventilators market is bifurcated into invasive and non-invasive. Based on end user, the ventilators market is segmented into hospitals & clinics, home care, ambulatory care centers, and emergency medical services (EMS).

Based on geography, the ventilators market is segmented into North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia Pacific), the Middle East & Africa (UAE, Saudi Arabia, Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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