The global Mechanical Ventilators Market size is expected to reach USD 7.13 billion by 2026 registering a CAGR of 6.6%, according to a new report by Grand View Research Inc. Growing geriatric population and technological innovation in respiratory care devices are the major factors driving the market. Moreover, increasing incidence of Chronic Obstructive Pulmonary Disease (COPD) and respiratory emergencies is contributing to the market expansion. On the other hand, budgetary constraints faced by the ventilator manufacturers and healthcare may impede this growth.
However, innovations in the field of Positive Airway Pressure (PAP) devices and improvement in battery life of transport and portable devices are projected to have a positive impact on the mechanical ventilators market growth. According to the estimates by the WHO, currently, approximately 90% of COPD deaths occur in low- and middle-income countries. Therefore, rise in prevalence of such diseases along with the introduction and availability of portable, cost-effective, and easy-to-use products for the treatment of respiratory conditions is expected to drive the market in the years to come.
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Further key findings from the study suggest:
- Critical care ventilators are expected to account for over 39% of the overall market share by 2026 owing to the technological advancements, such as Spontaneous Breathing Trial (SBT) and AutoTrak
- Transport and portable product segment is expected to record the highest CAGR of 7.24% during the forecast years. These devices are widely used in hospitals as they provide faster and continuous care to patients even prior to their arrival in the hospital premises
- North America is the dominant regional market, in terms of revenue, owing to growing geriatric population, which is leading to a corresponding rise in the incidences of respiratory disorders
- Asia Pacific and Latin America are expected to witness lucrative growth over the forecast period due to the presence of untapped opportunities, rising expenditure levels, and favorable government initiatives
- Some of the key companies in the market include Draeger Medical, GE Healthcare, Koninklijke Philips N.V., Teleflex, and Smiths Medical
- These companies focus on product development to improve their global presence and ensure sustainability