Mechanical Ventilator Market Opportunities and Strategies to 2033

This report describes and explains the mechanical ventilator market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global mechanical ventilator market reached a value of nearly $7.44 billion in 2023, having grown at a compound annual growth rate (CAGR) of 12.66% since 2018. The market is expected to grow from $7.44 billion in 2023 to $11.51 billion in 2028 at a rate of 9.12%. The market is then expected to grow at a CAGR of 10.51% from 2028 and reach $18.97 billion in 2033.

Growth in the historic period resulted from the increase in the number of surgical procedures, rise in demand for home-based care, strong economic growth in emerging markets and favorable government initiatives. Factors that negatively affected growth in the historic period include high cost of mechanical ventilators.

Going forward, the rising healthcare expenditure, rising incidence of respiratory diseases, increasing aging populations, rising prevalence of chronic diseases and rising demand for critical care will drive the market. Factors that could hinder the growth of the mechanical ventilator market in the future include stringent regulatory approval processes.

The mechanical ventilator market is segmented by type into adult/ pediatric ventilators and neonatal/ infant ventilators. The adult/ pediatric ventilators market was the largest segment of the mechanical ventilator market segmented by type, accounting for 82.41% or $6.13 billion of the total in 2023. Going forward, the neonatal/ infant ventilators segment is expected to be the fastest growing segment in the mechanical ventilator market segmented by type, at a CAGR of 9.61% during 2023-2028.

The mechanical ventilator market is segmented by mode of ventilation into invasive ventilation and non-invasive ventilation. The non-invasive ventilation market was the largest segment of the mechanical ventilator market segmented by mode of ventilation, accounting for 57.11% or $4.25 billion of the total in 2023. Going forward, the non-invasive ventilation segment is expected to be the fastest growing segment in the mechanical ventilator market segmented by mode of ventilation, at a CAGR of 9.62% during 2023-2028.

The mechanical ventilator market is segmented by end-user into hospitals and clinics, home care, and other end-users. The hospitals and clinics market was the largest segment of the mechanical ventilator market segmented by end-user, accounting for 70.93% or $5.27 billion of the total in 2023. Going forward, the home care segment is expected to be the fastest growing segment in the mechanical ventilator market segmented by end-user, at a CAGR of 12.73% during 2023-2028.

The mechanical ventilator market is segmented by mobility into intensive care ventilators and portable/ transportable ventilators. The intensive care ventilators market was the largest segment of the mechanical ventilator market segmented by mobility, accounting for 76.00% or $5.65 billion of the total in 2023. Going forward, the portable/ transportable ventilators segment is expected to be the fastest growing segment in the mechanical ventilator market segmented by mobility, at a CAGR of 10.49% during 2023-2028.

North America was the largest region in the mechanical ventilator market, accounting for 43.79% or $3.25 billion of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the mechanical ventilator market will be Asia-Pacific and Africa, where growth will be at CAGRs of 11.87% and 10.93% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 10.51% and 9.72% respectively.

The global mechanical ventilator market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up 28.57% of the total market in 2023. GE HealthCare Technologies Inc. was the largest competitor with a 5.77% share of the market, followed by Getinge AB with 4.83%, Drägerwerk AG & Co. KGaA with 4.60%, ResMed Inc. with 2.76%, ZOLL Medical Corporation with 2.75%, Hamilton Medical AG with 1.77%, Fisher & Paykel Healthcare Corporation Ltd. with 1.69%, Vyaire Medical Inc. with 1.57%, Koninklijke Philips N.V. with 1.50% and Mindray Medical International Ltd. with 1.33%.

The top opportunities in the mechanical ventilator market segmented by type will arise in the adult/ pediatric ventilators segment, which will gain $3.31 billion of global annual sales by 2028. The top opportunities in the mechanical ventilator market segmented by mode of ventilation will arise in the non-invasive ventilation segment, which will gain $2.47 billion of global annual sales by 2028. The top opportunities in the mechanical ventilator market segmented by end-user will arise in the hospitals and clinics segment, which will gain $2.79 billion of global annual sales by 2028. The top opportunities in the mechanical ventilator market segmented by mobility will arise in the intensive care ventilators segment, which will gain $2.91 billion of global annual sales by 2028. The mechanical ventilator market size will gain the most in the USA at $1.35 billion.

Market-trend-based strategies for the mechanical ventilator market include introduction of user-friendly ventilators to cater to patient needs, developing non-invasive ventilation solutions for flexible respiratory care, advanced neonatal ventilators to enhance precision and care and strategic partnerships and collaborations among major players.

Player-adopted strategies in the mechanical ventilator market include focus on expanding product offerings with user-friendly, high-performance solutions that enhance both patient comfort and clinician efficiency, strengthening business operations through new product solutions, launching innovative products that enhance patient safety and streamline operations and strengthening business operations through strategic acquisitions.

To take advantage of the opportunities, the analyst recommends the mechanical ventilator companies to focus on advancing user-friendly ventilation solutions, focus on developing versatile non-invasive ventilation solutions, focus on advancing neonatal ventilation technologies, focus on the fastest growing neonatal/infant ventilators segment, focus on expanding non-invasive ventilation solutions, focus on the fastest growing portable/transportable ventilators segment, expand in emerging markets, focus on strategic partnerships to enhance market reach, focus on expanding distribution channels, provide competitively priced offerings, focus on targeted marketing campaigns, continue to use B2B promotions and focus on the fastest growing home care segment.