Medical Ventilators Industry Expected to Reach US$ 4 Billion with 9.1% Growth by 2033 | FMI Forecast

According to the latest market research by FMI, the global medical ventilators industry is poised to reach a market value of US$ 1.7 billion in 2023. Over the course of the following decade, from 2023 to 2033, the market is expected to experience a robust growth rate of 9.1%. By 2033, it is anticipated to surpass a significant milestone, reaching a market valuation exceeding US$ 4 billion.

This impressive market expansion can be attributed to several key factors, including:

• Technological Advancements Driving Enhanced Sensor Applications: Significant advancements in technology have paved the way for the utilization of superior sensors in medical ventilators, enhancing their efficiency and performance.
• Surge in Geriatric Population and Respiratory Ailments: The rapid growth of the aging population has led to an increased prevalence of respiratory diseases, creating a higher demand for medical ventilators.
• Urbanization and Rising Pollution Levels: The swift pace of urbanization has resulted in higher pollution levels, contributing to a surge in respiratory issues. This, in turn, drives the need for medical ventilators to address respiratory complications effectively.

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The market has been witnessing technological advancements of late. The manufacturers have been enhancing the ventilators with sensors. This would ensure almost no interference from human beings. Thus, the human resource can be streamlined and directed to other important areas of the business.

Surging geriatric population across the globe is also expected to surge the sales of medical ventilators. This age group is prone to almost any kind of ailment, especially respiratory issues and cancer cases.

Thus, the FMI analysts believe that, ‘rapid urbanisation, COVID-19 pandemic, technological advancements, and a lot of other factors are expected to propel the medical ventilators market growth during the forecast period.’

Key Takeaways:

• The market is expected to record a growth rate of 9.1%.
• In 2023, the market valuation is expected to be at US$ 1.7 billion.
• By 2033, the market value is expected to surpass US$ 4 billion.
• As per the regional analysis, North America is expected to be the largest market.
• The United States market is expected to grow at 6.8%.
• The United Kingdom market is projected to advance at 5.8%.
• China market is anticipated to surge at 14.7%.
• Japan market is expected to advance at 9.1%.
• South Korea market is anticipated to grow at 8%.
• On the basis of product type, the critical care ventilators are expected to be the leading segment, and may surge at 8.6%.
• On the basis of application, the invasive ventilators are projected to be the dominant segment, and is expected to grow at 7.5%.
• Based on the end user, the hospitals segment is expected to be the leading segment.

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Competitive Landscape

The key players operating in the medical ventilators market are focusing on product innovation. On that basis, they are looking to integrate their products with latest microprocessors. There are also huge investments being made on Research and Development, with an aim to create best quality ventilators. The manufacturers are also investing on tactical mergers and acquisitions, with a view to expand their market share. With a view to achieve sustainable goals, the manufacturers are also looking to cut down green house emissions, and make use of eco-friendly facilities. In order to make new strategic moves, the key players are also roping in some of the most astute minds who have been a part of this niche for decades.

Top players in the market:

• Cardinal Health
• Becton Dickinson and Company
• GE Healthcare

Key developments in the medical ventilators market:

• In October 2022, new research conducted by Cardinal Health highlights rheumatologist’s increasing confidence on biosimilars.
• In January 2023, Michelle Quinn was named as the acting General Counsel for Becton, Dickinson and Company.

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Medical Ventilators Market Segmentation

By Product:

• Critical Care Ventilators
• Transport Ventilators

By Application:

• Invasive Ventilators
• Non-invasive Ventilators

By End User:

• Hospitals
• Ambulatory Surgical Centers
• Long Term Care Centers
• Home Care Settings

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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