The Mechanical Ventilators Market is estimated to be valued at US$ 5467.52 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Mechanical ventilators, also known as breathing machines, are medical devices used to provide mechanical ventilation by moving breathable air into and out of the lungs. They are majorly used in ICUs for critically ill COVID-19 patients. Mechanical ventilators are designed to support or take over the breathing for individuals who struggle with breathing on their own. Market key trends: One of the major trends in the Global Mechanical Ventilators Market Size is the rapid adoption of integrated mechanical ventilators. Integrated ventilators integrate ventilator options with other medical equipment such as respiratory inhalation therapy, anesthesia machines, and anesthesia ventilator integration, into a single device. This integration assists medical professionals to monitor and treat patients more efficiently. Furthermore, integrated ventilators simplify the workflow and reduces the need for additional investment in multiple medical devices. This factor is expected to drive the growth of the mechanical ventilators market during the forecast period. Porter's Analysis Threat of new entrants: The high R&D costs required for mechanical ventilators prevents new companies from easily entering the market. Bargaining power of buyers: Large hospitals and healthcare facilities can negotiate lower prices due to their high purchasing power. However, bargaining power is limited for individual buyers in need of ventilators. Bargaining power of suppliers: A few key component manufacturers supply parts for mechanical ventilators which gives them some power in negotiations. Threat of new substitutes: While alternative respiratory support devices exist, mechanical ventilators remain the standard of care for critically ill patients requiring respiratory support. Competitive rivalry: The mechanical ventilator market is highly competitive with many major international players. SWOT Analysis Strengths: Leading brands have established reputations and strong brands. Mechanical ventilators are essential lifesaving devices. Weaknesses: Devices are expensive to purchase and maintain. Require specialized training to operate. Opportunities: Growth in demand due to aging population and rising cases of respiratory illnesses. Expanding into emerging markets. Threats: Threat from substitute technologies. Price controls and healthcare cuts negatively impact revenue. Key Takeaways The global mechanical ventilators market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing prevalence of respiratory diseases like COPD and asthma as well as growing geriatric population susceptible to chronic breathing conditions. Regionally, North America dominates the global mechanical ventilators market and is expected to continue leading over the forecast period. This can be attributed to well-established healthcare systems and advanced critical care facilities in the region. Meanwhile, Asia Pacific is expected to be the fastest growing market due to large patient pools, rising medical tourism, and increasing healthcare spending in developing countries. Key players operating in the mechanical ventilators market include Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Getinge AB, General Electric Company, Hamilton Medical, Medtronic, ICU Medical, Inc., Dragerwerk AG & Co. KGaA, ZOLL Medical Corporation, Koninklijke Philips N.V., VYAIRE, Fisher & Paykel Healthcare Limited, ResMed, Max Ventilator (A.B.Industries), NIHON KOHDEN CORPORATION, Inspiration Healthcare Group plc., CorVent Medical Inc., Inovytec, InnAccel Technologies Pvt Ltd., and OES Medical. Major players are focused on product innovation and partnerships to strengthen their position in the industry. Read Our More Blogs : https://www.dailyprbulletin.com/mechanical-ventilators-market-forecast-outlook-trend-2023-2030/
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AuthorCOHERENT MARKET INSIGHTS |