The market for ventilators was estimated to be worth USD 4.8 billion in 2023-e and is expected to reach USD 7.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.5%. The need for critical care equipment has increased as a result of the rise in respiratory illnesses brought on by pollution and an aging population. Rapid technological development is essential to tackling this surge, since creative solutions are needed to satisfy the healthcare demands of an older population. This combination of circumstances emphasizes the urgent need for all-encompassing solutions to counteract the rising incidence of respiratory disorders and enhance patient care in general.
Artificial intelligence (AI) is causing a significant shift in the ventilator business that is changing patient care. By greatly increasing monitoring accuracy, the use of AI into ventilators is transforming respiratory support. By facilitating individualized treatment plans, this invention eventually raises the general efficacy and efficiency of ventilator systems in medical settings.
The segment with the most share in 2023 was invasive ventilators. These ventilators are widely used to treat acute exacerbations of COPD, which affects mortality rates, hospital stays, and hospital-acquired pneumonia cases. It makes it easier to provide lung-protective ventilation and provides efficient respiratory support for patients with hypoxemic and hypercapnic respiratory failure.
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The growth of homecare settings is a notable trend, reflecting a shift toward decentralized healthcare. This expansion is driven by advancements in medical technology, including portable and user-friendly ventilators. The increasing recognition of the benefits of home-based care, coupled with the demand for personalized and convenient healthcare solutions, contributes to the rising prominence of homecare settings. This trend signifies a transformative approach to patient care, allowing individuals to receive necessary medical support within the comfort of their homes.
North America region is anticipated to register high growth throughout the forecast. The growth of the North American market can be attributed to several factors, including the strong presence of major industry players in the region. Additionally, continual advancements, including the creation of increasingly portable devices, are enhancing the attractiveness of these machines for healthcare providers.
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The ventilators market is characterized by the presence of various small and big players. The major market player includes ventilators market are ABM Respiratory Care, Airon, Baxter International, Bio-Medical Electronics, Drägerwerk, GE Healthcare, Getinge AB, Hamilton Medical, ICU Medical, Philips, Medtronic, Metran, Shenzhen Mindray, Vyaire Medical, amongst others.
In a competitive market landscape, players are swiftly embracing advanced technologies to enhance ventilators operations and bolster their competitive stance through strategic initiatives, including mergers, acquisitions, and the introduction of new products. For instance, In June 2021, Vyaire Medical collaborated with GenWorks. This collaboration aims to enhance pulmonary care in India, addressing the potential long-term impacts on lung health associated with the virus.
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