U.S. Mechanical Ventilator Market: Portable And Transport Ventilators Are Anticipated To Witness The Fastest Growth
U.S. Mechanical Ventilators Industry Overview
The U.S. mechanical ventilator market size is expected to reach USD 1.25 billion by 2030, according to a new report by Grand View Research Inc. It is expected to expand at a CAGR of 2.5% from 2022 to 2030. The rising number of hospitalizations due to the coronavirus pandemic and the increased need for ventilation among patients in the U.S. contributed to the high demand for ventilators during the COVID-19 pandemic.
The rising prevalence of respiratory diseases has significantly impacted the market growth. The adoption of long-term Home Mechanical Ventilation (HMV) in case of chronic respiratory failure due to diseases, such as thoracic disease, Chronic Obstructive Pulmonary Disorder (COPD), and neuromuscular disease, is expected to increase over the forecast period.
According to a study by the World Health Organization (WHO), moderate to severe COPD affects around 65 million individuals worldwide, making it the third leading cause of death. These estimates are expected to rise over the years owing to the growing geriatric population, increasing exposure to tobacco smoke, and indoor as well as outdoor pollution. These factors are anticipated to boost the overall market growth.
An increase in the number of government initiatives aimed at providing safe, affordable, and quality healthcare is driving the adoption of these devices. For example, the American Society of Anesthesiologists provides guidelines for the management of difficult airways and the use of different devices at various stages of respiratory diseases.
Manufacturers have increased their production capacity to meet an exponential demand during the pandemic. For instance, Vyaire, an Illinois-based respiratory equipment manufacturer, ramped up its production capacity by 50%. To provide a safer environment for the healthcare workers, Medtronic upgraded its existing PB980 (deployed in ICUs), which will allow the control of ventilators remotely away from the isolation room. These types of initiatives positively impacted the ventilators market growth in the U.S.
However, a boost in ventilator production due to coronavirus wave is expected to be normalized by 2022 due to the decreased infection rates, dependency of patients on life support equipment, and development of an effective COVID-19 vaccine and therapeutics.
U.S. Mechanical Ventilator Market Segmentation
Grand View Research has segmented the U.S. mechanical ventilator market based on product and end use:
Based on the Product, the market is segmented into Ventilators, and Accessories.
- The portable and transport ventilators are anticipated to witness the fastest growth over the forecast period owing to their efficiency and flexibility in different care delivery settings. These devices find a range of applications in healthcare settings from ambulatory centers to home healthcare.
- The accessories segment is expected to witness lucrative growth in the coming years due to its repetitive usage. The accessories market is further categorized into flow sensors, breathing circuit sets, endotracheal tubes, masks, and other accessories, such as expiratory valves, and humidifiers.
Based on the End-use, the market is segmented into Hospital, Home care, and Others.
- The hospitals segment dominated in 2021 with a revenue share of over 45.0%. This is owing to rising hospitals’ expenditure that allows the acceptance of technologically advanced ventilators. In addition, the availability of health care providers to operate these ventilators, the improved emphasis on better health outcomes, and the enhanced productivity of hospitals are contributing to the segment growth.
- The home healthcare segment is likely to witness the fastest growth during the forecast timeline. A growing number of government initiatives heading for curbing healthcare expenditures by promoting home healthcare to support the market growth. Value-based healthcare is another major factor contributing to market growth.
Key Companies & Market Share Insights
The players are adopting strategies such as cost-effective product launch, M&A, and collaboration with the local players or assemblers in order to gain an edge over the competition. For instance, in October 2021, U.S. based company named Movair announced the launch of the Luisa ventilator to be used in homes, hospitals, or potable settings. It has added benefit of high flow oxygen therapy. These types of initiatives undertaken by companies are projected to provide this market with lucrative opportunities. Some prominent players in the U.S. mechanical ventilator market include:
- Getinge AB
- Vyaire Medical Inc.
- Medtronic
- Drägerwerk AG & Co. KGaA
- GE Healthcare
- Koninklijke Philips N.V.
- Smiths Group plc
- Hamilton Medical
- ResMed Inc.
- Ventec Life Systems
Order a free sample PDF of the U.S. Mechanical Ventilators Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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