ICU Ventilator Market Size, Share, Growth, And Industry Analysis By Type (High-End ICU, Ventilators, Basic ICU Ventilators, And Mid-End ICU Ventilators) By Application (Hospital, Accessories Center, Clinic, And Other), Regional Insights, and Forecast From 2024 To 2031

ICU Ventilator Market Report Overview

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The global ICU ventilator market size was USD 2991.9 million in 2021 and is expected to reach USD 6034.47 million in 2031, at a CAGR of 7.27% during the forecast period.

A ventilator for the intensive care unit is particularly made to help the patient stay alive by providing additional breathing help when they can't breathe independently. Ventilators can be plugged in either permanently or temporarily to keep the individual alive. The oxygenation process is the primary purpose of the ventilator. It involves pumping oxygen via the pipes and the lungs via the nasal route. Using an ICU-ventilator is advantageous for patients with asthma, chronic obstructive pulmonary disease, brain injuries, and strokes but is not utilized to treat any medical conditions in the patient. The bag valve mask and the modern mechanical ventilator are the two types of intensive care unit ventilators available on the market.

The significant rise in chronic pulmonary disorders all over the world is blamed for the expansion of the market for intensive care unit ventilator. In recent years, the industry has been driven forward by an increase in older adults. The quick installation and use of the product that has accelerated the growth of the market for ICU-ventilator has also been facilitated by the unexpected threat of the COVID-19 outbreak. Increased medical research and development efforts, advancements in ventilator technology, and government backing for ventilator use in hospitals across the globe are also driving the demand for ventilators. The market is partly developing due to the high rate of premature deliveries.

COVID-19 Impact: Halt In Production Led To Market Loss

The global COVID-19 pandemic has been unprecedented and staggering, with ICU ventilator market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Every market in the globe has been badly impacted since the COVID-19 virus made its appearance. While many observed the negative repercussions of the quick breakout, few saw the beneficial effects of the pandemic. The bulk of the businesses had to suspend production as a result of the industry's manpower and raw material shortages, which reduced market revenue and significantly rattled the global economy. Although there was a significant increase in demand for ICU ventilators due to the fatal virus infecting so many people, the market was nevertheless negatively impacted by the ICU ventilators' delayed manufacture during the early stages of the COVID-19 pandemic. Despite the hiccup, the market for ICU ventilator is anticipated to generate more revenue over the projected period.

Latest Trends

"New Technological Additions Propel Market Progress"

It is projected that the market for ICU ventilators will continue to grow and prosper due to the widespread and vigorous research and development activities taking place there. The individuals have serious and potentially fatal respiratory conditions. The development of the market for ICU-ventilator is anticipated to be sufficiently profitable to support the addition of newer integrated sensors, mobility, and other developments in microprocessors and non-invasive ventilators.

ICU Ventilator Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into high-end ICU ventilators, basic ICU ventilators, and mid-end ICU ventilators. High-end ICU ventilators are expected to lead the market by type during the forecast period.

• By Application Analysis

Based on application, the market can be divided into hospital, accessories center, clinic, and other. Hospital segment is anticipated to dominate the market by application during market years of 2021-2027.

Driving Factors

"Increased Respiratory Complications Proliferate Product Demand"

The increased risk of respiratory disorders among the global population due to the increasing concentration of environmental contaminants in the atmosphere is one of the key factors driving the market. Conditions such as chronic obstructive pulmonary disease and respiratory disorders, including asthma, sleep apnoea, hypoxemia, and acute lung damage among people, aid the rapid growth of the market for ICU ventilator.

"Upgrade In Medical Infrastructure And Demand Of Home Healthcare Drives Market Growth"

The new developments in the medical infrastructure, which have grown successfully in recent years and are anticipated to grow even more with technical improvements that will promote product demand, are also credited with the quick development of the ICU ventilator market growth. Due to its comfort, convenience, and affordability, the desire for home healthcare has also been driving the growth of the market for ICU ventilator.

Restraining Factors

"Dangers Associated With Increased Usage Hinders Market Demand"

Even while using ICU ventilators can save many lives by giving patients artificial breathing, the growing use of ventilators can put the patient at significant risk. The artificial airway used by the person hooked to a ventilator can allow a variety of airborne viruses to enter the person's lungs, where they can cause lung damage and other problems. Additionally, the frequent opening and closing of the tiny air sacs inside the lungs can cause lung damage. Due to these concerns, the market for ICU ventilators is not expanding as quickly as it should.

ICU Ventilator Market Regional Insights

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"North America Leads Market Due To The Severe Impact Of The Pandemic"

Due to the devastating effects of the COVID-19 epidemic, North America currently holds a stranglehold on the ICU ventilator market shares. Since then, the region's infrastructure for providing healthcare has expanded, which has fuelled the market expansion. Additionally, a growing elderly population and an increase in respiratory problems contribute to the region's growth of the ICU ventilator market. Increases in disposable income, health insurance coverage and regional healthcare spending are partially to blame for the region's rise to prominence in the market.

Europe next dominates the market shares for ICU ventilators. The European region's market development is booming due to increased pharmaceutical industry R&D efforts, rising rates of pulmonary and respiratory disorders among the local population, and increasing financial investments in the healthcare sector.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP ICU VENTILATOR COMPANIES

• GE Healthcare (U.S.)
• Becton, Dickinson and Company (U.S.)
• Allied Healthcare Products (U.S.)
• Dräger (Germany)
• Fisher & Paykel (New Zealand)
• Air Liquide (France)
• Philips Healthcare (Netherlands)
• ResMed (U.S.)
• Zoll Medical (U.S.)
• Hamilton Medical (Switzerland)
• Medtronic (Ireland)
• Smiths Group (United Kingdom)
• Getinge (Sweden)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors such as segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.