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Ventilator market to reach USD 6.78B by 2031

The ventilator market was projected at USD 4.1 billion in 2023, which is expected to reach USD 6.78 Billion by 2031, at CAGR of 6.5% from 2024 to 2031.

Driven by chronic respiratory conditions and innovation
The ventilator market is experiencing significant growth due to the rising prevalence of chronic respiratory conditions, chronic obstructive pulmonary disease, acute respiratory distress syndrome, asthma, sleep apnea, and other respiratory illnesses are becoming increasingly common. For instance, in October 2023, data suggests that 39 million adults in the U.S.

Diagnosed with Obstructive Sleep Apnea alone whereas globally an estimated 936 million people affected by OSA this rising disease burden fuels the demand for ventilators as critical life support systems.

Focus on respiratory interventions and development of innovative ventilator technologies present lucrative growth opportunities. Major players are investing in cost-Effective Ventilators which are making these life-saving devices more accessible to a broader population.

As well as in Non-Invasive Options like the NKV-330 Ventilator System by Nihon Kohden OrangeMed, Inc. in July 2022, with U.S. FDA clearance which provides emergency respiratory support without the need for invasive procedures.

Favorable regulations for innovative ventilator technologies can further accelerate market expansion. The ventilator market driven due to the growing rate of chronic respiratory diseases and the continuous development of advanced and cost-effective ventilator solutions.

The ventilator market splits into categories based on type, mode, and use. The fastest growing segment with 38.51% market share in 2023 is transport & portable ventilators at CAGR 5.4% from 2024 to 2031 this surge is due to its efficiency, affordability & Comfort and Versatility.

Non-invasive ventilation dominates with 57.7% market share, 2023 and is projected for the fastest growth at CAGR 5.1% from 2024 to 2031 due to its broad application and precise oxygen delivery. While hospitals hold the largest share due to advanced technology and staff, home healthcare is expected to grow fastest due to government initiatives promoting cost-effective home care.

North America leads the ventilator market
North America dominates in the ventilator market, boasting a revenue share exceeding 43.21% in 2023. This dominance is fueled by the region’s rising prevalence of respiratory illnesses like COPD, asthma, and sleep apnea.

According to the American lung association in February 2023, over 34 million Americans suffer from chronic lung diseases. Furthermore, major players like GE Healthcare, Philips, and Medtronic are actively expanding their reach and product offerings through acquisitions, collaborations, and new product launches this strategy further strengthens North America’s position as the leading market for ventilators.

Geopolitical tensions impacting the ventilator market
The Russian Ukraine war has disrupted global supply chains, impacting the transportation of ventilators and other medical equipment this has led to a 10-12% price increase for ventilator-related products and services. The war has also strained healthcare systems in the region, potentially increasing the demand for ventilators.

Amidst a potential recession, ventilator device companies, particularly smaller ones, might face funding cuts in the latter half of 2024 this could hinder their growth and innovation. The U.S. ventilator Devices ETF index is already down 22% this year, and stock prices of smaller ventilator companies have also declined significantly.

Manufacturers might resort to price hikes of 2-3% to offset rising costs due to the recession.

The combined effect of the war and potential recession presents challenges for the ventilator market while demand might rise in some regions, supply chain disruptions and economic uncertainty could create difficulties for manufacturers, especially smaller players. SNS Insider

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