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Mechanical Ventilators Market Size
- Report ID: GMI1882
- Published Date: Jul 2024
- Report Format: PDF
Mechanical Ventilators Market Size
Mechanical Ventilators Market size was valued at USD 3.1 billion in 2023 and is expected to exhibit growth at a CAGR of 5.3% from 2024 to 2032. Mechanical ventilators refer to the medical devices used to manage breathing issues in patients through administrating high concentrations of oxygen to the lungs. These devices help a patient breathe that cannot breathe on their own due to a critical illness.
The patient is connected to the ventilator with an artificial airway that goes in their mouth and down into their main airway or trachea. This device ensures that the patient’s body receives suitable oxygen, and that carbon dioxide is removed. High market growth can be attributed to the ongoing advancements in ventilator technology, rising incidence of chronic respiratory diseases, growing aging population, and expansion of healthcare infrastructure, among other contributing factors.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Mechanical Ventilators Market Size in 2023: | USD 3.1 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 5.3% |
| 2032 Value Projection: | USD 4.3 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 210 |
| Tables, Charts & Figures: | 532 |
| Segments covered: | Product, Interface, Type, Application, Mode, End-user, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Moreover, the global adoption of mechanical ventilators is on the rise, propelled by the growing prevalence of chronic respiratory ailments and associated comorbidities. According to data published by the NCBI in 2022, approximately 545 million individuals worldwide suffer from chronic respiratory issues, constituting 7.4% of the global population. Furthermore, the Global Initiative for Chronic Obstructive Lung Disease (GOLD) 2023 study revealed that chronic respiratory disorders afflict 1 in every 20 individuals globally. This surge in respiratory conditions has intensified the demand for mechanical ventilators, crucial for regulating respiration and ventilation.
Furthermore, investments in healthcare infrastructure often involve the expansion and construction of hospitals, clinics, and critical care units. As these facilities expand to accommodate the increasing patient load, there arises a parallel need to furnish them with essential medical equipment, including mechanical ventilators. Consequently, these factors collectively contribute to the projected growth of the industry.
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Mechanical Ventilators Market Scope
