$3.8bn
$XXX.Xm
7,927
72
$XXX.Xm
Products produced by the Global Respiratory Ventilator Manufacturing industry have long been a staple of the global healthcare sector. Demand for ventilators has historically been stable since they are a life-saving device for patients with limited breathing function. While hospitals do not usually need a significant number of ventilators, the COVID-19 (coronavirus) pandemic caused demand for ventilators to skyrocket in 2020. Patients with severe coronavirus symptoms often need to be ventilated because their lungs become so inflamed that they are unable to provide the body with enough oxygen. While ventilation is not always successful, early in the pandemic, it was the only option that could keep patients alive. As the virus spread, hospitals experienced a drastic shortage of ventilators. However, as the pandemic has passed and the deficit has been met, demand has stabilized. As a result, over the five years to 2023, revenue is expected to grow at an annualized rate of just 0.8% to $3.8 billion, including a 3.3% increase in 2023.In response to the shortage, manufacturers increased their production capacity. The largest companies in the industry, such as Medtronic PLC and Koninklijke Philips NV, more than doubled their production output, while smaller companies partnered with manufacturers outside the industry to produce additional ventilators. General Motors Company, an automobile manufacturer, temporarily converted its manufacturing facilities to produce ventilators. Additionally, many companies decided to forgo profit and sold ventilators at cost in 2020. While the industry has continued to generate profit, the urgency of the pandemic and a temporary influx of establishments has kept prices and profit low since 2020.While the pandemic has passed and most hospitals have fully met their ventilator needs, the industry is expected to grow in the coming years. After being caught unprepared during the COVID pandemic, healthcare providers and governments will likely recognize the importance of a stockpile of emergency equipment. Meanwhile, increased healthcare spending brought on by an aging population will continue to drive growth for all medical devices. Over the five years to 2028, revenue is forecast to grow at an annualized rate of 2.6% to $4.3 billion.
Industry revenue has grown at a CAGR of 0.8 % over the past five years, to reach an estimated $3.8bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Vyaire Medical Inc. | 855.3 | 53.8 | 6.3 | |
Medtronic PLC | 796.5 | 139.9 | 17.6 | |
Koninklijke Philips NV | 251.7 | 10.3 | 4.1 |
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Industry revenue is measured across several distinct product and services lines, including Hospital respiratory ventilators, Portable respiratory ventilators and Neonatal respiratory ventilators. Hospital respiratory ventilators is the largest segment of the Global Respiratory Ventilator Manufacturing.
Hospital ventilators define the industry
Companies in this industry manufacture respiratory ventilators, which are used to help patients with breathing. This industry includes both invasive and noninvasive respiratory ventilators.
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Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Demand for ventilators surged during the pandemic. Hospitals around the world found themselves unprepared when COVID-19 caused an influx of patients in need of ventilation.
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Hospitals represent the primary market for respiratory ventilators. Ventilation is usually an invasive procedure that only patients with severe health conditions need.
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Europe dominates the market for respiratory ventilators. The EU's trade policies have made the region favorable for large medical manufacturers.
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Competition has been low since the pandemic. When the world faced a ventilator shortage, many manufacturers began selling ventilators at cost.
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Concentration has declined since the pandemic. As designs for ventilators were made public, new companies have been able to enter the industry and challenge the industry's ma...
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The aging population has continued to drive demand. As the elderly population increases, demand for medical equipment will continue to grow.
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Profit has remained low since the pandemic. Profit fell during the pandemic and continued attention and reduced demand have kept profit low in the years since.
Including values and annual change:
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The market size of the Global Respiratory Ventilator Manufacturing industry in Global is $3.8bn in 2024.
There are 72 businesses in the Global Respiratory Ventilator Manufacturing industry in Global, which has grown at a CAGR of 2.1 % between 2018 and 2023.
The market size of the Global Respiratory Ventilator Manufacturing industry in Global has been growing at a CAGR of 0.8 % between 2018 and 2023.
Over the next five years, the Global Respiratory Ventilator Manufacturing industry in Global is expected to grow.
The biggest companies operating in the Global Respiratory Ventilator Manufacturing market in Global are Vyaire Medical Inc., Medtronic PLC and Koninklijke Philips NV
Manufacturing invasive respiratory ventilators and Manufacturing non-invasive respiratory ventilators are part of the Global Respiratory Ventilator Manufacturing industry.
The company holding the most market share in Global is Vyaire Medical Inc..
The level of competition is low and increasing in the Global Respiratory Ventilator Manufacturing industry in Global.