The ventilators market is projected to reach USD 1,033.3 million in 2025 from USD 6,888.5 in 2020 and is expected to grow at a CAGR of -31.6% during the forecast period. The ventilators market is expected to witness significant growth in the coming years fueled by the rising geriatric population and subsequent growth in the prevalence of chronic respiratory diseases, increasing number of preterm births, increasing number of intensive care units and the outbreak of the COVID-19 pandemic. Factors such as growing demand for homecare therapeutic devices, technological advancements and growth opportunities in emerging countries will offer several opportunities for the market.

However, dearth of skilled medical workers, reimbursement concerns, complications associated with the use of ventilators will restrain market growth to certain extent. Lack of awareness and a large population undiagnosed & undertreated patients, and harmful effects of certain devices on neonates will pose challenges for the market growth.

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The global ventilators market is consolidated at the top, with many leading market players based in developed countries. The prominent players in this market are Philips Healthcare (Netherlands), ResMed Inc. (US), Medtronic plc (Ireland), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Drägerwerk AG & CO. KGAA (Germany), Nihon Kohden Corporation (Japan), Getinge AB (Sweden), Asahi Kasei Corporation (Japan), Air Liquide (France), Vyaire Medical, Inc. (US), GE Healthcare (US), Hamilton Medical (Switzerland), Smiths Group plc (UK), Allied Healthcare Products, Inc. (US), Shenzhen Mindray Bio-Medical Electronics Co., Ltd, (China), aXcent Medical GmbH (Germany), Metran Co., Ltd (Japan), MAGNAMED (Brazil), Avasarala Technologies Ltd (India), Airon Corporation (Florida), TRITON Electronic Systems Ltd. (Russia), Bio-Med Devices, Inc. (US), Hill-Rom Holdings, Inc. (US), HEYER Medical AG (Germany), and Leistung (Argentina). However, several smaller players have emerged from niche markets in the past few years, competing with global players based on price and service offering. Due to intense competition in the market, major market players increasingly focus on expanding their geographic presence into high-growth emerging markets and strengthening their technological competitiveness by acquiring smaller players with the desired technological capabilities or geographical presence.

Based on the mobility, the ventilators market is segmented into intensive care and portable/transportable ventilators. In 2019, the intensive care ventilators segment accounted for largest share of the ventilators market. The large share of the intensive care ventilators segment can be attributed to the rising number of intensive care beds equipped with ventilators. The increasing ICU admission due to COVID-19 and re-admissions in developed countries coupled with appropriate reimbursement is also responsible for the large share of the ICU ventilators segment

Based on the interface, the ventilators market is segmented into invasive ventilation and non-invasive ventilation. In 2019, the invasive ventilation segment accounted for largest share of the ventilators market. Growth in the invasive ventilation market can be attributed to increasing severity in COVID-19 patients and the rising prevalence of respiratory diseases, neurological diseases, and sleeping disorders.
On the basis of end user, the ventilators market is segmented into hospitals and clinics, home care, ambulatory care centers, and emergency medical services based on end users. Hospitals and clinics are the major end users of ventilators. This can largely be attributed to hospitals' financial capabilities to purchase high-priced instruments as well as the availability of trained professionals to operate ventilators

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Based upon region, the ventilators market is broadly segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of the ventilators market, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa. The large share of North America is primarily due to the presence of major manufacturers in this region, such as Vyaire Medical (US), GE Healthcare (US), ZOLL Medical (US), and ResMed (US). In addition to the presence of major market players, the rising geriatric population, increasing COVID-19 patient volume, high prevalence of smoking, high prevalence of respiratory diseases, highly developed healthcare system, and high healthcare expenditure are the other factors responsible for the large share of North America in the ventilators market.