Ventilator Rental Market Analysis and Global Forecast (2021-2034) with COVID Impact Analysis

Ventilator Rental Market Overview

The Ventilator Rental Market size accounted for USD 1.57 Billion in 2023 and is estimated to account for 2.01 Billion in 2024. The Market is expected to reach USD 7.66 Billion by 2034 growing at a compound annual growth rate (CAGR) of 21.85% from 2024 to 2034. The market for ventilator rentals gives patients with respiratory problems short-term access to ventilatory support equipment, which makes healthcare delivery in hospitals, outpatient clinics, and home care easier. Growing rates of chronic respiratory illnesses, an aging population, and the necessity for respiratory support during life-threatening illnesses, such the COVID-19 pandemic, have all contributed to the market’s rise to prominence. Innovations in ventilator technology, adaptability in rental contracts, and affordability as comparison to purchase are important motivators. Key players in the market are providers of specialist rentals and makers of medical devices, with an emphasis on offering a variety of ventilator types customized to meet different clinical requirements. In addition to changing market dynamics, the move toward home healthcare gives patients easy access to respiratory support in the comfort of their own homes.

Global Ventilator Rental Market Synopsis

Ventilator Rental Market Dynamics

The major factors that have impacted the growth of Ventilator Rental are as follows:

Drivers:

Ø  Technological Advancements

Renting becomes more alluring as ventilator technology keeps evolving, especially with the creation of more portable and user-friendly equipment. Without making long-term expenditures, healthcare facilities can maintain their current equipment.

Restraint:

• Maintenance and Technical Support Challenges

Although maintenance is usually taken care of by rental firms, problems may occur if repairs or service are put off. This may result in device failure, which could jeopardize patient care. Additionally, healthcare practitioners may find it challenging to fix faults with rented devices if rental businesses do not give sufficient technical support.

Opportunity:

⮚      Technological Innovations

Advancements in ventilator technology, such as the development of more user-friendly, portable, and efficient devices, create opportunities for rental companies to offer cutting-edge equipment. By staying ahead of technological trends and incorporating the latest innovations, rental providers can attract healthcare facilities looking for modern solutions to meet patient needs.

Ventilator Rental Segment Overview

By Duration

Based on Duration, the market is segmented based on Long Term Lease, Short Term Lease. the Short Term Lease segment often dominates, especially during health crises or emergencies when immediate access to equipment is required for a limited duration.

By Application

Based on Applications, the market has been divided into the Chronic Obstructive Pulmonary Disease, Asthma, Respiratory Distress Syndrome, Others. the segment based on applications is typically dominated by Chronic Obstructive Pulmonary Disease (COPD), as it has a high prevalence and requires prolonged ventilatory support compared to other conditions

Global Ventilator Rental Market Regional Analysis

Based on region, the global Ventilator Rental market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Ventilator Rental market followed by the Asia-Pacific and Europe regions.

North America Market

North America holds a dominant position in the Ventilator Rental Market. Over the course of the estimated period, the North American ventilation devices market is anticipated to dominate. As of August 3, 2020, there were 4,813,647 critically ill COVID-19 patients in the United States. Leading manufacturers are responding to this need by boosting output. Mobile titans like Tesla, Ford, and GM have moved their production lines for medical supplies like masks, mechanical ventilators, and other medical devices in order to help the government with the shortage concerns of these stocks.

Asia-Pacific Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Ventilator Rental industry. Due to the increase in chronic respiratory conditions, growing healthcare expenditures, and a number of pandemic-related collaborations, product launches, and strategic agreements formed by regional companies, the Asia Pacific Ventilation Devices market has the fastest growing market share. In January 2021, for example, CSIR-NAL developed the non-invasive airway pressure ventilator known as the Swasth Vayu.

Competitive Landscape

The global Ventilator Rental market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as Duration launches, and strategic alliances.

Prominent Players:

• Lincare Holdings
• Miller’s Rental and Sales, Inc.
• KWIPPED
• US Med-Equip
• Viemed
• Aeroflow
• Med One Group
• Trace Medical
• Smiths Group
• METRAN

Key Development

In September 2023, Smiths Group announced the expansion of its ventilator rental services, focusing on enhancing its product offerings to meet the growing demand for respiratory support, particularly in healthcare facilities responding to seasonal respiratory illnesses.

Scope of the Report

Global Ventilator Rental Market, by Duration

• Long Term Lease
• Short Term Lease

Global Ventilator Rental Market, by Application

• Chronic Obstructive Pulmonary Disease
• Asthma
• Respiratory Distress Syndrome
• Others

Global Ventilator Rental Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $7.66 Billion
CAGR	21.85% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Duration, Application
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	Lincare Holdings, Miller’s Rental and Sales, Inc., KWIPPED, US Med-Equip, Viemed, Aeroflow, Med One Group, Trace Medical, Smiths Group, METRAN
Key Market Opportunities	• Growing awareness regarding good air quality
Key Market Drivers	• Rising elderly population and chronic diseases

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Ventilator Rental market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Ventilator Rental market historical market size for the year 2022, and forecast from 2021 to 2034
• Ventilator Rental market share analysis at each Duration level
• Competitor analysis with detailed insight into its Duration segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including Duration launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Ventilator Rental market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, Duration offering, recent developments, SWOT analysis, and key strategies.