This study describes the process of developing a high-impact, low-cost, and low-maintenance air ventilation system for anatomy facilities. It employed the strategic application of Value Engineering (VE), assuring that the air ventilation system meets contemporary threshold limit values (TLVs) for formaldehyde in the working zone of dissection tables. A creative-innovative construction methodology was used, combining the Theory of Inventive Problem Solving (TRIZ/TIPS) and VE for an anatomy laboratory air ventilation concept. The TRIZ/TIPS aimed to resolve conflicts that impeded progress toward higher ideality, while VE aimed to develop alternative approaches to fulfill required functions at a minimal cost. The findings were first trialed in a mockup while dissecting human tissues embalmed with two protocols. The experimental results were validated by computational fluid dynamics simulations, and then followed by a pilot and commissioning phase once the physical installation of the dissection laboratory concluded. The findings demonstrate the superiority of the combined TRIZ/TIPS and VE approach in terms of air distribution and efficient formaldehyde extraction within the breathing zone. A formaldehyde exposition below 0.1 ppm, lowered air exchange rates, and system usability proved that the given third-generation ventilation system complies with contemporary TLVs and potential changes in user requirements. The third-generation ventilation system offers a cost-effective, high-impact, and low-maintenance solution for state-of-the-art air ventilation systems in the anatomy dissection laboratory. The underlying design approach ensured that formaldehyde levels in the laboratory meet the TLV and indoor air guideline values for formaldehyde exposure, at which current knowledge indicates no increased risk of cancer.