A medical ventilator is a machine mainly used in hospitals to support respiratory problems also known as respirator or breathing machine. Use of ventilators is advancing in high risk patients with chronic respiratory disorders. Besides, the sudden outbreak of COVID-19, which is highly associated with respiratory diseases, is creating a huge demand for ventilators.
Impact of COVID on ventilators market:
The medical ventilators market is projected with an Incessant growth rate during the COVID-19 outbreak. The pandemic has surged the demand for more advanced medical infrastructure and thus distressed the medical industry in terms of providing treatment to infected patients. Severly infected countries such as U.S., Italy, Spain, France, and the U.K. are facing huge shortfall for healthcare supplies.
Global Medical Ventilator Market was valued at USD 826.93 Million in 2018 and expected to grow from $2.4 billion in 2019 to around $12.1 billion in 2020 as there is a huge outpour in demand for ventilators as these are vital in the treatment of serious Covid-19 patients. The market is anticipated to stabilize and reach $4.2 billion at a CAGR of 14.7% by 2024.
Impact of COVID on developing nations
Developing countries have weak infrastructure and a minimal number of medical supplies like face mask, PPE Kits, and ventilators. This situation has pressured governments to take possible initiatives before the condition becomes uncontrollable. Thus, various initiatives have been taken to boost the production of ventilators,
The Indian Institute of Science (IISC) team is developing a homegrown ventilator model of an electro-mechanical ventilator from scratch, using components only made or found in India.
Some Indian producers have doubled their production capacity of ventilators. Earlier made only 2,520 ventilators in February 2020, however production in March as of 12th April 2020 folded to 5,580 units.
The South African National Ventilator Project, motivated by the country’s department of Trade and Industry, objects to locally produce a least of 10,000 ventilators by the end of June 2020, to confront the COVID-19 pandemic situation.
Such activities created an opening for local players of each country dealing in the ventilators market to increase their manufacturing volume and cater the rising demand for several types of ventilators.
Prominent Market Players
Philips Healthcare
ResMed
Dräger Medical
Smiths Group
GE Healthcare
Allied Healthcare Products
Market Dynamics
Rising Factors
Drastically increasing COVID-19 crisis
Rising awareness regarding the available treatments for respiratory diseases
Rising incidence & prevalence of chronic diseases
Threats
Excessive demand
Opportunities
Increasing preference for home healthcare solutions
Home healthcare products and services can be seen as a factor yielding enormous growth opportunities to the companies in the ventilator market. This growing trend of home healthcare can be ascribed to the rise in aged population, as folks in this age group wish healthcare solutions that can be used at ease of home. Furthermore, home healthcare solutions offer restored quality of life to such patients, without asking them to make recurrent visits to the hospital which is even more difficult in this pandemic time.
Market Segmentation
By Mobility
Invasive Care Unit
By Interface
Invasive Ventilators
Non-invasive Ventilators
By Age Group
Adult & Paediatric
By Mode
Volume Mode Ventilation
Pressure Mode Ventilation
Dual/Combined Mode Ventilation
Other Ventilation Modes
By End-user
Hospitals
Home Care Settings
Ambulatory Surgical Centers
Other End-users
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
North America dominates the global ventilators market, followed by Europe, and Asia-Pacific. The factors such as mounting prevalence of COVID-19 athwart the regions have triggered the requirement for ventilators, and other healthcare supplies. Moreover, the continuing initiatives for advancing the production of ventilators and growing elderly population are some of the other reasons stimulating the market growth in this region.
Conclusion:
Sudden outbreak of this contagious and deadly virus started from a small place in china and has spread all over the globe claiming millions of infected persons has triggered the need for healthcare supplies such as medical ventilators. Huge global demand for medical ventilators and its scarce supply can be seen as a threat to the medical industry. Moreover, increasing awareness towards advanced healthcare technologies, increasing chronic diseases and increasing COVID cases also seem to be some factors increasing the demand for medical ventilators globally. But again, when this infection will stop is still unclear and thus the demand for ventilators seems to be for long term, and there is clearly a future for this market.