Impact of COVID-19 on Economy, Industry and Company :
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The Global Ventilator Market was Valued at US$ 5.67 Bn in 2019 and it is Expected to Reach More than US$ 35.56 Bn by 2028, Likely to Grow with the CAGR of 21.4 % During the Forecast Period.
Ventilator is a medical device used to regulate the patient’s breathing at the time of treatment. These devices are used in the condition of improper functioning of respiratory system or some severe lung disease. The global ventilator market is projected to witness phenomenal growth over the forecast period. Some of the major factors fuelling the growth of global market include rising number of target diseases, increasing healthcare expenditure, and technological advancements.
Rising Number of Respiratory Diseases around the Globe is anticipated to propel the Market Growth
The global ventilator market is majorly driven by rising number of patients suffering from lung diseases. According to a report published by World Health Organization, respiratory diseases are one of the major causes of disability and death in the world. Average number of patients suffering from chronic obstructive pulmonary disease is around 65 million and the death count is almost 3 million every year. This results in significant demand for ventilators around the globe.
Moreover, currently when coronavirus pandemic is spreading their wings across the globe, a significant uptake has been registered in the demand of ventilators. According to ICMR (Indian Council of Medical Research), around 5 % of Covid-19 patients will need medical ventilation with intensive care. Coronavirus affects the patient’s lungs directly therefore ventilators play a crucial role in treatment of these patients. This is encouraging the manufacturers to produce large number of machines. Anand Mahindra, chairman of Mahindra & Mahindra promised to manufacture large number of ventilators to fulfil the requirements. Also, government of Karnataka announced that they will procure 1,000 ventilators from Skanray Technologies to deal with the corona pandemic.
Complications Associated with Ventilators Might Hamper the Market Growth
Ventilators are associated with various complications and adverse effects to the patient which might hamper the market growth. Some of the complications occur while ventilation include improper ventilation cycle, humidification of inspired gases, and improper alarm functioning. In case of mechanical ventilator, major complications include pneumothorax, and bronchopleural fistula which may result in development of several adverse effects such as gastric distensions, decrease in cardiac output, improper rental function, and increased intracranial pressure.
North America is anticipated to lead the Global Market during the Forecast Timespan
By geography, North America is anticipated to occupy highest share throughout the forecast period. The growth of the region an be fuelled by highly developed healthcare infrastructure, rising number of geriatric populations, and rising occurrences of lung diseases coupled with smoking habits among U.S. population. Moreover, presence of prominence players in the U.S. is expected to positively influence the regional growth.
Asia Pacific is projected to witness rapid growth during the forecast timespan. The companies operating in global market are continuously expanding their facilities and distribution channels in these regions owing to the potential market growth. This is expected to create growth opportunities for ventilator market in Asia Pacific. Moreover, several India based companies such as Mahindra & Mahindra are engaged in developing advanced ventilators at a lower cost which will eventually favour the regional growth.
Key players operating in global Ventilator market include Koninklijke Philips N.V., ACOMA Medical Industry Co., Ltd., Teleflex Incorporated, Dragerwerk AG & Co. KGaA, Covidien, MAQUET Holding B.V. & Co. KG, Bunnell Incorporated, Bio-Medical Devices Intl, CareFusion Corporation, and GE Healthcare.
Global Ventilator Market by Type
- Neonatal/Infant Ventilators
- Adult/Pediatric Ventilators
Global Ventilator Market by Mobility
- Portable/Transportable Ventilators
- Intensive Care Ventilators
Global Ventilator Market by Mode
- Pressure Mode Ventilation
- Volume Mode Ventilation
- Combined Mode Ventilation
Global Ventilator Market by End User
- Emergency Medical Services (EMS)
- Hospitals and Clinics
- Ambulatory Care Centers
- Home Care
Global Ventilator Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America