Global demand for ventilators market was valued at approximately USD 2,083.6 Million in 2019, and is expected to generate revenue of around USD 3,932.9 Million by end of 2026, growing at a CAGR of around 9.5% between 2020 and 2026.
New York, United States - October 29, 2020 /MarketersMedia/ —
Zion Market Research has published a new report titled “Ventilators Market by Mobility (Portable/ Transportable Ventilators, and Intensive Care Ventilators [High-End ICU Ventilators, Mid-End ICU Ventilators, and Basic ICU Ventilators]), by Type (Neonatal/ Infant Ventilators, Adult Ventilators, and Pediatric Ventilators), by Interface (Non-Invasive Ventilation, and Invasive Ventilation), by End User (Hospitals, Ambulatory Care Centers, Home Care Setting, Emergency Medical Services (EMS), and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020– 2026” According to the report, global demand for ventilators market was valued at approximately USD 2,083.6 Million in 2019, and is expected to generate revenue of around USD 3,932.9 Million by end of 2026, growing at a CAGR of around 9.5% between 2020 and 2026.
Ventilator is a life-saving tool for patients unable to breathe in chronic conditions like respiratory syndrome, asthma, or also in the case of unexpected respiratory disease outbreak like COVID-19 etc. Geriatric population, urbanization, increased rates of pollution, and rising incidences of premature births are some of the factors likely to drive the market growth of ventilators. Moreover, the advent of COVID-19 has overwhelmed countries such as the intensive care units in Italy. In other nations, the lack of effective action, such as ventilator shortages, has catastrophic consequences. The snorkelling masks originally designed for leisure purposes are now used by doctors in Italy to care for COVID-19 patients. In extreme cases COVID-19 causes the lungs to become fibrosis-like, which means that the patients cannot breathe without support. Hence, leading innovators are developing prompt-speedy ventilators to fill the huge gap between supply and demand. Businesses are seeking to repurpose their supply chains and manufacturing lines amid the continuing epidemic.
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COVID-19 Impact Analysis:
The novel corona virus disease or COVID-19 has spread to almost all the countries in a very short span of time. Over 10 million people have been diagnosed positive for the disease and the number is increasing exponentially. Over a million people have been affected in the U.S. alone. The rapid spread of COVID-19 due to lack of proper treatment and vaccine has prompted many countries to implement a nation-wide lockdown. The lockdown, although an effective step against the virus, has brought businesses to a stand-still. People are forced to stay indoors, factories are closed, and businesses have shut down. Economists all over the world are predicting a recession like never before in wake of this global pandemic. According to the World Trade Organization (WTO), world trade is expected to fall by between 13% and 32% in 2020 as the COVID 19 pandemic disrupts normal economic activity and life around the world.
The COVID-19 pandemic has increased the demand for ventilator exponentially. The shortage of ventilators has become a major cause of concern for countries around the world. A report from Imperial College London estimates that 30% of Covid-19 hospitalized patients are likely to require mechanical ventilation. The outbreak of corona virus pandemic has had a significant impact on the ventilator industry. The demand has augmented exponentially as old patients require ventilator support. Demand for ventilator has touched unparalleled levels as COVID-19 has spread globally and the government agencies are responding to the alarming situation. Multiple strategies adopted by the affected nations have further amplified the demand. However, rise in demand and increasing pressure on the supply chains has caused severe constrictions on supply of raw materials. The low supply of raw materials has resulted in the inability of manufacturers to eliminate the demand supply gap.
In emerging economies, such as India and China, manufacturers and assembly companies are focusing on developing cost-effective, non-invasive ventilation solutions that meet local needs and provide patient care. Advances in performance, construction and health have resulted in major advantages, such as improved weaning, better gas exchange, oxygenation and less damage to the lungs. Rapid growth in geriatric population that are more vulnerable to respiratory disorders and high prevalence of chronic respiratory diseases contributes mainly to the growth of the ventilator market. Increasing government spending on healthcare internationally also encourages the growth of companies. In addition, factors such as the harmful effects of certain devices on neonates, the maintenance of supply chains for components, and the complications associated with the use of ventilators are likely to hinder market growth during the forecast period.
The global market for the ventilators is segmented into mobility, interface, type, end user, and region. Based on the mobility, the global market for ventilators is segmented into portable/ transportable ventilators, and intensive care ventilators. The segment for intensive care ventilators is further divided into mid-end, high end and basic ICU ventilators. On the basis of type, the market is categorized into neonatal/ infant ventilators, pediatric ventilators, and adult ventilators. On the basis of end user, the market is categorized into ambulatory care centers, emergency medical services (EMS), hospitals, home care setting, and others. On the basis of interface, the market is categorized into invasive ventilation, and non-invasive ventilation.
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