Ventilators Market:
Executive Summary
The global ventilators market is expected to grow from $2.4 billion in 2019 to about $12.1 billion in 2020 as there is a massive surge in demand for ventilators as these are essential in the treatment of critical Covid-19 patients. The market is expected to stabilize and reach $4.2 billion at a CAGR of 14.7% through 2023.
There is an urgent and increased need of ventilators globally. This is because Covid-19 primarily manifests as an acute respiratory illness with pneumonia, and ventilators are the main supportive treatment for critically-ill patients. They assist or replace respiratory functions, pumping oxygen into the blood for vital organs. Therefore, the ventilators market is expected to grow significantly with the rapidly increasing cases of Covid-19 disease worldwide.
The ventilator devices market consists of sales of ventilators used in respiratory care for patients with acute or chronic respiratory disorders. The sales consists of revenues generated by establishments that are primarily engaged in the manufacturing of intensive care ventilators (critical care ventilators), neonatal care ventilators, and portable & transportable ventilators.
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The number of complications associated with the use of ventilators is expected to negatively affect the ventilators market. The ventilators cause complications including bronchopleural fistula, pneumothorax and nosocomial pneumonia and similar complications that result in decrease in cardiac output, gastric problems and renal impairment, alkalosis. According to study, published in Brazilian journal of pulmonology, 38.1% of patients in hospitals treated with ventilators develop ventilator-associated pneumonia.
The companies in the ventilator market are increasingly expanding their ventilator production capabilities realizing the current demand due to the outbreak of the COVID-19 pandemic. COVID-19 is a respiratory disease caused by corona virus that infects lungs causing pneumonia and other respiratory conditions. The patients affected with the virus suffer with severe pneumonia and lung dysfunction resulting in need for the ventilator support for respiration. For instance, in March 2020, Medtronic, a leading medical device manufacturer increased its ventilator production by 40%. Also, in March 2020, Philips targeted to increase its ventilator production capacity by 4-fold, to meet the rising demand.
Rising prevalence of respiratory diseases is driving the ventilators market. The chronic respiratory diseases such as asthma, bronchitis, pneumonia, and others resulting from different bacterial and viral infections and other causes will boost the demand of ventilators. The ventilators are respiratory devices that are used to support respiration in patients with chronic respiratory diseases. For instance, in 2020, corona virus infected 500,000 people worldwide and the current number of deaths due to the disease is around 20,000. Corona virus infects lungs causing pneumonia and other respiratory disorders affecting patient’s respiration. The emergence of such infectious diseases resulting in pandemic is driving the ventilators market.
In April 2018, Vyaire Medical, a US based respiratory device manufacturer acquired Acutronic for an undisclosed amount. Acutronic is a leading manufacturer of neonatal ventilator equipment. With this move, Vyaire will strengthen its position in the ventilator market by entering into neonatal ventilator segment.
Major players in the ventilator devices market are Philips Healthcare, ResMed, Medtronic, Becton, Dickinson and Company, GE Healthcare, Hamilton Medical, Dräger, Getinge, Smiths Group, and Fisher & Paykel.
Continuous…
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