Pune, India, April 29, 2021 (GLOBE NEWSWIRE) -- The global “Ventilators Market”, size is estimated to gain momentum on account of the increasing number of ICU admissions that require mechanical ventilation. This is further attributed to the growing prevalence of chronic diseases that requires critical care equipment such as incubators, ventilator, and other devices. A recent report by Fortune Business Insights, titled, “Ventilator Market Size, Share & Covid-19 Impact Analysis, By Type (Adult, and Pediatric & Neonatal), By Interface (Invasive, and Non-invasive), By End User (Hospitals, Specialty Clinics, and Others), and Regional Forecast, 2020-2027”, offers a comprehensive overview of the market. According to this report, the value of the market was USD 2.54 billion in 2019 and is expected to reach USD 9.13 billion by the end of 2027 with a CAGR of 5.0% between 2020 and 2027.
The global economy is facing huge losses on account of the current outbreak of the COVID-19 pandemic. Most of the businesses are at a halt and the ones that are running through minimum contact medium, are scantily drawing bare minimum revenues. However, we hope to overcome this situation soon with the government support. We, at Fortune Business Insights, are offering analytical reports on the impact of COVID-19 on various markets so that the investors can scrutinize them and accordingly make long-term investment decisions.
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Fortune Business Insights™ lists out the names of all the manufacturers operating in the market. They are as follows:
- GE Healthcare
- Hamilton Medical AG
- Vyaire Medical, Inc.
- Medtronic
- Koninklijke Philips N.V.
- Drägerwerk AG & Co. KGaA
- Getinge AB
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Other vendors
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The Report Answers the following questions:
- How fierce is the nature of the market?
- How can workforce management result in cost-saving benefits to companies?
- Who are the major players of this market and how do they plan to gain dominance?
- Which trends are currently followed that will bode well for the market?
Drivers & Restraints-
Advent of New Mechanical Ventilators will Add Impetus to Market
A ventilation machine provides artificial or mechanical respiration to a patient suffering from any chronic disease. The current COVID-19 pandemic has also increased the number of patients requiring intensive and critical medical aid. The World Health Organization (WHO) reports an estimate of about 4.7 million people suffering from COVID-19 all over the world as per May 18, 2020. Therefore, a rise in the number of critical care unit cases is a significant factor in propelling the ventilator market growth. In addition to this, the rising disposable incomes of people and their willingness to spend more on advanced healthcare services have encouraged the improvement and up-gradation of healthcare infrastructure and medical facilities. This is also adding impetus to the market.
On the negative side, the complications associated with using ventilator such as nosocomial pneumonia, bronchopleural fistula, pneumothorax, and others may result in gastric problems, cardiac output, alkalosis, and renal impairment, thereby, hampering the overall market.
Nevertheless, the continuous investments by players on new mechanical ventilators, especially for patients undergoing cardiovascular interventions are likely to create lucrative growth opportunities for the market in the future.
Adult Segment to Emerge Dominant Attributed to High Prevalence of Chronic Diseases among Adult Population
Based on segmentation by type, the market is bifurcated into adult and paediatric & neonatal segments. Among these, the adult segment earned the highest ventilator market share in 2019. This is accountable to the high prevalence of chronic diseases among adults as compared to their younger counterpart.
Invasive Segment to Emerge Dominant Attributed to their applications in ICU with chronic diseases
Based on segmentation by interface, the market is segmented into invasive and non-invasive segments. Among these, the invasive segment held a dominant share in 2019. This is accountable to the rising application of invasive ventilator in ICU’s for the patients admitted with chronic respiratory diseases, neurological disorders and others.
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North America Emerged Dominant Accountable to Highest Number of Critical Care Patients
Regionally, North America generated USD 0.88 billion in terms of revenue in 2019 and emerged dominant. Factors responsible for this dominance include the rising number of patients admitted to intensive care and critical care units every year. Additionally, the reimbursement policies offered by the governments of Canada and the U.S. are also aiding in the expansion of this regional market.
On the other side, the second-largest market share is earned by Europe on account of the increasing adoption of mechanical ventilation support systems. Furthermore, Asia Pacific is likely to exhibit significant growth in the coming years on account of a rise in the development of healthcare infrastructure, increasing disposable incomes of people, and their willingness to spend on better medical facilities.
Dominant Players Focusing on Developing Novel Technologies for Advanced Ventilators
Currently, Hamilton Medical AG, Medtronic, Koninklijke Philips N.V., and Getinge AB are holding 40% or more shares in this market. This is owing to their strong focus on research and development of novel technology in the advanced ventilators. Other players are engaging in mergers and acquisitions, joint ventures, collaborations, and others to maintain their positions in the market.
Key Industry Developments of the Market Include:
March 2020 – NKV-550 Series was launched by Nihon Kohden for patients irrespective of their age, admitted in the critical care units.
April 2020 – RespirAD portable ventilator was launched by Biodesign Innovation Labs for taking care of coronavirus patients.
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Global Ventilator Market Segmentation :
By Type
- Adult
- Pediatric & Neonatal
By Interface
- Invasive
- Non-invasive
By End-User
- Hospitals
- Specialty Clinics
- Others
By Geography
- North America (the U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)
- Latin America (Brazil, Mexico, and the Rest of Latin America)
- The Middle East & Africa (South Africa, GCC, and the Rest of Middle East & Africa)
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Chronic Dieses, By Key Region/ Key Countries, 2019
- Number of ICU Beds, by Key Region/ Key Country
- Technological Advancements, Ventilator
- New Product Launches, By Key Market Players
- Key Industry Developments such as Mergers & Acquisitions
- Impact of COVID-19, on Global Ventilator Market
- Global Ventilator Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Adult
- Paediatric & Neonatal
- Market Analysis, Insights and Forecast – By Interface
- Invasive
- Non-invasive
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Specialty Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
- North America Ventilator Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Adult
- Paediatric & Neonatal
- Market Analysis, Insights and Forecast – By Interface
- Invasive
- Non-invasive
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Specialty Clinics
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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