Newark, NJ, March 26, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global ventilators market is expected to grow from USD 1.05 billion in 2019 and to reach USD 3.02 billion by 2027, growing at a CAGR of 13.96% during the forecast period 2020-2027.
The ventilators market is currently witnessing the massive demand across the globe. Increasing various pandemic diseases that attacks the lungs has created an enormous demand for the ventilators in the hospitals, ICUs, and in the home care. For instance, as of now, the coronavirus has affected more than 4,50,000 people, and more than 20,000 people have died across the globe. Covid 19, the novel coronavirus that causes the pneumonia and other respiratory diseases, and causes difficulty in breathing. Thus, in the severe Covid-19 cases, the ventilators are required to supply external oxygen to the body. Therefore, with the increasing spread of pandemic diseases, the demand for ventilators is increasing all over the world.
Ventilator is a medical device which is used for the supplying oxygen to the patient when they are unable to breathe on their own. It pushes the oxygen to the lungs and removes the carbon dioxide from the body. The ventilators are also known by the names such as respirator, breathing machine, or mechanical ventilation. Apart from the difficulty in breathing, these are also used during the surgery and recovery from the surgery.
Global ventilators market is increasing rapidly, owing to the growing prevalence of respiratory diseases across the globe. In addition to this, the rapid spread of pandemic disease such as Covid 19, many hospitals are experiencing a shortage of ventilators. Thus, this shortage has resulting into the considerable demand for ventilators across the globe. Furthermore, modernization of hospitals and ICUs in the developing countries further drives the growth of the market. Moreover, to increase the healthcare sector capabilities, many governments across the globe are creating a massive budget for the ventilators around the world. However, the high cost of ventilators and stringent government regulations on import-export of medical devices may hamper the growth of the market over the forecast period.
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Key players operating in the global ventilators market include Hamilton Medical, GE Healthcare, ResMed, Smiths Group, Medtronic, Becton, Dickinson and Company, Zoll Medical, Philips Healthcare, Dräger, Getinge, Air Liquide, Allied Healthcare Products, and Fisher & Paykel among others. To gain the significant market share in the global ventilators market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Medtronic, Philips Healthcare, and Becton, Dickinson and Company are some of the biggest manufacturer and suppliers of ventilators in the world. In addition to this, with the rising spread of respiratory diseases and shortage of ventilators, many automotive manufacturers such as Ford, GM and Tesla, are taking the initiatives for the production of ventilators to meet the increasing demand from all over the world.
The portable ventilator segment is anticipated to grow at the highest CAGR of 14.02% over the forecast period
On the basis of type, the global ventilators market is classified into intensive care ventilators and portable ventilators. The portable ventilator segment is anticipated to grow at the highest CAGR of 14.02% over the forecast period. The development of portable ventilators with the modern technologies and advanced settings offers various advantages over the traditional ventilators. These are the compact ventilators and mainly used in the home care for the patient with the long term illness.
The invasive ventilator segment accounted for the major market share of 66.36% in the year 2019
Based on modality, the global ventilator market is segmented into invasive ventilators and non-invasive ventilators. The invasive ventilator segment accounted for the major market share of 66.36% in the year 2019. Invasive ventilators involve administration of instrument inside the trachea through the mouth. These ventilations act as the lifesaving devices for the patients who are unable to breathe on their own.
Hospital segment held the largest market share and valued at USD 632.25 million in the year 2019
The end-user segment is classified into hospitals, ambulatory surgery centres, nursing homes, speciality clinics, and long term care centres. Hospital segment held the largest market share and valued at USD 632.25 million in the year 2019. An increasing number of respiratory diseases and rising administration of patients with these kinds of conditions in the hospital, driving the growth of this segment.
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Regional Segment Analysis of the Ventilators Market
On the basis of geography, the global ventilators market classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the market and held the largest market share of 39.36% in the year 2019. Availability of well-equipped hospitals with advanced medical devices is one of the key factors contributing to the growth of the market. In addition to this, high healthcare expenditure in the countries such as the U.S. and Canada, further boosting the growth of the market. On the other hand, the Asia Pacific region is anticipated to grow at the highest CAGR of 14.53% over the forecast period. High growth in the geriatric population in countries such as Japan and South Korea is one of the primary factors driving the growth of the market. India is one of the biggest importers of ventilators in the Asia Pacific region, which is offering the future growth opportunities for the key vendors in this region. After China, Europe is profoundly affected by the outbreak of coronavirus. Italy has surpassed China and registered more than 7500 deaths and 75000 coronavirus affected cases. Apart from the other European countries such as France, Spain, and the U.K. have been heavily influenced by a coronavirus. With the sudden outbreak of a global pandemic, there is a massive shortage of ventilators in the European region, and thus, European government is pushing automotive and aerospace companies to produce the ventilators to fill the supply-demand gap.
About the report:
The global ventilators market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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