Pune, Nov. 25, 2020 (GLOBE NEWSWIRE) — According to this report, the value of the global Ventilator Market Size 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 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. 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.
KEY INDUSTRY DEVELOPMENTS:
- April 2020 – Biodesign Innovation Labs launched, RespirAID portable system to deal with the coronavirus pandemic.
- March 2020 – Nihon Kohden, launched NKV-550 Series Systems, for critical care setting with patients of all ages.
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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.
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.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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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.
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Lists of Key Players Operating in the Ventilator Market:
- GE Healthcare
- Hamilton Medical AG
- Vyaire Medical, Inc.
- Koninklijke Philips N.V.
- Drägerwerk AG & Co. KGaA
- Getinge AB
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Other vendors
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Global Ventilator Market Segmentations:
• Pediatric & Neonatal
• Specialty Clinics
• 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)
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SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
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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