Ventilator Market Worth USD 2.54 Billion in 2019; Rising Number of ICU Patients to Augment Growth: Fortune Business Insights™
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.
Request a Sample Copy of the Research Report:
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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.
Segment:
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.
An Overview of the Impact of COVID-19 on this Market :
The
emergence of COVID-19 has brought the world to a standstill. We understand that
this health crisis has brought an unprecedented impact on businesses across
industries. However, this too shall pass. Rising support from governments and
several companies can help in the fight against this highly contagious disease.
There are some industries that are struggling and some are thriving. Overall,
almost every sector is anticipated to be impacted by the pandemic.
We
are taking continuous efforts to help your business sustain and grow during
COVID-19 pandemics. Based on our experience and expertise, we will offer you an
impact analysis of corona virus outbreak across industries to help you prepare
for the future.
industry
developments that will drive the market growth in the forthcoming years.
For more information visit : https://www.fortunebusinessinsights.com/ventilator-market-103257
Regional Analysis-
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.
Table
of Contents
1. Introduction
1.1.
Research Scope
1.2.
Market Segmentation
1.3.
Research Methodology
1.4.
Definitions and Assumptions
2.
Executive Summary
3.
Market Dynamics
3.1.
Market Drivers
3.2.
Market Restraints
3.3.
Market Opportunities
4.
Key Insights
4.1.
Prevalence of Chronic Dieses, By Key Region/ Key
Countries, 2019
4.2.
Number of ICU Beds, by Key Region/ Key Country
4.3.
Technological Advancements, Ventilator
4.4.
New Product Launches, By Key Market Players
4.5.
Key Industry Developments such as Mergers &
Acquisitions
4.6.
Impact of COVID-19, on Global Ventilator Market
Continue…
Competitive Landscape-
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.
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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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)
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