Global Ventilator Market Overview
The global ventilator market was valued at USD 1,35 Billion in 2019 and it is anticipated to reach USD 2.85 Billion markets by 2027 growing at a CAGR of 11.2% over the forecast period. The growth can be attributed to sudden growth in demand for ventilators around the world due to the COVID19 pandemic in 2020. Moreover, other factors affecting the market include, the rising occurrence of respiratory & cardiovascular diseases due to increasing pollution, unhealthy lifestyles among others.
A ventilator is a device used to assist in artificial respiration in patients with respiratory, cardio-vascular diseases, surgery, emergency care services. The device can be equipped with numerous attachments such as monitoring systems, electricity backup, additional tanks, etc. Ventilators also have certain disadvantages associated with their prolonged usage such as pneumonia, pneumothorax, and bronchopleural fistula. However, it is the most crucial medical equipment required in any critical care, emergency, accidental care, heart, respiratory and cardiovascular care hospitals, thus has huge demand throughout the year.
Impact of Covid19 pandemic situation on ventilator industry
Confianza has updated the report recently incorporating the impact of COVID19 (Corona Virus) pandemic on the global ventilator industry. This pandemic suddenly created panic around the world and resulted in thousands of deaths. The virus originated from Wuhan, China in October 2019 and suddenly spread around the world within a span of few months resulting in the death of thousands of peoples.
The virus majorly affected countries such as China, Italy, the United States, and Spain. The patients older than 60 years of age are the high-risk group and require special care if affected by a coronavirus. The COVID19 resulted in a sudden spike in demand for ventilators around the globe. The import & export of ventilators seen a sharp spike in the first quarter of 2020 and is anticipated to grow further till the year-end.
Mode of Operation Segment Overview
The market can be segmented based on the mode of operation into electronic, pneumatic and mixed ventilators. The electronic type ventilator comprises of largest market share owing to its better performance and high capacity. The pneumatic ventilators are mostly preferred in emergency cases in portable systems.
The mixed ventilators comprise of both electronic and pneumatic systems are highly efficient systems and can be used in any situation. However, the high pricing of these units refrains small hospitals from procuring this over the electronic ones.
Mobility Segment Overview
The market can be segmented based on mobility into portable and non-portable ventilators. the non-portable ventilator accounts for the largest market share globally; as they are the most necessary emergency equipment required in most of the hospitals. the segment is anticipated to continue to dominate the market over the forecast period.
The portable ventilator is mostly used in an ambulance, personal healthcare usage. The high prices of these ventilators refrain the majority of the patient from procuring one. The demand for portable ventilators is growing due to an increased number of respiratory diseases worldwide.
Application Segment Overview
The market can be classified based on application type into critical care, neonatal care, emergency care, and others. The critical care and emergency care segment accounted for the largest share in 2019. The demand for neonatal care ventilator market is growing at a moderate pace over last year. However, it is expected to rise over the forecast period as per the research.
The Asia-pacific is the largest market for all types of ventilators the reason being the presence of a country such as China, India, and Japan where there is a presence of a large number of ventilator manufacturing companies. Most of the Western countries such as the United States, Brazil, and European countries import ventilators from these Asian countries. The key reason behind the higher market share of Asian countries is the availability of cheap labor, abundant resources and high domestic demand.
Advancement in the healthcare sector in North America and the European region has led to increased demand for high tech technology embedded ventilators including those with remote monitoring capabilities and power backup systems.
Global Ventilator Market Share Insights
The global ventilator market is dominated by companies such as GE Healthcare, Maquet Holding BV, Koninklijke Philips NV, and Smiths Medical. Companies in this market focus on producing high capacity ventilators to fulfill growing demand from around the world. Many companies have almost doubled their capacity during the COVID-19 situation through a tie-up with other companies.
The companies compete based on the number of functions provided in the ventilator system, the number of attachments available and the efficiency of the products. The global ventilator market is dominated by large healthcare players owing to the high investment required to establish a new manufacturing facility and legal compliances that need to be fulfilled to enter this market.
The manufacturers are utilizing technology to bring innovation in their products for example incorporation of a remote health monitoring system that enables continuous monitoring and generates a report on an online system so that the doctor can monitor the patient remotely. Such features are particularly useful in case the patient is admitted to his home and the doctor doesn’t need to visit the patient frequently unless necessary.
The entry of other non-traditional companies in ventilator industry
The coronavirus pandemic led to the collaboration between healthcare companies with other industries. For instance, the sudden rise in demand for a ventilator caused automotive manufacturers such as Ford, General Motors and Tesla to collaborate with healthcare companies for mass manufacturing of ventilators. Similarly, other manufacturing industries also participated in the activity to cope up with the sudden rise in demand.
- Global Ventilator Market, By Operation Type, 2017 – 2027 (USD Billion)
- Global Ventilator Market, By Mobility, 2017 – 2027 (USD Billion)
- Global Ventilator Market, By Application, 2017 – 2027 (USD Billion)
- Critical Care
- Neonatal Care
- Emergency Care
- Global Ventilator Market, By Region, 2017 – 2027 (USD Billion)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- South Korea
- Latin America
- The Middle East and Africa
- North America