Medical Ventilator Market is expected to register a CAGR of 4.14% to touch USD 3,605.82 Million from 2019 to 2027 as per a new Market Research Future report. A medical ventilator is a medical device that assists a patient in exchanging oxygen and carbon dioxide mechanically. It is designed to provide inhaling for a patient unable to breathe. Medical ventilators offer artificial respiration for ill patients with a coma, cystic fibrosis, a spinal cord injury, stroke, chronic obstructive pulmonary disease (COPD), or a loss of consciousness.
COVID-19 Analysis of Medical Ventilator Market
The COVID-19 pandemic has been laboring healthcare systems across the globe. The COVID infection has forced numerous industries to close their doors, with many healthcare subdomains going out of operation temporarily. The pandemic has also positively shaken and augmented demand for diverse medical sectors, such as intensive care unit devices, healthcare personal protection equipment, etc. A medical ventilator is a vital device that has seen increased demand due to its shortage for the treatment of COVID-19. There has been a remarkable expansion of demand for medical ventilators, compelling producers to boost their manufacturing capacities by 30-50% at the behest of several government bodies worldwide who are grappling to deal with the pandemic effectively.
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Segment Analysis
The global medical ventilator market has been segmented based on portability, interface, technology, application, and end user. The global medical ventilator market, by portability, has been segmented into stationary ventilators and portable ventilators. The global medical ventilator market, by interface, has been segmented into invasive and non-invasive. The global medical ventilator market, by technology, has been segmented into automated and mechanical. The global medical ventilator market, by application, has been categorized into critical care, neonatal care, emergency care, and others. The global medical ventilator market, by end-user, has been divided into hospital and clinics, home care settings, and others.
Regional Analysis
The Americas dominated the medical ventilator market in 2019 and is likely to continue to command during the assessment period. This can be attributed to the high prevalence of respiratory disorders and product launches and acquisitions by key players in this region. For instance, in April 2020, Philips launched its Respironics E30 ventilator used in ICU units to treat COVID-19 patients. This product launch helped the company increase its market share in the global market. Additionally, in October 2017, Vyaire Medical, Inc. acquired Revolutionary Medical Devices (RMD), a company that is involved in developing products for airway management, to increase its market share in the market. Such developments are likely to boost the growth of the regional market during the forecast period.
Europe held the second-largest position in the medical ventilator market in 2019 owing to the inorganic growth strategies of companies and a well-developed medical industry in the region. Recently, in March 2020, Smiths Medical announced a contract deal with the UK government for manufacturing 10,000 ventilation units to fight the coronavirus pandemic. The company will manufacture the product in its facility in the UK. Similarly, in March 2020, Drägerwerk AG & Co. KGaA and the UK defense contractor Babock signed contract agreements. As per this contract Drägerwerk AG & Co. KGaA will provide ventilators to the NHS. This inorganic growth strategy helps the company strengthen its position in the European market.
Asia-Pacific is expected to register the highest growth rate over the forecast period, 2022 to 2027. This can be attributed to the rapid spread of COVID-19 and increasing product approvals. Recently, April 2020, Biodesign Innovation Labs (India) launched RespirAID, a portable ventilation device for COVID-19 patients. Moreover, companies focus on organic growth strategies to strengthen their product portfolio and presence in the global market. Recently, in April 2020, Nihon Kohden received production and marketing approval for the NKV-550 series ventilator in Japan. Such strategies play a key role in supporting regional market growth.
The growth of the medical ventilator market in the Middle East & Africa has been growing steadily in the past few years. In the Middle East, due to increasing cases of COVID-19, the adoption rate of medical ventilators is high in countries such as South Africa, the UAE, and Saudi Arabia. With the increasing strategic initiatives by private and public firms and organizations, the growth rate is likely to rise in the next few years.
Key Players
Market Research Future (MRFR) Getinge AB (Sweden), GE Healthcare (US ), Vyaire Medical, Inc. (US), Medtronic (Ireland), Drägerwerk AG & Co. KGaA (Germany), Hamilton Medical (Switzerland), Resmed (US), Koninklijke Philips NV (Netherlands), Smiths Medical (US), and Allied Healthcare Products Inc. (US) as the Key Players in the Global Medical Ventilator Market.
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