Global $1.14 Bn Ventilator Markets, 2020 & 2021-2030: Market Growth of 172% Due to Demand from COVID-19
DUBLIN, Nov. 5, 2020 /PRNewswire/ -- The "Global Ventilator Market: Regulatory Landscape, Analysis and Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
Global Ventilator Market - Regulatory Landscape, Analysis and Forecast, 2021-2030", the global ventilator market was valued at $1,142.0 million in 2019 and has witnessed a growth surge of up to 172% in 2020 due to the rise in demand pertaining to the coronavirus outbreak. Moreover, the market is anticipated to normalize from 2022 and grow consistently with a CAGR of 15.13% during the forecast period 2021-2030.
The exponential rise in respiratory infections due to coronavirus pandemic has accelerated the demand for ventilators globally. To ensure adequate ventilator supply, various regulatory agencies across North America, Europe, Asia-Pacific, and Latin America have modified their regulations and approval process for ventilators.
Furthermore, the regulatory agencies have also approved several devices under the emergency use authorization (EUA) provision. Additionally, various healthcare and non-healthcare companies have revamped their production lines to meet the surging demand of the ventilators.
In 2019, the annual global demand for the ventilators was 82,500. However, the accelerated spread of COVID-19 and rising severity of the cases globally has propelled the global demand for ventilators by 5.6 times, up to 413,000, by the end of 2020. To cope with the rising demand for ventilators, regulatory bodies across different regions, such as the Food and Drug Administration (FDA), Health Canada, and Therapeutics Goods Administration (TGA), have taken unprecedented steps.
For instance, in March 2020 FDA declared COVID-19 pandemic as a public emergency and authorized anesthesia gas machines, continuous positive airway pressure (CPAP), and other sleep apnea devices as alternative ventilators under emergency use authorization (EUA). Furthermore, in April 2020, the TGA published a document stating the minimum requirements to be met by medical devices to be used as alternative ventilators.
Moreover, the regulatory bodies are also revamping ventilator supply chains to limit the supply shortage constraints. For instance, under the Enforcement Policy for Ventilators and Accessories and Other Respiratory Devices During the Coronavirus Disease 2019 (COVID-19) Public Health Emergency guidelines, the FDA has authorized the usage of alternative materials for making ventilator tubing. Furthermore, the FDA has also approved modifications to ventilator motor so that other suppliers can manufacture it.
The healthcare experts are continuously analyzing the impact of regulatory and industrial decisions on the global ventilator market. Moreover, the global market for ventilators is predicted to grow at an exponential CAGR of 176% by the end of 2020. However, a significant dip is expected in 2021 owing to the overproduction of ventilators and stockpiling of the device. The market is anticipated to normalize from 2022. The market is driven by certain factors, which include the rising incidence of respiratory diseases, high rate of premature births, rising demand for critical care in the geriatric population, and government initiatives for boosting the ventilator production.
The market is favored by the development of low-cost ventilator products and partnerships between healthcare and non-healthcare companies for scaling up the ventilator production.
Within the research report, the market is segmented based on product type, modality, patient age, end user, and regional analysis. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.
Research Highlights:
- The largest installed base of the ventilators is in the U.S., and the region still has a requirement of an additional 85,000 ventilators to cope with the situation of the COVID-19 pandemic.
- The global regulatory landscape pertaining to the ventilators has undergone significant alterations due to the pandemic. Several companies such as Medtronic Plc, Beijing Aeonmed Co, Ltd, Shenzen Mindray Biomedical Electronics, Vyaire Medical Inc., ResMed, Philips Respironics (Subsidiary of Koninklijke Philips N.V.), Dragerwerk AG & CO. KGaA and GE Healthcare have been awarded EUA owing to the COVID-19 pandemic
- While the global ventilator market is anticipated to witness significant growth, the absence of trained clinical staff would remain a major restraint for the market. Furthermore, the market has the opportunity for expansion in portable ventilators and digital education and training segment.
- Europe's ventilator market is anticipated to witness significant growth owing to the rising incidences and increasing manufacturing of the ventilators.
- Various government and industrial organizations in Middle East and Africa have revamped their production lines for manufacturing ventilators.
- The market has witnessed increased production form various healthcare companies. Furthermore, owing to the pandemic various start-ups have also emerged as key players. Non-healthcare companies across different industry verticals have also developed novel ventilator prototypes and are assisting healthcare companies in increasing ventilator production.
Key Healthcare and Non-Healthcare Companies Profiled
Aerobiosys Innovations Private Limited, Air Liquide, Dragerwerk AG & Co. KGaA, General Electric Company, Getting AB, Hamilton Medical, Koninklijke Philips N.V., Lowenstein Medical Innovation GmbH & Co. KG, Medtronic plc, OneBreath Inc., Penlon Ltd, ResMed, SCHILLER, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Smiths Group plc, Ventec Life Systems, Ventinova Medical, VYAIRE MEDICAL,INC., WEINMANN Emergency Medical Technology GmbH + Co. KG, ZOLL Medical Corporation
Non-Healthcare Companies
Dyson Ltd, Ford Motor Company, General Motors Company, Maruti Suzuki India Limited and Virgin Orbit
For more information about this report visit https://www.researchandmarkets.com/r/gizkix
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