NEW YORK, April 30, 2020 /PRNewswire/ --
Global Ventilator Market to Reach $3,110 Million by the End of 2020 Due to COVID-19 Pandemic
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Key Questions Answered:
• What are the various types of ventilators present in the global ventilator market based on their modality, mode of operation, patient type, and end user?
• What was the total ventilator installed base, by country, in 2019?
• What is the change witnessed in the growth rate of the global ventilator market from pre-COVID to post-COVID scenario?
• What are the key developmental strategies which are implemented by the key players to sustain in the competitive market?
• What are the strategies opted by the healthcare and non-healthcare companies amidst coronavirus pandemic to meet the high demand for ventilators?
• What are the opportunities and challenges faced by healthcare and non-healthcare companies within the global ventilator market?
• What was the market share of each of the companies in mechanical ventilator and non-invasive ventilator segments of the global ventilator market in 2019?
• What has been the pricing trend of ventilators in the last five years?
Market Overview
The global ventilator market is witnessing an exponential rise in the size of the market due to the ongoing COVID-19 pandemic. The overall market was estimated to be $1,072 million in 2018, and it was expected to grow at a CAGR of 7.1% in the pre-COVID scenario by the end of 2026. However, the COVID-19 pandemic has resulted in an extensive rise in the ventilator demand and has increased the growth rate by up to 176% in 2020. Presently, more than 45 companies are operating in this market, including already exiting healthcare companies and emerging healthcare companies.
The maximum number of installed ventilators are in the U.S., followed by China and India. However, there is still a requirement for an additional 85,000 ventilators in U.S. to cope with the COVID-19 pandemic. This demand and supply deficit of ventilators worldwide has led to major changes within the dynamics of the global ventilator market.
Competitive Landscape
The exponential rise in respiratory infections due to the coronavirus pandemic has accelerated the demand for ventilators globally. Several healthcare companies, such as Koninklijke Philips N.V, Getinge AB, Smith Medical, Medtronic plc, Drägerwerk AG & Co. KGaA, GE Healthcare, and Zoll Medical Corporation have opted for various developmental strategies, including product launches, synergistic activities, product approvals and upgradations, funding and investments, and mergers and acquisitions in last four years to boost their market presence and growth. Also, these companies have managed to ramp up their production rate of ventilators to allow the availability of a large number of ventilators for critical patient care amidst the coronavirus pandemic.
Moreover, non-healthcare companies, such as Dyson Ltd, General Motors Company, Ford Motor Company, and Maruti Suzuki India Limited, have also committed to produce a large number of ventilators in a short period of time via collaborating with other healthcare companies and government organizations.
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