The ventilator market is projected to grow at a CAGR of 5.53% to reach US$3,095.180 million by 2025 from US$2,240.940 million in 2019. The rise in cases of respiratory emergencies and Chronic Obstructive Pulmonary Disease (COPD) are the major factors, which are strengthening the growth of global ventilator market.
Technological innovations in respiratory care devices are another major factor that is leading to an evident market expansion along with the emergence of more patient-friendly, cost-effective, and portable devices that further encourages their usage. For example in light of the global pandemic that has gripped our planet and the impact that has permeated every aspect of human, innovation has been key. In April 2020 , Xerox announced that it will rapidly scale up production of inexpensive, disposable ventilators that could serve as a critical stopgap for hospital-grade ventilators now in short supply. This comes as the result of its deal with a small medical device manufacturer in California named Vortran Medical to scale up production of the Go2Vent, a low-cost resuscitation device commonly used by first responders in emergencies and disasters. Go2Vent has already been FDA approved and doesn't require electricity. Again, in April 2020, Tesla expressed its inclination to work on repurposing its large supply of auto parts to build ventilators that Tesla hopes can help boost the nation's supply of the life-saving breathing machines without using components from the already stressed supply of the same pertaining to the healthcare center.
In India, The Rail Coach Factory (RCF) situated in Kapurthala is the first public sector undertaking (PSU) that operates under the auspices of the Indian Railway to develop a prototype of a ventilator to be used in the isolation wards or quarantine facilities which Indian Railways is creating in train coaches across the network. It's an original design and is expected to cost almost a fraction of regular ventilator cost. Thus, along with government initiatives the manufacturers of these devices in the APAC region especially that of the emerging markets are focusing on creating cost-efficient, non-invasive ventilation solutions to cater to the local needs and provide flexibility in inpatient care. This can be exemplified by India's toaster sized ventilator manufactured by Noida-based AgVa Healthcare, in a joint venture between Maruti Suzuki India. This device is specifically aimed at CoVid-19 patients and has arrived at the time which needed to feel the gaps.
The "Ventilator Market - Forecasts from 2020 to 2025" report segments the industry as follows:
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