Medical Ventilator Market Size Worth Around US$ 1,729.8 Mn by 2027
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled "Medical Ventilator Market (By Mobility: Intensive Care Ventilators, Portable/Transportable Ventilators; By Type: Adult/Pediatric Ventilators, Neonatal/Infant Ventilators; By Interface: Invasive Ventilation, Non-invasive Ventilation; By Mode: Combined Mode Ventilation, Volume Mode Ventilation, Pressure Mode Ventilation, Others; By End use: Hospitals and Clinics, Home Care, Ambulatory Care Centers, Emergency Medical Services (EMS)) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027".
LOS ANGELES, May 13, 2020 /PRNewswire/ -- The global medical ventilator market size is anticipated to be worth around US$ 1,729.8 Mn by 2027 with CAGR of around 8.3%.
North America is expected to count for major revenue share in the global market due to high government spending on healthcare sector. There is gradual increase in number of patient suffering from various respiratory diseases this is resulting in increase in number of in-patents in hospitals further increasing demand for ventilators.
According to U.S. Department of Health and Human Services, currently more than 25 million people in the United States have asthma. Approximately 14.8 million adults have been diagnosed with COPD, and approximately 12 million people have not yet been diagnosed
With the outbreak of COVID-19 pandemic and rapid mortality rate in the region demand for advanced ventilators with various features and out-put supply is gaining attraction. Presence of major players operating in the country and approach toward increasing the production capacity is another factor expected to further support the growth of target market.
According to U.S. Department of Health & Human Services in 2020, more than 5.3 lakh Americans have tested positive for corona virus and the death cases registered are 20,486.
In 2020 Hamilton Medical a US based Biotech Company that specializes in intelligent ventilation solutions that it would increase the production capacity by 50% as compared to the previous year and would aim to double its production capacity by the end of April.
The market in Asia Pacific is expected to witness faster growth over the forecast period due to increasing geriatric population coupled with rise in respiratory problems. In addition, major players focus towards developing economies in order to track the untapped market is expected to further support the growth of target market in this region.
Moreover, rising government spending on development of present healthcare infrastructure and high investment by public and private players for R&D activities is expected to further support the growth of target market in this region.
Increasing incidences of chronic respiratory diseases across the globe, increase in geriatric population with various old age problems is resulting in increasing demand for ventilators which is major factor expected to drive the growth of global market.
In addition, public and private players are investing high for the development of medical ventilators and introduction of innovative solution is expected to further support the growth of the global market. Player are focused on introducing new products in order to attract new customers this would help the players enhance the product portfolio and strengthen its position in global market.
In 2020 Nihon Kohden, launched its new NKV-550 Series Ventilator System, which offers a full suite of applications necessary in a critical care setting for patients of all ages from neonate through adult.
However, unavailability of reimbursement in developing countries and complication associated to use of ventilators are factors expected to hamper the growth of the global market.
Technological advancements by the major players and collaborative work for development of new products are factors expected to create new opportunities over the forecast period.
In 2020 researchers at Rice University developed an innovative emergency ventilator design that could help hospitals in short supply of these critical machines. Rice developed schematics for the open-source ApolloBVM, an automated bag-valve-mask. This would help lower-acuity COVID-19 patients who are awaiting availability of a standard hospital ventilator.
In addition, business expansion activities through strategic merger and acquisitions are expected to further support the growth of the global market to a certain extent.
The global market is segmented into mobility, mode, type, interface and end user. The mobility segment is further bifurcated into intensive care ventilators and portable/transportable ventilators. Among end use the hospital segment is expected to account for major revenue share in the global market.
Players operating in the global medical ventilators market are ResMed, Medtronic, Becton, Dickinson and Company, Getinge, Dräger, Philips Healthcare, Smiths Group, GE Healthcare, Hamilton Medical, Fisher & Paykel, Air Liquide, Allied Healthcare Products and Zoll Medical. The competitive scenario is high as there is large number of players operating in the global market. In addition, new product introduction and business development activities are expected to further increase the competition.
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