PUNE, India, April 21, 2020 /PRNewswire/ --Global ventilators market was estimated to be US$ 2,660 Mn in 2018 and is expected to reach US$ 5,961.8 Mn by 2027 growing at a CAGR of 9.4% over the forecast period. Rise in outbreak of global pandemic coronavirus or COVID-19 have increased the number of patients affected with severe respiratory illness resulting in increased demand for ventilators in critical cases wherein respiratory support is required. The use of ventilators have been reserved only for critical cases owing to the potential side effects of the procedure when used in incorrect conditions. The support characteristics of the ventilators are utilized until the patient's respiratory system is unable to function on its own. Concerns have risen with respect to the duration of usage with respect to ventilators in cases of COVID-19. Medical professionals have been monitoring patients closely to limit the adverse effects of the process of artificial ventilation.
It has been observed that around 3% cases of COVID-19 have been termed in the critical category. The population in this category has a higher probability of facing difficulties with respect to their respiratory system. Medical professionals utilize various instruments to understand the respiratory capabilities of the patients. In conditions wherein limited natural respiration is observed to be affecting the patient's bodily systems, the doctors are utilizing mechanical ventilation methods. These methods provide the patient with the required airflow in order to maintain the regular processes in the body. During ventilation, medical staff also monitors the effects on other systems of the patient. The higher risks on the bodily functions due to intubation for ventilator usage makes it important for accurate analysis of the patient from doctors and medical staff. According to the results of the procedure, doctors decide the optimal duration of ventilation to be prescribed for healthy recovery of the patient. All these factors are increasing the demand for global ventilators market.
The detailed research study provides qualitative and quantitative analysis of ventilators market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
In terms of the end-use hospital and clinics would hold a significant share in the market. Growing prevalence of critical conditions in terms of cardiovascular functioning in healthcare centers are expected to be a key factor for the growing demand of ventilators in hospitals.
According to the ventilation method utilized to treat the patients, invasive method is observed to be utilized in majority of cases. This is primarily due to the growing critical conditions observed in patients related to the cardiac system. This has led to a larger segment of the revenue to be generated from this method.
Depending on the regions, North America and Europe are prominent region for use of ventilators. The major reason for the same is the rise in outbreak of coronavirus or COVID-19 and rise in cardiovascular diseases.
Some of the players operating in the ventilators market are Bio-Med Devices, Bunnell Incorporated, Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, GENERAL ELECTRIC COMPANY, Getinge AB, Hamilton Medical, Koninklijke Philips N.V., Medtronic, Smiths Group plc, and VYAIRE MEDICAL, INC. amongst others.
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