Medical Ventilator Market -Overview
The surge in pandemic led to a dire need for ventilators as hospitals were suddenly overrun with patients, thus bolstering the medical ventilators market demand. Reports created by MRFR detail the developments of the industry that can be expected in the market through the forecast period. The market is estimated to achieve a 4.14% CAGR to touch an income level of USD 3,605.82 Million in the forecast period.
The rise in intensive care cases is predicted to alter the medical ventilator market share as hospitals will require a higher volume of ventilators to treat such patients alongside the COVID-19 cases. The contribution of the bigger players in the market is estimated o enhance the overall market share in the forecast period.
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Medical Ventilator Market Segmental Analysis
The segmental evaluation of the medical ventilator market is conducted on the basis of portability, technology, application, end-user, and region. The application segment of the medical ventilator market consists of neonatal care, emergency care, critical care, and others. The interface segment of the medical ventilator market is split into non-invasive and invasive. The technology segment of the medical ventilator market consists of mechanical and automated. The end-user portability segment of the medical ventilator market is segmented into hospitals and clinics, home care settings, and others. The portability segment of the medical ventilator market is segmented into portable ventilators and stationary ventilators. The regions included in the medical ventilator market are MEA, Africa, Europe, and the Asia Pacific.
Medical Ventilator Market Regional Analysis
The regional assessment of the medical ventilator market includes regions such as the MEA, Africa, Europe, and the Asia Pacific. The Americas region’s medical ventilator market led the medical ventilator market in 2019 and is projected to carry on its control in the forecast period due to the high occurrence of respiratory disorders, product launches, and buying of new resources in the regional market. The elevated occurrence of respiratory disorders due to the pandemic’s reach in the Americas region will further solidify its lead in the global market. The Asia Pacific medical ventilator market is recorded to show the highest development rate in the forecast period, due to the high occurrence of COVID-19 cases, and product endorsements which will back the ventilators market’s development. The development of the medical ventilator market in the Middle Eastern & African region is likely to increase gradually in the future. In the Middle Eastern region, due to rising cases of COVID-19, the application rate of medical ventilators was raised in national markets such as South Africa, the UAE, and Saudi Arabia. With the growing strategic tenders by private and public firms and governments, the progress rate will increase in the coming few years.
Medical Ventilator Market Competitive Analysis
The improvement in core industries performance on a global scale is estimated to fast track the development of the worldwide market in the upcoming period. The overall development prospects of the market players are estimated to improve steadily with the effect of the COVID-19 pandemic reducing. The entry of global players in key developing regional markets is predicted to have a favorable effect that will ripple into other areas of the market as well. The role of governmental bodies in facilitating the development of the market is estimated to be vital through the grant of special incentives to attract global titans to certain regions and contribute to the development of the market in the forecast period. Furthermore, the presence of better trade relations between several nations is estimated to offer more options for growth in the upcoming period. The optimism about COVID-19 related treatment methods such as the vaccines being rolled out in various regions is estimated to further improve the overall sentiment in the market.
Vyaire Medical, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Medtronic (Ireland), GE Healthcare (US), Hamilton Medical (Switzerland), Resmed (US), Koninklijke Philips NV (Netherlands), Getinge AB (Sweden), Smiths Medical (US), and Allied Healthcare Products Inc. (US) as the essential companies in the medical ventilator market.
Medical Ventilator Industry Updates:
Feb 2021 Sensyne Health has presented an artificial intelligence (AI) algorithm which will back real-time operational and clinical patient organization. The British AI company’s SYNE-OPS-1 algorithm delivers an hourly risk prediction of the likely number of future ICU admissions and the upcoming demand for ventilators, created upon an examination of clinical data on COVID patients being sent to the hospital. This aims to enable hospital managers to guide resources across the hospital more efficiently in the event of altering numbers of patient admissions in the pandemic.
Feb 2021 The FDA is advising healthcare workers to use ventilator splitters for COVID-19 patients only when there is no alternate. The agency sent a letter to providers asking them to study non-invasive ventilation such as non-invasive positive pressure ventilation or high-flow nasal oxygen or before resorting to a ventilator splitter. The recommendations are created on clinicians’ knowledge and research organized since the pandemic started.
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Impact of Covid-19 Global Ventilators Market
The COVID-19 epidemic has been straining healthcare workflow across the globe. The disease has forced various industries to temporary shut its doors including many healthcare subdomains. Parallel to this, it has also had positive impact and increasing demand for various medical sectors including intensive care unit devices (beds, ventilators, etc.), healthcare personal protection equipment, and among others. Medical ventilator is one of the major devices that is used for the treatment of COVID-19. There has been tremendous increasing demand for medical ventilators, forcing various manufacturers to boost their production by 30-50%. It was estimated that in 2019, about 77,000 new ventilators were sufficient to meet the demand across the globe. Whereas in 2020 April, around 30,000 additional ventilators were required in the New York City itself. Various major players are pushing themselves for manufacturing and delivering as many possible ventilators across the world.
COMBATING COVID-19: Companies RAMP UP VENTILATOR MANUFACTURING
Philips one of the leading manufacturers of medical ventilators. On April 24th, the company announced its increase in production of hospital ventilators to 4,000 units/week by Q3 2020. Also, the company launched its new Philips Respironics E30 ventilator with an instantaneous production of 15,000 units/week. Furthermore, to strengthen its supply chain the company with its manufacturing partners including Flex Ltd., Jabil as well as other has expanded their hospital ventilator assembly lines.
On April 08th the company received approval for the use of PB560 in the United States through the agency’s Emergency Use Authorization (EUA) authority. The company is expected to increase its production five times more than current production. Earlier, the company used to ship more than 300 ventilators per week. Currently the company to fight against covid-19 is expected to increase the production from 300 to 700 ventilators per week, and it is targeting more than 1,000 ventilators per week by the end of June. With this pace the company is expected to manufacture 25,000 ventilators in next six months.
An Indian company AgVa introduced a toaster size ventilator that costs around $ 2,000 whereas conventional ventilators, costs for more than $ 10,000. The company is expected to produce 40,000 units per month from 500 per month. The company is also planning to rise the production up to 160,000 units per month.
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