New York, April 14, 2020 (GLOBE NEWSWIRE) -- The global Ventilator market is forecast to reach USD 26.66 Billion by 2027, according to a new report by Reports and Data. The ventilator market is witnessing a drastic increase in demand owing to the growing incidence of patients suffering from COVID-19. The number of cases are growing rapidly and the hospitals currently does not have enough for the patients that need them. Increase in the number of ICU beds and rise in geriatric population are propelling the demand of the market. The elderly and the ones with respiratory diseases are highly susceptible to the virus.
The global manufacturers are under lot of strain to manufacture large number of medical ventilators, they are sophisticated devices used by the critically ill. The factors driving the market are high incidence of chronic disease among children, and prevalence of heart diseases and respiratory problems. The worsening of pollution internationally is also impacting the market. Advancement in technology and advent of cost-effective, patient-friendly, and portable devices are further encouraging their usage. Moreover, supportive government policies in developing nations like India, and China are focusing on cost-efficient solutions to provide flexibility in patient care.
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The COVID-19 Impact:
The demand for the ventilator will grow tremendously during the pandemic. New equipment will enhance and expand performance capabilities, which will build sales in hospitals, outpatient facilities. Overall, the pandemic crisis will lead to multiple changes, which will result in companies adopting different strategies to meet increasing demand. There will also be a substantial change in the product pipeline, and the overall supply chain as macroeconomic shifts take place. The use of AI and other technologies is another trend which is highlighted. Gains will be driven by expanded market products that help hospitals and large outpatient facilities improve the accuracy, quality, and efficiency of treatment. There is still a huge discrepancy between available ventilators and the need.
Further key findings from the report suggest,
- The adoption of the non-invasive ventilator is due to the increasing acceptance of the therapeutic method that has contributed significantly to the development of respiratory medicine over the past few decades.
- Increase in the geriatric population has propelled the demand of the market product as the elderly are more prone to respiratory disorders along with heart diseases and low immune system.
- The demand in North America is due to the increasing number of patients affected by COID-19 in the U.S. The government is shelling out top dollars to meet the required demand of the ventilators in the hospitals and are still falling short.
- In the year 2019, 77,000 new ventilators were quite enough to fulfill the demand of the entire planet. In April 2020, the New York City alone forecasts a need for 30,000 extra machines.
- On 31st March 2020, Medtronic made the specifications of Puritan Bennett (PB) 560 portable ventilator hardware public. The complete specifications produce manuals, and design documents have been made accessible to the public to overcome the excess requirement of the ventilators during the pandemic.
- Key participants include Becton, Dickinson and Company, Koninklijke Philips N.V., Hamilton Medical AG, Fisher & Paykel Healthcare, Limited, Draegerwerk AG CO. KGaA, Medtronic PLC, GE Healthcare, Smiths Group PLC, ResMed Inc., and Maquet Holding B.V. & Co. KG, among others.
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For the purpose of this report, Reports and Data have segmented into the global Ventilator market on the basis of type, target population, end user, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Mechanical Ventilators
- Invasive Ventilator
- Non-Invasive Ventilator
Target Population Outlook (Revenue, USD Billion; 2017-2027)
- Pediatric
- Adult
- Geriatric
- Others
End User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals and Clinics
- Home Care
- Ambulatory Care Centers
- Emergency Medical Services
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/ventilator-market
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