Medical Ventilators Market Revenues Pegged at US$ 1.4 Bn in 2020

The medical ventilators market is continuing to witness rapid growth with a burgeoning gap between supply and demand owing to the high number of COVID-19 cases around the world. Coronavirus primarily impacts the respiratory systems of patients, which makes the requirement for medical ventilators essential for critical cases. The demand for medical ventilators market is projected to expand at 9.6% CAGR through the forecast period (2020 – 2030). Funding initiatives taken up by the governments to boost production capacities and the development of low-cost ventilator variants will sustain market growth through the pandemic. The demand for portable ventilator variants will generate lucrative opportunities, reveals Fact.MR (FACT.MR).

“The global medical ventilators market is set on an impressive trajectory of growth. The rising preference for ventilators by long-term oxygen administration patients and the surging COVID-19 cases are projected to support the market. On the other hand, high costs of ventilators, a supply-demand gap, and product recalls are expected to pose substantial challenges,” says the FACT.MR Analyst.

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Medical Ventilators Market – Key Takeaways

  • Critical care ventilators will witness a boost in sales owing to major increases in critical care applications at hospitals and ambulatory centers.
  • Invasive ventilators are expected to gain substantial demand share with demand for chronic respiratory failure treatments.
  • Hospitals remain the primary end user of medical ventilators, with the growing number of patients with respiratory ailments, and higher care standards.
  • North America will be a prominent regional market with high revenue share and remunerative opportunities. However, South Asia will also witness exponential growth driven by a large population pool and the prevalence of respiratory ailments.

medical ventilators market share

Medical Ventilators Market – Key Driving Factors

  • The notable rise in the number of chronic obstructive pulmonary disease cases is a key growth driver.
  • The surge in demand for low-cost, portable, non-invasive medical ventilators, remains a major growth influencer.
  • The recent surge in the number of COVID-19 cases of high severity are also supporting overall market growth.
  • Support in terms of government funding and favorable policies and regulations is also a driver for global market growth.

Medical Ventilators Market – Key Constraints

  • High costs of medical ventilator sales are key to negatively impacting adoption rates and revenue streams.
  • Issues of product recalls from device malfunctions and product shortages, restrain the growth of market players.

Anticipated Market Impact by COVID-19 Outbreak

More than 30% of all patients diagnosed with the COVID-19 virus require medical ventilators for survival. Intensive care units are overwhelmed with the sudden inundation of cases. Consequently, the demand for medical ventilators has jumped. This trend is anticipated to generate key opportunities for manufacturers in the foreseeable future.

The ventilator industry is witnessing demand from countries around the world for managing the healthcare of patients with severe respiratory ailments during the COVID-19 crisis. Consequently, manufacturers have been forced to increasing production capacities by up to 60% to keep up with the sudden surge in demand.

Explore the global medical ventilator market report with 194 illustrative figures, 40 data tables and the table of contents. You can also find a comprehensive market segmentation on- https://www.factmr.com/connectus/sample?flag=RM&rep_id=4727

Competition Landscape

Key players in the medical ventilator market are Medtronic, Getinge AB, Koninklijke Philips N.V., and GE Healthcare. Majority of these players are seeking to develop and launch technologically advanced products to increase market share through product sales. This trend will also allow other players to set up ventilators on a fast-track basis to meet the demand of the COVID-19 outbreak.

More About the Report

The FACT.MR’s market research report of 300 pages offers comprehensive insights on medical ventilator market. The market is analyzed on the basis of product type (critical care ventilators and transport ventilators), technology (invasive ventilators and non-invasive ventilators) and end user (hospitals, ambulatory surgical centers, long term care centers, and home care settings) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa).

Press Release: https://www.factmr.com/media-release/1479/global-medical-ventilators-market

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