Emergency Ventilator Market: Rapid increase in COVID-19 patients is projected to drive the demand
Emergency Ventilator Market: Introduction
A ventilator, often termed as a mechanical ventilator, is a machine that helps patients breathe when they cannot breathe on their own. It is also known as a ‘breathing machine’ or ‘respirator’. A ventilator is a bedside machine with tubes that are inserted into the airways.
Increase in number of medical care units and ICU beds, rise in incidence & prevalence of chronic and infectious diseases, urbanization and growing pollution level, rapid increase in geriatric population, and increase in incidence of preterm births are expected to propel the global ventilators market.
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The global emergency ventilator market is expected to expand significantly owing to an increase in lifestyle disorders. Increased work hours, sedentary work profiles, unhealthy eating habits, and addictions to harmful habits lead to a surge in target patient population worldwide. This, in turn, fuels the global market growth.
Rise in prevalence of respiratory diseases, COVID-19, increase in urbanization, pollution levels, and the high prevalence of tobacco smoking worldwide are key factors driving the market. Additionally, a rise in the demand for home care therapeutics and economic expansion witnessed in developing countries, such as China, India, and Brazil, are fueling the demand for ventilators.
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Key Drivers, Restraints, and Opportunities of Emergency Ventilator Market
The market is primarily driven by growing concern among people about their wellbeing and safety. Ambulances are fitted with emergency ventilators that aid patients avail medical necessities on their way to the hospital. All these are factors drive the ventilator market; however, high cost of ventilators and their setup is likely to prompt people to prefer alternative oxygenation therapies. Furthermore, some complications are associated with the usage of ventilators. These factors are hampering the market.
According to Centers for Disease Control and Prevention, Chronic Obstructive Pulmonary Disease (COPD) is the fourth-leading cause of death in the U.S. Tobacco smoke causes major damage in the U.S.; however, 1 out of 4 individual with COPD has never smoked in his or her life. More than 140,000 U.S. citizens die of COPD every year, i.e., is 1 death every 4 minutes. COPD is a major cause of death, worldwide. It is expected to become the world’s third-biggest health threat by the end of 2020.
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Rapid increase in the global geriatric population, rising incidence of respiratory diseases, and the cost-effective nature of home care devices and services are key factors driving the house healthcare market. This, in turn, fuels the demand for respiratory therapeutic devices such as ventilators. Moreover, the high growth potential in emerging markets, healthcare decentralization, and the evolution of miniaturized devices are additional factors that are expected to offer significant opportunities to players offering ventilation products and services for home care settings.
Low- and middle-income countries are far behind in respiratory care infrastructure for infants. Unavailability of particularizing ventilators for infants or the use of adult ventilators as an alternative to infant respiratory devices leads to numerous infant deaths. These countries also lack awareness about advancements in technologies and developments in neonatal ventilators, which also hampers the ventilators market.
Harmful effects of certain devices on neonates, maintaining component supply chains, and complications related to the utilization of mechanical ventilators are key factors that are expected to restrain the global market during the forecast period.
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APAC to expand significantly during the forecast period
North America held a notable share of the global ventilators market in 2019. The market in the Asia Pacific region is estimated to expand at a prominent CAGR during the upcoming period. Rapid expansion of the healthcare industry in China and India and a rapid increase in COVID-19 patients is projected to drive the demand for ventilators in the near future. Key factors that estimated to boost the market in APAC are surge in the geriatric population, increase in accessibility to ventilators, rise in investments within the region by key market players, and presence of a favorable regulatory environment in the region.
The portable/transportable ventilators segment is projected to expand at a significant CAGR during the forecast period. Rise in prevalence of respiratory diseases, increase in preference for portable ventilators in homecare, and rise in applications of portable ventilators such as ambulatory services, emergency medical services, and residential care are driving the portable ventilators segment of the market.
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Top Companies in Global Ventilator Market
The global coronavirus pandemic has put manufacturers under increased pressure to supply large numbers of medical ventilators — the subtle breathing circuits required by many critically ill patients.
Demand for ventilator devices is at an all-time high and companies are working round the clock to rapidly expand production
Philips has increased the production of ventilators to 2000 per week; earlier they used to produce 1000 per week. Hamilton Medical and Medtronic have increased production capacities of medical ventilators by 50% and 40%, respectively.
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