Mechanical Ventilators Market: Snapshot
The global mechanical ventilators market is estimated to witness increased sales during forecast period. This increased sales rate is attributed to growing older population and rising cases of respiratory diseases. Mechanical ventilator is an artificial breathing device majorly used for treating patients with severe medical conditions. Growing number of acute respiratory distress syndrome (ARDS) and chronic obstructive pulmonary disease (COPD) in the worldwide population is driving the growth of the global mechanical ventilators market.
Among end-users, the global mechanical ventilators market is projected to gain significant amount of revenues from the hospitals segment. Key reason supporting this projection is remarkable increase in the number of hospital beds all across the world and growing number of critically ill patients.
In recent period, the global mechanical ventilators market is witnessing rising demand from all over the world owing to rising number of COVID19 patients. In this health condition, the patient’s oxygen levels are dropped as the virus affects lungs of patient. This situation makes their breathing process harder. As a result, the patient needs external breathing support such as mechanical ventilators. Thus, the increased number of COVID19 patients will drive the mechanical ventilators market during forecast period.
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Many vendors in the global mechanical ventilators market are focused on increasing their efforts to fulfill the rising demand. They are strengthening their production capabilities. Besides, many new entrants are capitalizing this opportunity of increased demand. Several players in the global mechanical ventilators market are engaged in research activities. This scenario signifies increased efforts to offer technologically advanced products. In addition, partnerships and collaborations with private companies and governments are some of the key strategies that will remain on the top of the list during forecast period. All these factors are stimulating the growth of the global mechanical ventilators market.
- According to Transparency Market Research’s latest report on the global mechanical ventilators market for the historical period 2017–2018 and forecast period 2019–2027. The global mechanical ventilators market is driven by increase in incidence of chronic obstructive pulmonary disease (COPD), acute respiratory distress syndrome (ARDS) and rise in geriatric population. The management of the ventilator in patients with chronic obstructive pulmonary disease (COPD) and acute respiratory distress syndrome (ARDS) has a dramatic effect on the overall outcome.
- According to the report, the global mechanical ventilators market was valued at US$ 1.9 Bn in 2018 and is anticipated to expand at a CAGR of 12.8% from 2019 to 2027
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Constant Increase in Prevalence of Respiratory Diseases: Key Driver
- According to the World Health Organization (WHO), chronic respiratory disease comprise all such medical conditions that affect the airways and other lung structures. Some common chronic respiratory diseases are asthma, chronic obstructive lung disease, including chronic obstructive pulmonary disease, bronchitis and emphysema, lung cancer and neoplasms of respiratory and intrathoracic pulmonary heart disease and diseases of pulmonary circulation.
- According to WHO, around 65 million people suffer from chronic obstructive pulmonary disease (COPD) and 3 million die from it each year, making it the third-leading cause of death worldwide.
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Challenge For Patient Interfaces In Non-invasive Ventilation: Restraints
- Major challenges faced by non invasive ventilator manufacturers in propagating the adoption of such devices in the market include minimization of leakage between the mask and patient’s skin, maximization of patient comfort, ensuring patient compliance, and minimization of dead-space (CO2 rebreathing)
- Mask-induced patient injuries, lack of compliance by patients, and CO2 rebreathing are key issues that are critical to patients and clinical care providers. Such issues are expected to hamper the adoption of mechanical ventilators, especially in developed markets.
Global Mechanical Ventilators Market: Competitive Landscape
- This report profiles major players operating in the global mechanical ventilators market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global mechanical ventilators market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global mechanical ventilators market include
- Teleflex Incorporated
- Dragerwerk AG & Co. KGaA
- GE Healthcare
- Medtronic plc
- Koninklijke Philips N.V.
- Smiths Medical
- ResMed Inc.
- Bunnell Inc.,
- Getinge AB.
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Global Mechanical Ventilators Market: Key Developments
Key players in the global mechanical ventilators market are engaged in regulatory approvals, launch of new products, and acquisition & collaborative agreements with other companies and government. These strategies are likely to fuel the growth of the global mechanical ventilators market. A few expansion strategies adopted by players operating in the global mechanical ventilators market are:
- In April, 2020, U.S. government under the Defense Production Act- issues US $1.1Bn in ventilator contracts to Koninklijke Philips N.V. and G.E. Healthcare.
The report on the global mechanical ventilators market discussed individual strategies, followed by company profiles of manufacturers of mechanical ventilators. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global mechanical ventilators market.
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