Assessing COVID-19 Impact: Manufacturers Ramp Up Production of Medical Ventilators in Response to Acute Shortages at Intensive Care Units – Future Market Insights
The global pandemic of COVID-19 has turned medical equipment sector upside down within a matter of a few months. Medical ventilators have been at the forefront as lifesaving equipment for COVID-19 patients, but are currently facing immense pressure due to significant shortages at a global level. Coronavirus primarily affects the respiratory systems of patients, which fosters the demand for medical ventilators at intensive care units.The medical ventilators market is witnessing a rapid increase in the gap between supply and demand owing to skyrocketing demand amid supply chain disruptions.
A new Future Market Insights (FMI) study has projected the medical ventilators market value to expand at 8.7% CAGR during 2020 – 2030. Favorable initiatives taken up by the governments to boost production capacities will sustain market growth through the pandemic. The demand for low-cost, portable ventilator variants will generate lucrative opportunities, says the FMI report.
“The market is currently witnessing continued focus of stakeholders on the development of portable and mechanical medical ventilators. Investments of market leaders as well as start-ups in ventilator prototypes and innovative yet cost-efficient ventilator models uphold market prospects,” says the FMI Analyst.
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Medical Ventilators Market – Key Takeaways
- Critical care ventilators will witness a boost in sales owing to massive increase in hospital based critical care applications.
- Invasive ventilators are anticipated to gain a greater demand share with widespread penetration in healthcare organizations.
- Hospitals remain the primary end user of medical ventilators, with the growing number of patients with respiratory ailments and COVID-19 cases.
- North America will be a prominent regional market with high revenue share and remunerative opportunities. However, Asia will also witness substantial growth driven by favorable government initiatives.
Medical Ventilators Market – Key Driving Factors
- Notable rise in the number of chronic obstructive pulmonary disease cases is a key growth driver.
- Upsurge of demand for low-cost, portable medical ventilators, remains a major growth influencer.
- The recent increase in the number of severe COVID-19 cases are significantly bolstering 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
- Lengthy regulatory and approval processes for new medical ventilators continue to limit adoption rate.
- High price point of medical ventilators remains a longstanding challenge facing manufacturers.
Anticipated Market Impact by Coronavirus Outbreak
As the toll of the coronavirus outbreak continues to climb, approximately 30% of all patients need ventilator support. Consequently, intensive care units in hospitals around the world have become overcrowded. However, there is an acute shortage in the number of ventilators available to handle the coronavirus pandemic. This trend is anticipated to generate substantial growth opportunities for market players. As a result, manufacturers are focusing their resources on boosting their manufacturing capabilities by up to 60% to keep up with the global demand. On the other hand, the demand for medical ventilators is likely to stabilize after the pandemic subsides.
Key players in the medical ventilator market are Getinge AB, Medtronic, GE Healthcare, and Koninklijke Philips N.V. Majority of these players are seeking to collaborate with universities and non-health industries to boost ventilator supplies to hospitals. Further, players are also seeking to leverage the demand from home care and long term care centers in the years to come.
Explore the global medical ventilator market report with 184 illustrative figures, 40 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-11287
More About the Report
The FMI’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).
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