How is Rising Number of People Suffering from COVID-19 Driving Demand for Ventilators?
Every corner of the world right now is trying to combat the novel coronavirus, which has affected millions of people. After its initial outbreak in Wuhan, China, the virus continued to spread in different countries and a large number of people have already lost their lives due to the disease. The healthcare and pharmaceuticals industries are under immense pressure at the present moment, as the number of medical professionals, medical equipment, and medication are inadequate for serving the large number of people who are suffering right now.
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Since the virus attacks the lungs of the host, people with underlying conditions are at risk the most. While a person can recover from the disease by taking proper medicine, some are being affected more and therefore have to be hospitalized. Ventilators is among the major medical devices which are needed for dealing with grave cases, owing to which, the global ventilator market is witnessing robust growth at the present moment. Ventilators are basically medical devices that help patients breathe, those who are unable to do so properly on their own or have just been through a surgical procedure.
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The global ventilator market is expected to generate a revenue of $1.0 billion by 2022, progressing at a 7.7% CAGR during the forecast period (2016–2022). When product type is taken into consideration, the market is divided into portable and intensive care, between which, the intensive care division held the larger share of the market in the past. The portable division is predicted to progress at a faster pace in the coming years. In terms of end user, the market is categorized into ambulatory care, hospitals, and home care.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings