Mechanical Ventilators Market Share Is Anticipated to touch US$ 7,126.0 Mn by 2027
Mechanical ventilation is a method of aiding intake of oxygen and expulsion of carbon dioxide through the lungs using specialized equipment known as mechanical ventilators, dust masks, or respiratory machines.
By the end of 2020, the global mechanical ventilators market is expected to be worth US$ 4,530.4 million.
During the forecast period, the introduction of Covid-19 is estimated to drive the global mechanical ventilators market forward. As of 2:44 p.m. CEST on August 27, 2020, the World Health Organization has received reports of 24,021,218 cases reported of COVID-19, with 821,462 deaths.
For participants in the global mechanical ventilators market, research and development of low-cost mechanical ventilators is projected to provide attractive development possibilities. Called Inspire, a mechanical ventilator created by academics at the University of Sao Paulo’s Engineering School in Brazil, was released in May 2020. It costs around 7 percent less than a traditional ventilator.
The global mechanical ventilators market is anticipated to be hampered by injuries associated with long-term usage of invasive ventilators. The flow of gas into the lung chooses the route of least resistance during mechanical ventilation, which means that regions of the lungs that are loaded with secretions get underinflated, while areas that are normal become excessively distended and damaged.
The global mechanical ventilators market was valued at US$ 4,248.7 million in 2019 and is expected to grow at a CAGR of 6.7 percent to US$ 7,126.0 million by 2027. Growing incidence and prevalence of respiratory diseases in developed and emerging economies is expected to boost market development over the forecast period.
In 2019, the Critical Care Mechanical Ventilators category dominated the worldwide mechanical ventilators market, accounting for 42.3 percent of market value, owing to rising product approvals and increased adoption of growth tactics by major market players to enhance their market presence.
As a result of the introduction of Covid-19, non-market players are now producing mechanical ventilators. In May 2020, Bhagawati Products, the maker of Micromax smartphones, announced a partnership with TWorks, a Telangana State government effort, to produce mechanical ventilators for the Covid-19 epidemic.
Mechanical ventilator alternatives are being introduced into the worldwide market, which is projected to have a negative influence on market growth. The Novalung system, which lowers or removes the need for mechanical ventilation by pumping a person’s blood through an oxygenator for gas exchange, received 510 (k) approval in February 2020.
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March 2020: Medtronic said that the design specs for their Puritan Bennett 560 ventilator would be made available to allow other sector leaders to quickly manufacture ventilators during the COVID-19 pandemic.
Major Key Players Include In Mechanical Ventilators Market: Becton, Dickinson & Company, Mindray Medical International Limited, Getinge Group, GE Healthcare, Hamilton Medical AG, Medtronic Plc, Smiths Medical, Draeger Medical GmbH, Philips Respironics, Maquet Medical Systems GmbH, and others.
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