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The global ventilators market size is estimated to reach USD 9.13 billion by 2027 on account of the increasing prevalence of chronic and acute conditions. It act as artificial respirators and move the breathable air in and out of the lungs, thus delivering oxygen to the patient who is unable to breathe or who breathes insufficiently. As per a recent report by Fortune Business Insights, titled, “Ventilator Market Size, Share & Covid-19 Impact Analysis, By Type (Adult, and Pediatric & Neonatal), By Interface (Invasive, and Non-invasive), By End User (Hospitals, Specialty Clinics, and Others), and Regional Forecast, 2020-2027,” the market stood at USD 2.54 billion in 2019 and would exhibit a CAGR of 5.0% between 2020 and 2027.
Arab Health Hosts Launch of New ICU Ventilators by Dragerwerk
A German company called Dragerwerk AG launched multiple new medical products at the healthcare conference and trade show called Arab Health in January 2020. Among the many medical equipment were anaesthesia workstation and the new Evita V800 and V600 ventilators, especially designed for supporting the daily clinical tasks performed in the Intensive Care Unit (ICU).
Both these ventilators have an aesthetic design and can operate with high performance and efficiency. These can also be used in the most stressful scenarios as they have an intuitive menu and can access the patient’s clinical data and settings. The patient alarms and data can be quickly recorded and exported with the help of USB interface. There is also a 360-degree alarm light with various colours that flashes light in terms of priority and has a multidirectional approach. Such innovative product launches by players are likely to augment the ventilator market growth in the coming years.
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Rising Number of Preterm Births to Increase Demand for Pediatric Ventilator
The increasing prevalence of chronic and acute ailments that propels the use of intensive and critical care units in medical health centres is the significant factor promoting the ventilators market growth. This, coupled with the increasing cases of preterm birth that requires ventilation, is also adding a boost to the market. Besides this, the rising instances of coronavirus and the introduction of new products by key players in the market are expected further to add impetus to the market in the coming years.
On the contrary, complications such as renal impairment, alkalosis, cardiac output, and gastric problems may pose hindrances to the market in the coming years. This, coupled with the fact that hospitals and medical centres are not able to cope up with the increasing number of ICU cases as a result of the rising number of chronic diseases would obstruct growth. Therefore, there is a shortage of beds for ICU, and this also poses a significant challenge to the market.
Nevertheless, the increasing up-gradation of healthcare infrastructure and the advent of mechanical ventilation are likely to create lucrative growth opportunities in the coming years.
Koninklijke Philips, Hamilton Medical, & Others Covering Notable Share Owing to Investment in Product Development
Most of the players functioning in the market are focusing on the development of advanced mechanical ventilator for attaining a significant position in the market. They are also investing majorly on product enhancement and development. Besides this, they are engaging in mergers and acquisitions, contracts and agreements, joint ventures, and other strategies to gain a competitive edge in the market.
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Value (USD billion)