Increased Production Of Ventilators Due To COVID-19 Pandemic
The companies in the global ventilator market are increasingly expanding their ventilator production capabilities after realizing the current demand due to the outbreak of the COVID-19 pandemic. COVID-19 is a respiratory disease caused by corona virus that infects lungs, causing pneumonia and other respiratory conditions. The patients affected with the virus suffer with severe pneumonia and lung dysfunction, resulting in need of the ventilator support for respiration. For instance, in March 2020, Medtronic, a leading medical device manufacturer, increased its ventilator production by 40%. Also, in March 2020, Philips targeted to increase its ventilator production capacity by 4-fold, to meet the rising demand.
The ventilator devices market consists of sales of ventilators used in respiratory care for patients with acute or chronic respiratory disorders. The sales consist of revenues generated by establishments that are primarily engaged in the manufacturing of intensive care ventilators (critical care ventilators), neonatal care ventilators, and portable & transportable/ambulatory ventilators. The market is segmented by end user into hospitals and clinics, home care, ambulatory care centers, and others.
The global ventilators market was valued at about $2.4 billion in 2019 and is expected to grow to $3.5 billion at a compound annual growth rate (CAGR) of 10% through 2023.
Rising prevalence of respiratory diseases is driving the ventilators market. The chronic respiratory diseases such as asthma, bronchitis, pneumonia, and others, resulting from different bacterial and viral infections and other causes will boost the demand of ventilators. Ventilators are respiratory devices that are used to support respiration in patients with chronic respiratory diseases. 2020’s corona virus infected 500,000 people worldwide and the current number of deaths due to the disease is around 20,000. Corona virus infects lungs causing pneumonia and other respiratory disorders affecting patient’s respiration. The emergence of such infectious diseases resulting in a pandemic is driving the global ventilators market.
Major players in the global ventilators market are Philips Healthcare, ResMed, Medtronic, Becton, Dickinson and Company, GE Healthcare, Hamilton Medical, Dräger, Getinge, Smiths Group, Fisher & Paykel, Air Liquide, Allied Healthcare Products, and Teleflex Incorporated. Companies in the market are investing in mergers and acquisitions to strengthen their businesses. In April 2018, Vyaire Medical, a US based respiratory device manufacturer, acquired Acutronic for an undisclosed amount. Acutronic is a leading manufacturer of neonatal ventilator equipment. With this move, Vyaire will strengthen its position in the ventilator market by entering into the neonatal ventilator segment.