Soaring infection rates and fatalities form coronavirus disease (COVID-19) has immensely boosted the demand for medical ventilators. Continuous focus by the manufacturers and governments to produce medical ventilators in large quantities is expected to propel the medical ventilators market growth during the forecast period. The growing demand for portable and low-cost medical ventilators creates a significant opportunity for global medical ventilators market players to develop and launch new products and expand their businesses.
Increasing investments in the medical ventilators market by key stakeholders and the development of new products are some of the major factors expected to boost market growth. The global medical ventilators market was valued at US$ 1.4 Bn in 2020 and is expected to exhibit a CAGR of 9.6% during the forecast period (2020 – 2030).
“Continuous focus on the development of portable and low-cost medical ventilators and increasing incidence of coronavirus disease across the globe is projected to propel the growth of the global medical ventilators market,” Says a Fact.MR Analyst.
Key Takeaways of Medical Ventilators Market Study
- The critical care ventilators segment accounted for maximum value share in the global medical ventilators market in 2019, owing to its increasing use in critical care cases.
- Extensive use of invasive ventilators in the management of chronic respiratory failure is expected to result in a notable share of the segment in the medical ventilators market.
- The hospitals segment under end user accounted for over 53% of value share in the medical ventilators market, owing to high-quality clinical care in hospitals and high preference by respiratory disease patients.
- North America captured a notable revenue share of about 32% and is expected to be the most lucrative region in the global medical ventilators market during the forecast period.
- Increasing government funding is set to boost the medical industry’s growth in Asian countries. This is expected to drive the growth of the medical ventilators market in the region.
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Global Medical Ventilators Market: Segmentation
Product Type
- Critical Care Ventilators
- Transport Ventilators
Technology
- Invasive Ventilators
- Non-Invasive Ventilator
End User
- Hospitals
- Ambulatory Surgical Centers
- Long Term Care Centers
- Home Care Settings
Following Questions Answers Covered in the Report are:
- How will the global Medical Ventilators Market perform during the forecast period? What will be the market size in terms of value and volume?
- Which segment will drive the global Medical Ventilators Market? Which regional market will show extensive growth in the future? What are the reasons?
- How will the market dynamics change because of the impact of future market opportunities, restraints, and drivers?
- What are the key strategies adopted by players to sustain themselves in the global Medical Ventilators Market?
- How will these strategies influence the market growth and competition?
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)
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Increasing Production Capacity – Imperative Strategy forMarket Players
Manufacturers are now focusing on boosting ventilator manufacturing capacity to meet the urgent global demand due to the COVID-19 pandemic. For instance, companies such as Medtronic, Koninklijke Philips N.V., GE Healthcare, and Getinge AB are now rapidly increasing their ventilator production by 40%-60%, to supply ventilators in response to the urgent need across the globe in the face of COVID-19.
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The research study on the medical ventilators market by Fact.MR incorporates an unbiased assessment of key demand-driving factors and trends, which have shaped the landscape of the medical ventilators market over 2015 – 2019 and includes a detailed assessment of key parameters that are anticipated to exert influence during 2020 – 2030. Market statistics have been presented on the basis of product type (critical care ventilators, and transport ventilators), by technology (invasive ventilators, and non-invasive ventilator), by end user (hospitals and ambulatory surgical centers, long term care centers, and home care settings) in seven key regions.
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