According to the latest forecast by Future Market Insights (FMI), the medical ventilators market is set to surpass a valuation worth US$ 1.3 Bn by 2020-end, with annual growth projected at an 8% rate over that witnessed in 2019. This year, medical ventilators have become one of the most important and in-demand medical supplies with an unprecedented rise in number of COVID-19 cases overwhelming intensive care units (ICUs) and hospitals.
The most significant influencing factor for sales of medical ventilators in 2020 is the global outbreak of coronavirus which is characterized by mild to severe respiratory illness. A quantum leap in demand in line with logistical delays due to extended lockdowns is resulting in severe shortages and major disruptions.
Critical Care Ventilators to Capture 86% Revenue Share in 2020
Rapidly rising number of critically ill COVID-19 patients are in dire need of critical care ventilators to provide breathing support. In 2020 and beyond, these ventilators are expected to account for relatively high share of the total market value as compared to transport ventilators. To bridge the widening demand-supply gap, leading manufacturers are focusing on ramping up their production with support from governments and health authorities.
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“To address a sudden spike in demand immediately, medical ventilator manufactures will need to mass produce many more units and support a larger, global supply chain. However, the global chains that could deliver all parts and products at high frequency are being dismantled in the current scenario, which may negatively impact growth prospects of the market,” says the FMI analyst.
Spotlight on North American Market
With the emergence of the U.S. as the current epicenter of COVID-19 and hospitals gearing up for a flood of patients, North America is facing an exponential surge in demand for medical ventilators. Strong presence of manufacturers such as Phillips and GE Healthcare and their efforts to scale-up production during the pandemic will significantly contribute to the regional market growth.
As demand for medical ventilators shows no sign of slowing down, especially in the U.S. and EU5, a number of manufacturers are collaborating with automotive companies to produce hundreds and thousands more. Additionally, the market is witnessing an influx of new entrants with fast-produced and low-cost offerings, which in turn may cause key players to revisit their growth strategies post COVID-19 pandemic.
The FMI study projects the global medical ventilators market to expand at a CAGR of 8.7% during the forecast period (2020-2030). Gain access to FMI’s exclusive COVID-19 tracker here.
Source: Future Market Insights