Major players in the ventilator devices market are Philips Healthcare, ResMed, Medtronic, Becton, Dickinson and Company, GE Healthcare, Hamilton Medical, Dräger, Getinge, Smiths Group, and Fisher & Paykel.
New York, April 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ventilators Global Market Report 2021: COVID 19 Implications And Growth to 2030" - https://www.reportlinker.com/p06065179/?utm_source=GNW
The global ventilators market is expected to decline from $12.11 billion in 2020 to $3.46 billion in 2021 at a compound annual growth rate (CAGR) of -71.4%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $4.67 billion in 2025 at a CAGR of 7.8%.
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 ventilators.
There is an urgent and increased need of ventilators globally.This is because Covid-19 primarily manifests as an acute respiratory illness with pneumonia, and ventilators are the main supportive treatment for critically-ill patients.
They assist or replace respiratory functions, pumping oxygen into the blood for vital organs. Therefore, the ventilators market is expected to grow significantly with the rapidly increasing cases of Covid-19 disease worldwide.
The number of complications associated with the use of ventilators is expected to negatively affect the ventilators market.The ventilators cause complications including bronchopleural fistula, pneumothorax and nosocomial pneumonia and similar complications that result in decrease in cardiac output, gastric problems and renal impairment, alkalosis.
According to a report by Northwell Health COVID-19 Research Consortium in 2020, the death rate rose to 88% for those who received mechanical ventilation. The analysis of the report states that most of the patients could not survive after being placed on mechanical ventilator.
The companies in the ventilator market are increasingly expanding their ventilator production capabilities 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 for 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.
In April 2018, Vyaire Medical, a USA based respiratory device manufacturer acquired Acutronic for an undisclosed amount.Through this acquisition, Vyaire will strengthen its position in the ventilator market by entering into neonatal ventilator segment.
Acutronic is a leading manufacturer of neonatal ventilator equipment.
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.
The ventilators are respiratory devices that are used to support respiration in patients with chronic respiratory diseases. For instance, as of December 2020, 67.9 million COVID-19 cases were reported. Corona virus infects lungs causing pneumonia and other respiratory disorders affecting patient’s respiration. The emergence of such infectious diseases resulting in pandemic is driving the ventilators market.
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