Mechanical Ventilators Market to show massive growth with a CAGR of 6.43%
Increasing cases of respiratory emergencies and Chronic Obstructive Pulmonary Disease (COPD) including novel coronavirus all over the world are the major factors augmenting the Mechanical Ventilators market growth globally.
Ventilators to be the key device in fight against coronavirus and supportive government initiatives, to fuel the mechanical ventilators market demand over the estimated time period.
According to the statistics from World Health Organization (WHO), one in six COVID-19 patients can develop breathing difficulties, potentially needing access to a ventilator.
In addition, technical advances in respiratory care devices contributes to the market expansion and with the advent of patient-friendly, cost-effective, and portable devices further encourages their usage.
Ventilator manufacturers are under pressure to increase production significantly, even though the pandemic has disrupted the transportation and availability of critical components, such as hoses, valves, motors and electronics.
Improving healthcare infrastructure in developing economies along with growing awareness of available chronic respiratory disease therapies has led to the rapid adoption of mechanical ventilators to boost market growth.
However, medical infrastructure, inadequate supplies of equipment and rapid increasing demand for more ventilators globally to challenge the market growth.
Demand for mechanical ventilators at peak for COVID-19 all over the world
The United States is facing a daunting shortage of lifesaving ventilators due to the coronavirus pandemic as US has only about 200,000 machines, by the world health organization’s estimate approximately half of which are older models.
Further, countries with large number of cases of respiratory disease are struggling to meet the demand for supplies and equipment needed, especially to arm those on the front lines against COVID-19.
Moreover, the demand is high in the countries with weak healthcare systems. For example, in West African, around 19 million people of Mali are dealing with 56 ventilators.
Manufacturers and producers of the countries all over the world including, United states of America, UK, Italy, Germany, Iran, India and China and others are focusing on creating cost-efficient, non-invasive ventilation solutions to cater in COVID-19 patient care.
In addition, one of the world's largest makers of ventilators, Swiss-based Hamilton Medical AG, aims to raise production numbers to about 21,000 ventilators by deploying marketing staff on the production line among other measures.
2020 Product development and technical advances in medical ventilators to trigger the market growth
New advancements and production of ventilators to boost the market demand. For example, developing countries like India to increase its production capacity of ventilators through 50,000 units/month by May 2020.
Similarly, IISc. Researchers building a prototype of an electro-mechanical ventilator from scratch by using only components found or made in India
Further, General Motors (GM) teamed up with Ventec Life Systems to scale up its capacity using GM factories and increasing the supply chain for ventilator parts.
As well, in Italy, Siare Engineering International Group srl 25 army technicians to help in assemble machines as it aims to more than triple monthly production.
In the meantime, a team of doctors of Italy developed a way to provide oxygen to two people from one ventilator, therefore by doubling capacity.
Moreover, physicists from Europe and North America designed a new stripped-down mechanical ventilator that can be mass-produced quickly and cheaply using off-the-shelf components.
Recently, Africa Centres for Disease Control and Prevention stated that countries in the continent to engage with wealthier countries to secure key supplies, including ventilators.
Major market players participating in the mechanical ventilators market include Draeger Medical, GE Healthcare, Maquet Holding B.V. and Co. KG, Koninklijke Philips N.V., Teleflex, and Smiths Medical among others.