The ventilator market Size is projected to grow at a CAGR of 5.53% to reach US$3,095.180 million by 2025, from US$2,240.940 million in 2019. The rise in cases of respiratory emergencies and Chronic Obstructive Pulmonary Disease (COPD) are the major factors, which are strengthening the growth of global ventilator market.The Global Burden of Disease Study reported a prevalence of 251 million cases of COPD globally in 2016. Further, the technological innovations in respiratory care devices are also another major factor that is leading to an evident market expansion along with the emergence of more patient-friendly, cost-effective, and portable devices that further encourages their usage. For example in light of the global pandemic that has gripped our planet and whose impact has permeated every aspect of human lives has led to innovation such as that of Xerox, in April 2020, announced that it will “rapidly scaling up” production of inexpensive, disposable ventilators that could serve as a critical stopgap for hospital-grade ventilators now in short supply. This comes as the result of its deal with a small medical device manufacturer in California named Vortran Medicalto scale up production of the Go2Vent, a low-cost resuscitation device commonly used by first responders in emergencies and disasters. Go2Vent has already been approved FDA and doesn’t require electricity. Again, in April 2020, Tesla expressed its inclination to work on repurposing its large supply of auto parts to build ventilators that Tesla hopes can help boost the nation’s supply of the life-saving breathing machines without using components from the already stressed supply of the same pertaining to the healthcare center. Besides in India, The Rail Coach Factory (RCF) situated in Kapurthala is the first public sector undertaking (PSU) that operates under the auspices of the Indian Railway to develop a prototype of a ventilator to be used in the isolation wards or quarantine facilities which Indian Railways is creating in train coaches across the network. It’s an original design and is expected to cost almost a fraction of regular ventilator cost. Thus, along with government initiatives the manufacturers of these devices in the APAC region especially that of the emerging markets are focusing on creating cost-efficient, non-invasive ventilation solutions to cater to the local needs and provide flexibility in inpatient care. This can be exemplified by India’s toaster sized ventilator manufactured by Noida-based AgVa Healthcare, in a joint venture between Maruti Suzuki India. This device is specifically aimed at CoVid-19 patients and has arrived at the time which needed to feel the gaps.
Another reason that is poised to drive the ventilators market growth is the speedy advancement of rising o healthcare expenditure coupled with increasing disposable income that is facilitating the ease of access by patient to the various point of care that has led to the rapid adoption of ventilators, especially in the APAC region. In the People Republic of China, the premium of primary insurance received by the insurance companies was to the tune of 4,264.5 billionyuan in 2019, which was an increase in 12.2 % over that of the previous year. Out of this entire sum of the life insurance primary insurance amounted 2,275.4 billion-yuan, health and casualty insurance premium of primary insurance was to the tune of 824.1 billion yuan, and property insurance premium of primary insurance 1,164.9 billion yuan. Contrarily the Insurance companies paid an indemnity worth of 1,289.4 billion yuan, of which, life insurance indemnity was 374.3 billion-yuan, health and casualty insurance indemnity 264.9 billion yuan, among others. Thereby it delineates the fact there has been a room of expenditure pertaining to healthcare. Further the per capita disposable income nationwide was 30,733 yuan, an increase of 8.9 % compared to that of the preceding year. Further, to the end of 2019, there were around 1,014,000 medical and health institutions in China, including 34,000 hospitals. Out of the 17,000 professional public health institutions, 3,456 were disease control and prevention centers and 3,106 were health monitoring institutions. Further, the total number of medical visits and hospital discharges in 2019 reached 8.52 billion and 270 million respectively [Source: National Bureau of Statistics of China].
Further with regards to Singapore, the total number of beds in all types of acute hospitals (Public, Not-for-Profit and Private) has increased from the preceding year until 2918, suggesting that the incidence of inpatient care has increased. Moreover, the number of hospital admission to have increased with regards to acute hospitals are concerned as delineated by the illustration below. Therefore, it is can be stated with certitude that the due such increase rate of hospitalization there is a requirement of an ample room for healthcare instrument innovation and upscaling as exemplified by the U.S. market leader in precision medical products and services Nihon Kohden, which announced in November 2019 the launch of NKV-550 Series Ventilator System that offers a full suite of applications necessary in a critical care setting for patients ranging from neonate through adults.
Moreover, looking towards the occident Dutch multinational technology company Royal Philips has received CE mark approval for its Philips V60 Plus Ventilator. This solution is development overt its noninvasive ventilation (NIV) gold standard platform, integrating NIV and high flow therapy (HFT) in a single device. The device aids clinicians to swiftly adjust therapies according to the condition of patients without switching devices.