A ventilator is a machine that helps in the functioning of the lungs and is generally used by patients who are physically unable to breathe or are having breathing insufficiently. It pumps oxygen-rich air into the lungs and also helps to breathe out carbon dioxide and other harmful gases when the patient is recovering from an illness or other critical issues. The rising prevalence of respiratory diseases coupled with the growing air pollution level in various parts of the world is expected to drive the growth of the market during the forecast period. For instance, according to the World Health Organisation, air pollution kills an estimated seven million people worldwide every year and the recent data shows that 9 out of 10 people breathe air containing high levels of pollutants in it.
Impact of COVID19 pandemic in overall ventilator market
In mid-2020, as coronavirus pandemic spread its wings the major challenges that arise for healthcare institutions and government were to provide critical care services to its people. As ventilators are important medical equipment that is required for critical patients as COVID-19 directly affects the patient lungs. The lack of healthcare infrastructure available in developing countries like India and Brazil has augmented the demand for ventilators significantly in the short run. Even, the market witnesses’ collaboration and partnership between companies in the production of ventilators to meet the growing demand due to pandemic. Some of the recent deals and investments are as follows:
In June 2020, Nasa’s Jet Propulsion Laboratory (JPL) selected eight US manufacturers for the production of new ventilators designed for Covid-19 patients. The eight companies selected for licenses are DesignPlex Biomedical, MVent, iButtonLink, Vacumed, Pro-Dex, ATRON Group, Evo Design, and Stark Industries.
In April 2020, Philips and the US government collaborated to increase the production of hospital ventilators in its manufacturing sites in the USA. The company’s goal is to double the production by May 2020.
In March 2020, General Electric and Ford Motor collaborated for the production of ventilators to reconstruct the existing United States manufacturing and supply chain capabilities for the treatment of COVID-19 patients in the country.
In March 2020, Mahindra & Mahindra Ltd teamed up with two state-owned companies scale up production of ventilators amid a surge in cases of Covid-19 in India.
In March 2020, the government of United Kingdom’s ordered nearly 10,000 ventilators from a consortium of leading aerospace, Formula One racing, and engineering companies which have even started their production lines in response to an urgent government call for industry to help.
Recently, General Motors and medical device maker Ventec Life Systems teamed up to enable the Seattle manufacturer for increasing production capacity of its respiratory care products, including ventilators, to support response to the COVID-19 pandemic.
Growing prevalence of the chronic obstructive pulmonary disease is augmenting the growth of the market
Chronic obstructive pulmonary disease, COPD, a group of diseases causing air-flow blockage and breathing problems is quite common worldwide, and currently, COPD has no cure, but it can be treated. It was also noted that the maximum prevalence of deaths by COPD took place in low and middle-income countries. The major factors affecting individuals with COPD in various parts of the world are active and passive smoking. Hence, with the presence of smoking at the international level, the market growth is expected to fuel with the growing number of affected individuals. Also, COPD is found to be more prevalent among the geriatric population. Hence, with the increasing geriatric population in various parts of the world, the market is projected to surge at a rapid pace. According to the World Health Organization, WHO, by 2050, the population under the category of 60 years and above worldwide is estimated to attain a size of 2 billion from a population size of nearly 900 million in 2015. The pace of population aging is much faster in comparison to the past records.
The ventilators market has been segmented on the basis of mobility type, interface, type, mode, end-user, and geography. On the basis of mobility type, the segmentation is done on the basis of intensive care ventilators and transportable ventilators. By interface, the segmentation is done into invasive ventilation and non-invasive ventilation. By type, the market has been classified on the basis of geriatric, neonatal, and pediatric. Based on the mode the classification has been done into combined mode ventilation, pressure mode ventilation, volume mode ventilation, others. By end-user market is segmented based on ambulatory care centers, emergency medical services (EMS), home care, hospitals, and clinics. Geographically, the global ventilators market is segmented on the basis of North America, South America, Europe, the Middle East and Africa, And Asia Pacific.
By the type, the geriatric segment is projected to show decent growth during the forecast period as the old age population is more exposed to respiratory problems. The increasing geriatric population in many parts of the world is expected to be one of the prime drivers for the growth of the segment over the forecast period. Also according to the World Bank, the population ages sixty-five and above as the percent of the total population in France and Italy has increased from 16.85% and 20.42% in 2010 to 20.03% and 22.75% respectively by the end of 2018. Furthermore, the growing geriatric population is considered one of the major drivers for the growth of the overall healthcare industry.
Geographically, the North American region is projected to hold a noteworthy share in the global ventilator market on account of the availability of the state-of-art infrastructure and the presence of major market players in countries like the U.S and Canada. Furthermore, the growing investment in healthcare infrastructure also supports the ventilators market growth in the region throughout the forecast period.
ABOUT THE AUTHOR:
Rajat Sudan is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from Healthcare to food and beverages, with a special knack for automotive and healthcare. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets, visit www.knowledge-sourcing.com.