Knowledge Sourcing Intelligence announces the publication of a new report on “Ventilator Market – Forecast from 2020 to 2025” to their offering.
Chronic respiratory disease (COPD) and the advent of COVID-19 coronavirus disease along with a profusion of research and development are the primary drivers that will lead the market to stratospheric heights during the forecast period.
According to the report, the Ventilator Market is expected to reach US$ 3,095.180 million by 2025, from US$2,240.940 million in 2019.
With the world coming to terms in the manner in which COVID 19 is being dealt with there has been an urgent need of respiratory assist devices have necessitated the healthcare industry to indefatigably engage in research and development consequently arriving at a cost-effective and swift product innovation to meet an unprecedented scale which the world had witnessed almost 100 years ago. Therefore, without any precedence, manufacturers, healthcare professionals have been at their drawing boards to cater to a global requirement that is so monumental. Further delineating the global figures of COVID 19, this far there have been 15,511,157 Coronavirus Cases; among which 8,813,886 have recovered. Moreover, the top five countries leading the figures are: in the descending order - USA (with 4,038,748 confirmed cases); Brazil (with 2,287,475 confirmed cases); India (with 1,288,108 confirmed cases) and Russia (with 793,720 confirmed cases).
Such alarming figures have necessitated government regulatory agency like FDA to bring about guidance which is only to remain in effect till the public health emergency prevails, whereby it has explicitly mentioned that it does not intend to object to the limited modifications to the claims, functionality, indications, or to the hardware, materials, software, of FDA-cleared devices needed to support patients who are suffering from insufficiency or failures of respiratory functions without prior submission of premarket notification under section 510(k) of the FD&C Act and 21 CFR 807.815. This has further fueled the profusion of ventilators in the market. Consequently, organizations operating in other industries are scrambling the resources available to them to contribute the need for ventilators, which is anticipated to push the global market for the ventilator to stratospheric heights.
Besides COVID 19, the increasing incidence in Chronic Obstructive Pulmonary Disease (COPD), the growing elderly population in developed economies, technological innovations to increase the longevity, extend portability, thus the convenience of ventilators at a reduced cost are also a few of the factors that are expected to drive the ventilators market. Further technological innovations have also brought about new improvements in efficiency, design, safety leasing to an improved manner of gas exchange, oxygenation, weaning without causing much damage to the lungs. Further with the integration of intelligent firmware onboard and high-speed signal processing has aided in reducing side effects to pulmonary circulation. Further, the growing need for emergency treatment for prolonged illness and extended treatment required for lung diseases in both adults and children is expected to drive the growth of the ventilator market.
With respect to revenue, the intensive care ventilator segment held a substantial market share stemming from high installation and adoption rates by various care points among which hospitals have been at the forefront. Moreover, the growing number of hospitals is also another reason that will not only sustain the substantial share but also lead to an increased demand for the share. Further, the growing number of portable ventilators that have also emerged as the go-to means of respiratory intervention by hospitals is adequately contributing to the growth of the market and also because hospitals are increasingly encouraging patients to adopt homecare treatment. Besides due to an increase in fertility rate due to the growing awareness of expecting mothers around the world is further poised to drive the growth of the ventilator market. Before all foregoing, besides the launch there also has been the rising partnership agreements Viz. in April 2020, it was announced that disposable ventilators will be mass-produced by the copier giant Xerox in partnership with a small medical-device manufacturer, Vortran Medical Technology whom it will be assisting to scale the production of its GO2Vent ventilator in the fight against coronavirus.
The major players operating within ventilator market the covered as part of the report are Zoll Medical. Smiths Group plc, VYAIRE, SLE, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., SCHILLER, ResMed, Medtronic, Koninklijke Philips N.V., Hamilton Medical, Getinge AB, General Electric Company, Fisher & Paykel Healthcare Limited., Drägerwerk AG & Co. KGaA, Allied Healthcare Products, and Air Liquide.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/ventilator-market
In this report the Ventilator Market has been segmented based on the following: