Critical Care Ventilators Stay in Greater Demand
Critical care ventilators are witnessing higher demand and investments than transportable ventilators. As 8 in 10 units sold in 2019 were critical care ventilators, manufacturers are specifically focused on this category. With COVID-19 patients overwhelming ICUs, governments and public health organizations are lending a hand in ramping up the production of critical care ventilators.
In a bid to support a sudden spike in demand immediately, leading players such as Phillips are adding new manufacturing lines, increasing the number of shifts of its employees, and hiring additional manufacturing workers.
North America at Epicenter of COVID-19 Pandemic and Massive Demand
Accounting for over 30% of the global market value, North America’s medical ventilators market remains at the forefront, propelled in part by the emergence of the U.S. as the worst-hit country by COVID-19. As the nation faces with daunting shortages of medical ventilators, many companies are teaming up with car manufacturers to produce hundreds and thousands more. For instance, General Motors team up Ventec Life Systems, a Washington-based ventilators company to scale up its production capacity using the former’s factories, to address the nation’s shortages
Influx of New Entrants and Low-cost Alternatives to Cause Significant Disruptions
In addition to COVID-19’s toll, the medical ventilators market is witnessing a robust increase in number of new market players, putting a pressure on leading stakeholders to differentiate their products while meeting the growing demand. As governments and health authorities are speeding testing, facilitating access to crucial medical products, and allowing manufacturers to make changes to existing products, various fast produced, low-cost medical ventilators are inundating the marketplace.
While these measures help expand production to save numerous lives in COVID-19 pandemic, they are likely to represent potential threat for incumbents in the long-term outlook.
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How Growth will Unfold
Hospitals account for more than half of the total adoption of medical ventilators. Increased pressure on hospitals to accommodate rapidly growing number of COVID-19 patients has been weighing heavily on the demand for medical ventilators. Moreover, companies are seeking help from non-health industries and universities in a wartime-like effort to add more ventilators to hospitals.
Additionally, growing demand from home care services and long term care centers for patients with respiratory issues is likely to result in increased market share over the next decade.
MEDICAL VENTILATORS MARKET TAXONOMY
FMI’s study on the market offers information divided into four important segments - product type, technology, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
- Critical Care Ventilators
- Transport Ventilators
- Invasive Ventilators
- Non-Invasive Ventilator
- Ambulatory Surgical Centers
- Long Term Care Centers
- Home Care Settings
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa