Ventilator Market Overview
Mechanical ventilators replace or assist the respiratory functions of a critically-ill patient who is at the risk of multiple organ failure due to lack of oxygen supply. These medical devices are expensive to manufacturer and prove to be the differentiating factor between life and death. In the light of COVID-19 pandemic, the world is facing a shortage of mechanical ventilators.
Leading manufacturers across the globe are escalating the production of ventilators that could potentially save thousands of lives. Key stakeholders are witnessing an unprecedented demand in the event of current outbreak. Several companies in other industries such as aerospace and engineering have come forward to offer assistance and produce this absolutely vital equipment.
For instance, Dyson and Rolls-Royce have volunteered to manufacture mechanical ventilators in the United Kingdom. Biomedical engineering experts have predicted the scarcity of mechanical ventilators at the peak of COVID-19 pandemic.
his has prompted entrepreneurs from wide spectrum of industries to collaborate and ramp up the production of ventilators. Moreover, heavy government incentive to scale up the overall production is another contributing factor. The World Health Organization has repeatedly stressed on the need to optimize the production of lung ventilation equipment. The officials in Germany and the United States have desperately called for new ventilators as well.
China Accelerates Export of Mechanical Ventilators to Affected Nations
Until February, when Wuhan was the epicentre of COVID-19 outbreak, China escalated its export channels and turned to other nations for assistance. The subsequent month of March witnessed the shift of epicentre from Wuhan, China to Italy in Europe.
s the number of new COVID-19 cases and deaths continue to decline in the original epicentre, China has offered help to various affected nations, particularly Italy which has been worst hit by the pandemic. Chinese Red Cross has transported thousands of masks, hundreds of pulmonary ventilators and tons of other medical supply to Italy. The United States now has more COVID-19 patients than any other country. Hence, demand for high flow ventilators is set to accelerate in the foreseeable future.
Manufacturers Undertake Innovative Measures to Combat Ventilator Shortage
Leaders worldwide continue to explore new ways of boosting the production of ventilators. As many nations have banned the export of this life-saving equipment in order to protect their citizens, companies are channelling their resources towards research and development.
For instance, in Italy, certain manufacturers are opting for 3D printing technology to expedite the fabrication of mechanical ventilators. Prominent manufacturers in the UK and US have been urged by governments to step-up the production of ventilators. COVID-19 has already overwhelmed the intensive care units of countries such as Italy. The absence of drastic interventions such as shortage of ventilators can have devastating outcomes in other countries as well.
The snorkelling masks originally designed for recreational purposes at the beach are now being utilized by doctors in Italy for treating COVID-19 patients. In severe cases, COVID-19 causes the lungs to undergo fibrosis-like condition because of which the patients are unable to breathe without assistance.
Hence, leading innovators are producing ventilators at breakneck speed to bridge the enormous gap between demand and supply. Companies continue to repurpose their supply chains and production lines in the wake of ongoing outbreak. James Dyson has pledged to donate 5000 ventilators to other countries as well. In addition, GE Healthcare announced collaborations with Ford Motor Company to aid ventilator production.
Insights into Global Ventilator Market: Key Regions, Drivers and Players
The global ventilator market is set to represent a billion-dollar industry on account of greater prevalence of respiratory diseases such as pneumonia, and COVID-19. In view of the widespread coronavirus outbreak, leading companies continue to expand their capacities to meet the unprecedented demand spurred by COVID-19.
Some of the major players in the global ventilator market include, but are not limited to, Medtronic, Dickinson and Company, Becton, Getinge, Hamilton Medical, GE Healthcare, Allied Healthcare Products, Resmed, Smiths Group, Air Liquide, Asahi Kasei, and Fisher & Paykel. Medtronic recently announced that its production facilities will be operational 24/7 to fulfil the soaring demand for ventilators. The company has scaled up its production capacity and doubled its workforce to produce new ventilators.
The growth of global ventilator market is supported by emergency relief packages approved by governments across the globe. Further, greater healthcare expenditure, developed healthcare infrastructure in countries such as the United States and Canada are complementing the growth of ventilator market.
On the other hand, Asia Pacific ventilator market will benefit owing to the presence of a large geriatric population, particularly in countries such as Japan and South Korea. Moreover, India remains the largest importer of life-saving medical devices such as ventilators which will offer lucrative opportunities for manufacturers in the months to come.
Global Ventilator Market: Overview of Segmentation
The segmental analysis of the global ventilator market is performed on the basis of end use (ambulatory care centres, emergency medical services, hospitals & clinics), mode (combined-mode, volume-mode, and pressure-mode), type (neonatal/infant ventilators, paediatric/adult ventilators), and mobility (intensive care ventilators, critical care, and portable ventilators) across five regions (North America, Latin America, Europe, Middle East & Africa, Asia Pacific).
Hospitals remain the leading end-use segment of ventilators. Demand for ventilators is witnessing an upswing in almost every major continent of the world. Critical cases of COVID-19 are quite rare among children. Therefore, adult ventilators will witness relatively greater demand worldwide. The market leaders must focus on developing portable, cost-effective, and patient-friendly ventilators to encourage its usage.
Rising population, urbanization, and chronic respiratory diseases such asthma are key drivers of ventilators market. Moreover, other lifestyle factors such as smoking are major contributors to the demand for ventilators. As COVID-19 sweeps the globe, the scarcity of mechanical ventilators will be excruciating for frontline staff to save precious lives.
Hence, global manufacturers face the daunting task of meeting enormous demand and searching for new innovations to combat this deadly respiratory illness. Governments’ relief packages, major collaborations, and innovations in ventilators market have the potential to save countless lives in the foreseeable future.