Medical Ventilators to Remain Highly Preferred among Long Term Oxygen Therapy Patients
Long-term oxygen therapy has been found to reduce overall mortality, improve emotional status and cognitive function in chronic obstructive pulmonary disease patients. This therapy is now recommended by healthcare professionals for COPD patients .Although non-invasive mechanical ventilation has proven to reduce hypoventilation and to help functional performance, it has been recently prescribed on a larger scale to stable COPD patients in many European countries.
Non-invasive mechanical ventilation is set to provide physiological and clinical advantages to long-term oxygen therapy patients and reduce hospital admissions and ICU length of stay which is expected to give traction to the medical ventilators market growth. On this premise the market is poised to surpass US$ 3.6 Bn by the end of the forecast period (2020-2030)
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High cost, product recall and supply-demand gap to pose significant growth challenges
Medical ventilators generally cost between $1,500 and $72,000. Absence of government funding initiatives, particularly in low and middle income countries, renders them unaffordable for hospitals and other medical care facilities. This unaffordability is projected to hamper growth prospects of the medical ventilators market. Moreover, product recalls due to device malfunction and acute shortage to treat severely ill patients are also poised to impede market growth.
Non-invasive Ventilators to Remain the Kingpin in the Global Medical Ventilators Market:
The non-invasive ventilators segment is anticipated to capture a significant chunk of the medical ventilators market. Projections indicate a market share of more than half of the total medical ventilators market. This is attributed to its growing adoption in homecare and critical care units. Low cost, increased domiciliary usage and precise delivery of controlled oxygen are some benefits associated with non-invasive ventilation. Moreover, non-invasive ventilators also prevent airway collapse, by exerting positive pressure on the larynx. The non-invasive ventilators segment is projected to leverage splendidly, at a CAGR of 12.1% between 2020 and 2030.
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Launch of Technologically Advanced Medical Ventilators is a Key Strategy Adopted by Manufacturers
Development and launch of technologically advanced innovative products as per patient needs is the major factor responsible for intense competition among market players of the global medical ventilators market. Several companies are focusing on launching advanced medical ventilators to increase their product sales and expand market share. For instance, In May, 2017, Draegerwerk AG & Co. KGaA launched a robust ventilator “Oxylog VE300” which is a sturdy life saver ventilator that can be used for emergency services.
Medtronic, Plc. offers the Puritan Bennet 840 and 980 ventilators, the Newport e360 ventilator and HT70 ventilator plus. In March 2020, the company leveraged its production by more than two-fifths in response to the urgent demand arising due to the COVID-19 pandemic. The company has also disclosed specifications of its older Bennett 560 ventilator model. This will allow other players to design ventilators on a fast-track basis to address the needs of COVID-19 patients.
North America Retains Market Hegemony, South Asia offers Lucrative Growth Prospects:
North America is anticipated to dominate the global medical ventilators market throughout the forecast period. Rising geriatric population, high prevalence of respiratory diseases due to smoking and a robust healthcare infrastructure shall boost the market. Additionally, the rising number of COVID-19 patients shall also bolster the North American Medical Ventilators market. The total number of cases has exceeded 600,000. Anticipated CAGR for the North American market is pegged at 7.0%, capturing a quarter market share.
South Asia is poised to expand the fastest, expanding at a stellar CAGR of 12.5% throughout the forecast period. The region is anticipated to account for nearly one-fifth of the global medical ventilators market. A large population pool and the resulting increase in the prevalence of respiratory disorders are anticipated to propel the South Asian market. Moreover, rising number of coronavirus infection cases on a daily basis is also projected to drive the demand for ventilators. Amongst all the segment, the critical ventilators are anticipated to steer most of the market growth.
COVID-19 Impact on Medical Ventilators
According to an estimate by the Imperial College of London, about 30% of coronavirus diagnosed patients now require mechanical ventilation. The intensive care units are now overcrowded due to the increasing number of cases. As a result, the demand for medical ventilators has soared. This soaring demand is anticipated to generate lucrative growth opportunities for the medical ventilators market in the future.
The ventilator industry is getting a burst of desperate orders from China, Italy, Germany and US for the management of patients with severe respiratory illness, due to the current corona virus disease pandemic. Therefore, the manufacturers are also focusing on boosting up their ventilator manufacturing capacity. For instance, companies such as Medtronic, Koninklijke Philips N.V., and Getinge AB are planning to expand their ventilator production by 40%-60% to supply ventilators in response to the urgent needs across the globe confronting COVID-19.
Analyst’s Viewpoint:
The global medical ventilators market is set to embark on an impressive growth trajectory. Increasing preference for ventilators by long-term oxygen administration patients and rising incidences of COVID-19 cases on a daily basis are projected to propel the market forward. However, high costs of ventilators, product recalls and a supply-demand gap are expected to pose significant challenges to growth. Key manufacturers are concentrating on technological advancements and enhancement of productive capacity to bolster market presence. Moreover, North America is set to dominate the global medical ventilators market. South Asia presents lucrative growth opportunities for the same.
Global Medical Ventilators Market: Scope of the Report:
The recent study on the global medical ventilators market by Fact.MR offers a decade long forecast, incorporating the key drivers, restraints, opportunities and threats to the market. The market has been segmented on the basis of product type, technology, end-user and region. By region, the global medical ventilators market is divided into North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa. The report includes an in-depth analysis of value chain, business execution and supply chain across all the regions.
A detailed competitive landscape has been embedded within the report. Detailed analysis of important market players in terms of key expansion strategies, technological developments, and landmark agreements with fellow competitors, have been incorporated.
About the Medical ventilators Market Report
Fact.MR conducted a research study on the medical ventilators market during the forecast period (2020 - 2030). The report offers a comprehensive evaluation of the business opportunities available in the medical ventilators market, along with insights on the medical ventilators market value analysis base by region, market trends, and regulatory scenario. The medical ventilators market report elaborates on macroeconomic factors influencing the dynamics of the market and its futuristic potential.
Medical Ventilators Market - Scope of the Report
Fact.MR recently published a market study on the global market for medical ventilators. The study provides detailed assessment on the key market dynamics, including drivers, trends, opportunities restraints, and detailed information about the medical ventilators market structure. The market study presents exclusive information about how the medical ventilators market will grow during the forecast period (2020-2030).
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, and compounded annual growth rate (CAGR) are explained in Fact.MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the medical ventilators market during the forecast period.
The study is relevant for stakeholders in the medical ventilators market, including medical ventilators manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the medical ventilators market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in Fact.MR’s study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the medical ventilators market. Furthermore, small businesses and new entrants in the medical ventilators market too can make use of the information presented in this study, based on which, they can make appropriate business decisions to gain momentum in the market.
Key Segments of the Medical ventilators Market
Fact.MR’s study on the medical ventilators 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.
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Key Questions Answered in Fact.MR’s Medical Ventilators Market Report
- Which regions will continue to remain the most profitable regional markets for medical ventilators market players?
- Which factors will induce a change in the demand for medical ventilators devices manufacturers during the assessment period?
- How will changing trends impact the medical ventilators market?
- Which companies are leading the medical ventilators market?
- What are the winning strategies of stakeholders in the medical ventilators market to upscale their position in this landscape?
Medical Ventilators Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the medical ventilators market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of conclusions.
Secondary resources referred to analysts during the production of the medical ventilators market study include statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the medical ventilators market, and makes Fact.MR’s projection on the growth prospects of the medical ventilators market more accurate and reliable.
Fact.MR offers custom research services that help clients to get specific research solutions
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Medical Ventilators Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2020 to 2030