Soaring infection rates and fatalities form coronavirus disease (COVID-19) has immensely boosted the demand for medical ventilators. Continuous focus by the manufacturers and governments to produce medical ventilators in large quantities is expected to propel the medical ventilators market growth during the forecast period. The growing demand for portable and low-cost medical ventilators creates a significant opportunity for global medical ventilators market players to develop and launch new products and expand their businesses.
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Increasing investments in the medical ventilators market by key stakeholders and the development of new products are some of the major factors expected to boost market growth. The global medical ventilators market was valued at US$ 1.4 Bn in 2020 and is expected to exhibit a CAGR of 9.6% during the forecast period (2020 – 2030).
Key Takeaways of Medical Ventilators Market Study
- The critical care ventilators segment accounted for maximum value share in the global medical ventilators market in 2019, owing to its increasing use in critical care cases.
- Extensive use of invasive ventilators in the management of chronic respiratory failure is expected to result in a notable share of the segment in the medical ventilators market.
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- The hospitals segment under end user accounted for over 53% of value share in the medical ventilators market, owing to high-quality clinical care in hospitals and high preference by respiratory disease patients.
- North America captured a notable revenue share of about 32% and is expected to be the most lucrative region in the global medical ventilators market during the forecast period.
- Increasing government funding is set to boost the medical industry’s growth in Asian countries. This is expected to drive the growth of the medical ventilators market in the region.
“Continuous focus on the development of portable and low-cost medical ventilators and increasing incidence of coronavirus disease across the globe is projected to propel the growth of the global medical ventilators market,” Says a Fact.MR Analyst.
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.
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This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
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Increasing Production Capacity – Imperative Strategy for Market Players
Manufacturers are now focusing on boosting ventilator manufacturing capacity to meet the urgent global demand due to the COVID-19 pandemic. For instance, companies such as Medtronic, Koninklijke Philips N.V., GE Healthcare, and Getinge AB are now rapidly increasing their ventilator production by 40%-60%, to supply ventilators in response to the urgent need across the globe in the face of COVID-19.
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