COVID-19 Pandemic Unexpectedly Triggers the Growth of Global Ventilator Market
According to the market intelligence published by BIS Research, the global ventilator market was estimated at $1,072 million in 2018. The market is now projected to grow at a CAGR of 7.1% in the post-COVID scenario, till 2026 end. With COVID-related cases on a rise, the demand for ventilators has increased exponentially, throughout the globe. For instance, with the number of coronavirus patients increasing with each passing day in the U.S., the demand for ventilators is anticipated to surpass the supply of total production of 2,000 ventilators each week in the country.
During 2019, since the inception of COVID-19 toward the end of the year, a total of 77,000 new ventilators were projected to fulfill the demand arising out of the coronavirus health crisis. However, with a lax on the part of the government of China to update the exact number of patients affected due to coronavirus and the unavailability of the drugs to prevent or treat the novel virus are factors that led to the spread of coronavirus globally, and the virus was eventually declared as a pandemic. For instance, the spread of the disease created a demand for additional 30,000 ventilators in the U.S. itself.
The recommended ways through which the spread of the virus can currently be curtailed are through social distancing and lockdown, which has adversely affected production in factories and manufacturing units, even as countries have had to scale-up the existing ventilator manufacturing units, as well as manufacturing units for machinery and equipment needed for the production of ventilators. The increasing requirement of components, such as valves for the ventilators, has led to the use of 3D printing technology for production to ensure that only very critical components are ordered from manufacturing units located far-away from the manufacturing units of ventilators. The global ventilator market has therefore, seen a growth triggered by COVID-19 Pandemic.
Some of the manufacturers involved in the manufacturing of the ventilators are Dräger, Fisher & Paykel Healthcare, Vyaire Medical, Gelinge, Medtronic Technologies, Hamilton Medical, GE Healthcare, Mindray, Philips, and Löwenstein.