Pune, India, September 2022, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Medical Ventilator Market.
Global Medical Ventilator Market is estimated to be valued at USD 4.22 Billion by 2030 and is projected to register a CAGR of 4.51% during the forecast period.
Medical ventilators are medical devices that mechanically assist a patient in the process of exchange oxygen and carbon dioxide. It is a machine that is designed to assist a patient who is unable to breathe. The growth of the global medical ventilator market is expected to be driven by key factors such as the increasing prevalence of acute and chronic illness and surge in the number of patients, especially in the current COVID-19 crisis.
The global medical ventilator market has been segmented based on portability, interface, technology, application, and end user. The global medical ventilator market, by portability, has been segmented into stationary ventilators and portable ventilators. The global medical ventilator market, by interface, has been segmented into invasive and non-invasive. The global medical ventilator market, by technology, has been segmented into automated and mechanical. The global medical ventilator market, by application, has been categorized into critical care, neonatal care, emergency care, and others. The global medical ventilator market, by end-user, has been divided into hospital and clinics, home care settings, and others.
The Americas dominated the medical ventilator market in 2019 and is likely to continue to command during the assessment period. This can be attributed to the high prevalence of respiratory disorders and product launches and acquisitions by key players in this region. For instance, in April 2020, Philips launched its Respironics E30 ventilator used in ICU units to treat COVID-19 patients. This product launch helped the company increase its market share in the global market. Additionally, in October 2017, Vyaire Medical, Inc. acquired Revolutionary Medical Devices (RMD), a company that is involved in developing products for airway management, to increase its market share in the market. Such developments are likely to boost the growth of the regional market during the forecast period.
Europe held the second-largest position in the medical ventilator market in 2019 owing to the inorganic growth strategies of companies and a well-developed medical industry in the region. Recently, in March 2020, Smiths Medical announced a contract deal with the UK government for manufacturing 10,000 ventilation units to fight the coronavirus pandemic. The company will manufacture the product in its facility in the UK. Similarly, in March 2020, Drägerwerk AG & Co. KGaA and the UK defense contractor Babock signed contract agreements. As per this contract Drägerwerk AG & Co. KGaA will provide ventilators to the NHS. This inorganic growth strategy helps the company strengthen its position in the European market.
Asia-Pacific is expected to register the highest growth rate over the forecast period, 2022 to 2027. This can be attributed to the rapid spread of COVID-19 and increasing product approvals. Recently, April 2020, Biodesign Innovation Labs (India) launched RespirAID, a portable ventilation device for COVID-19 patients. Moreover, companies focus on organic growth strategies to strengthen their product portfolio and presence in the global market. Recently, in April 2020, Nihon Kohden received production and marketing approval for the NKV-550 series ventilator in Japan. Such strategies play a key role in supporting regional market growth.
The growth of the medical ventilator market in the Middle East & Africa has been growing steadily in the past few years. In the Middle East, due to increasing cases of COVID-19, the adoption rate of medical ventilators is high in countries such as South Africa, the UAE, and Saudi Arabia. With the increasing strategic initiatives by private and public firms and organizations, the growth rate is likely to rise in the next few years.
Explore In-depth Details: Medical Ventilator Market Research Report
Market Research Future (MRFR) Getinge AB (Sweden), GE Healthcare (US ), Vyaire Medical, Inc. (US), Medtronic (Ireland), Drägerwerk AG & Co. KGaA (Germany), Hamilton Medical (Switzerland), Resmed (US), Koninklijke Philips NV (Netherlands), Smiths Medical (US), and Allied Healthcare Products Inc. (US) as the Key Players in the Global Medical Ventilator Market.
Key Findings of the Study