COVID-19:MECHANICAL VENTILATORS MARKET TO REACH USD 7.3 BILLION BY 2027 | CAGR 10.6% — FORENCIS RESEARCH
Global Mechanical Ventilators Market: Key Highlights
- According to the new market research report “Mechanical Ventilators Market by Product Type (Critical Care, Neonatal, Transport & Portable, Others), by Mode (Non-invasive Ventilation, Invasive Ventilation), by Application (Hospital & Clinical, Home Care, Ambulatory Surgical Center, Others)by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global mechanical ventilators market is estimated to reach USD 7.3Billion by 2027 at a CAGR of around 10.6% during the review period.
- Mechanical ventilator is an artificial breathing devices majorly used for treating patients with severe medical conditions.
- They are mostly used in treatment of stroke, respiratory diseases, chronic obstructive pulmonary disease, and others
- Portable ventilators are widely used in hospitals owing to faster, convenience, and continuous care to patient’s even prior to their arrival in the hospital.
Global Mechanical Ventilators Market: Key Market Dynamics
- The unpredictable dawn of COVID-19 pandemic has anticipated increasing the demand for mechanical ventilators in order to provide respiratory support to patients has resulting in growth of market during the forecasted period.
- Increasing prevalence of Chronic Obstructive Pulmonary Disease (COPD) and respiratory disorders has expected to boost the demand for mechanical ventilator market
- High cost of mechanical ventilators may hinder the growth of market to some extent during the forecasted period
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Global Mechanical Ventilators Market: Regional Overview
- North America
North America is anticipated to dominate growth in mechanical ventilators market during the forecasted period. This has attributed due to the preference for reduced hospital stay timeframe of patients & improved patients experience, and increased prevalence of chronic obstructive pulmonary disease (COPD) in the region. According to World Health Organization (WHO), the region has reported prevalence of 251 million cases of COPD in 2016. Moreover, the soaring critical cases of COVID-19 patients in the US have expected to provide a significant demand for mechanical ventilators in the region.
Asia Pacific is anticipated to witness largest growth in mechanical ventilators market during the forecasted period owing to the increasing COVID19 cases, rising healthcare expenditure, chronic respiratory diseases, and various collaborations and strategic agreements. For instance, Air Liquide, in 2017, acquired OxyMaster and Sogo Sangyo Kabushiki Kaisha to expand the household healthcare product portfolio across the Asia-Pacific. Additionally, increasing development of infrastructure, and healthcare policies promoting better care provided to individual will further anticipate to growth of product market.
Global Mechanical Ventilators Market: Key Players Overview
- GENERAL ELECTRIC COMPANY:
GENERAL ELECTRIC COMPANY is one of the global leader in medical technology and life science. The company offers broad portfolio of product, solution, and services used in the diagnosis, treatment and monitoring of patients and in the development and manufacture of biopharmaceuticals. GENERAL ELECTRIC COMPANY has global presence in more than 160 countries. In 2018, the company invested USD 1 billion in research & development different product. In March 2020, the company partnered with Ford Motor Company to produce ventilators. This strategic move will help to address the growing challenge of COVID-19 thereby, increasing the business growth.
- ZOLL Medical Corporation:
ZOLL Medical Corporation is a US-based company engaged in developing and marketing medical devices and software. The company operates in hospital, military, homeland security, EMS & fire, remote patient’s management, and non-acute care market. In March 2020, ZOLL Medical Corporation has executed a plan to increase manufacturing capacity of ventilators to 10,000 per month. This production volume expansion will help to cater the ongoing demand for ventilators due to COVID-19 and will ultimately lead to its market expansion.
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