Ventilators Market to Reach $5.2 Billion Amidst Coronavirus Outbreak

In wake of the coronavirus scare, the global ventilators market has witnessed a massive surge in revenue scale recording a remuneration of $11.7 billion in 2020, at a growth rate of 150.1 percent from $4.68 billion in 2019, according to Market Study Report LLC. Moreover, it has been predicted that the ventilators market size would surpass $5.2 billion, with a CAGR of -12.64 percent over 2020-2026. Burgeoning demands from the healthcare sector owing to the increasing number of covid-19 cases have stimulated the product adoption globally. 
 
According to World Health Organization estimates, more than 6.39 million people have been diagnosed corona positive to date, the impact of which is already being felt by the ventilators market worldwide. The outbreak of this pandemic is likely to have a huge impact on the global economy by creating market and supply chain disruption, affecting production and demand, and financial impact on firms and financial markets. It has also overtly affected the tourism, food and beverage, hospitality, and various other industries in terms of market size. 
 
Ventilators play an imminent role in the treatment of patients with respiratory failure. COVID-19, considered to be an infectious disease majorly affecting the respiratory system of an individual, demands use of ventilators across various healthcare systems. Ventilators are capable of sending nearly 21 percent to 100 percent of oxygen containing gases into the lungs of an individual suffering from abnormal respiratory functioning, thereby constantly carrying out gas exchange to support the patient improve sate of hypoxia and carbon dioxide retention. However, the rise in COVID-19 cases globally, has generated an acute shortage in the supply of ventilators, resulting in a disproportionate demand to supply ratio. 
 
Ventilators have been segmented into two categories: invasive ventilators and non-invasive ventilators. Invasive ventilators carry the potential to support the respiration of human body or other animals when spontaneous respiration cannot meet the normal physiological needs and is applicable to all types of medical institutions, acute respiratory insufficiency or oxygenation dysfunction, respiratory support for cardiopulmonary cerebral resuscitation, and others. 
 
The non-invasive ventilators are equipment used for ventilator treatment via nose mask or face mask. These are not only used in treatment of patients with acute or chronic respiratory failure, but also for various family applications for outpatients with comparatively stable conditions.
 
Based on the application spectrum, ventilators are bifurcated into home use and medical use ventilators. The outbreak of COVID-19 has generated humongous demand for medical ventilators worldwide. The demand for these ventilators around ICU will continue to propel with increase in number of severe and critical patients, leading to an urgent need of import reserves. Besides, it has been anticipated that approximately 1.3 million new ICU beds are urgently needed overseas. Amongst these, the reserve demand for invasive ventilators is about 205,000 and that for non-invasive is 629,000, which needs to be imported in overseas market.
 
In terms of regional ventilators market analysis, the median production of ventilators across China has been projected to reach to nearly 202,800 units in 2020, compared to that of 14,700 units in 2019. However, considering the current balanced situation, the overall production is likely to fall back in 2021 with the production value being 48,800 units, at a CAGR of -21.3 percent through 2026. 
 
Additionally, there stands a shortage of these medical equipment in overseas market where urgent orders are difficult to meet clinical needs due to ongoing lockdown and production halt in various regions of the world. 
 
Countries have been striving to make efforts in the field of providing proper care and medical facilities to worst-hit pandemic zones. The EU, for instance, has decided to set up ‘Save Europe’ medical equipment reserve. In addition to this, the United States has also rolled out national newspaper and defense production act, approving various carmakers to manufacture respirators, in the lieu of current situation.