According to the
latest forecast by Future Market Insights (FMI), the medical ventilators market is set to surpass a valuation worth US$ 1.3 Bn
by 2020-end, with annual growth projected at an 8% rate over that witnessed in
2019. This year, medical ventilators have become one of the most important and
in-demand medical supplies with an unprecedented rise in number of COVID-19
cases overwhelming intensive care units (ICUs) and hospitals.
The most significant
influencing factor for sales of medical ventilators in 2020 is the global
outbreak of coronavirus which is characterized by mild to severe respiratory
illness. A quantum leap in demand in line with logistical delays due to
extended lockdowns is resulting in severe shortages and major disruptions.
Critical Care Ventilators to Capture 86% Revenue
Share in 2020
number of critically ill COVID-19 patients are in dire need of critical care
ventilators to provide breathing support. In 2020 and beyond, these ventilators
are expected to account for relatively high share of the total market value as
compared to transport ventilators. To bridge the widening demand-supply gap,
leading manufacturers are focusing on ramping up their production with support
from governments and health authorities.
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“To address a sudden spike in demand immediately,
medical ventilator manufactures will need to mass produce many more units and
support a larger, global supply chain. However, the global chains that could
deliver all parts and products at high frequency are being dismantled in the
current scenario, which may negatively impact growth prospects of the market,” says
the FMI analyst.
Spotlight on North American Market
With the emergence
of the U.S. as the current epicenter of COVID-19 and hospitals gearing up for a
flood of patients, North America is facing an exponential surge in demand for
medical ventilators. Strong presence of manufacturers such as Phillips and GE Healthcare
and their efforts to scale-up production during the pandemic will significantly
contribute to the regional market growth.
As demand for
medical ventilators shows no sign of slowing down, especially in the U.S. and
EU5, a number of manufacturers are collaborating with automotive companies to
produce hundreds and thousands more. Additionally, the market is witnessing an
influx of new entrants with fast-produced and low-cost offerings, which in turn
may cause key players to revisit their growth strategies post COVID-19
The FMI study projects the global medical
ventilators market to expand at a CAGR of 8.7% during the forecast period
(2020-2030). Gain access to
FMI’s exclusive COVID-19 tracker here.
Future Market Insights