Mechanical ventilation is a process that helps patients breathe by assisting inhalation of oxygen and exhalation of carbon dioxide through lungs with the help of specialized machines known as mechanical ventilators, respirators or breathing machines.
The global mechanical ventilators market is estimated to account for US$ 4,530.4 Mn in terms of value by the end of 2020.
Global Mechanical Ventilators Market: Drivers
Emergence of Covid-19 is expected to propel growth of the global mechanical ventilators market over the forecast period. For instance, globally, as of 2:44pm CEST, 27 August 2020, there have been 24,021,218 confirmed cases of COVID-19, including 821,462 deaths, reported to World Health Organization.
Global Mechanical Ventilators Market: Opportunities
R&D of low-cost mechanical ventilators is expected to offer lucrative growth opportunities for players in the global mechanical ventilators market. For instance, in May 2020, researchers at the University of São Paulo's Engineering School, Brazil, developed Called Inspire, a mechanical ventilator that costs only approximately 7% as much as a conventional ventilator.
Global Mechanical Ventilators Market: Restraints
Injuries associated with prolonged use of invasive ventilators are expected to hinder growth of the global mechanical ventilators market. During mechanical ventilation, the flow of gas into the lung takes the path of least resistance, which means areas of lungs that are filled with secretions become underinflated and areas which are normal become over distended and injured.
The global mechanical ventilators market was valued at US$ 4,248.7 Mn in 2019 and is forecast to reach a value of US$ 7,126.0 Mn by 2027 at a CAGR of 6.7% between 2020 and 2027. Increasing incidence and prevalence of respiratory disorders in developed and developing economies during the forecast period is anticipated to assist the market growth.
Critical Care Mechanical Ventilators segment held dominant position in the global mechanical ventilators market in 2019, accounting for 42.3% share in terms of value, increasing product approvals along with increasing adoption of expansion strategies from key players operating the market to strengthen their market positioning
Emergence of Covid-19 has led to manufacturing of mechanical ventilators from non-market players. For instance, in May 2020, Bhagawati Products, the manufacturer of Micromax mobiles, entered into an agreement with TWorks, a Telangana State government initiative, to manufacture the mechanical ventilators being developed for the Covid-19 pandemic.
The global mechanical ventilators market is witnessing launch of mechanical ventilators alternatives, which is expected to adversely impact the market growth. For instance, in February 2020, Fresenius achieved a 510(k) clearance for its Novalung system, which reduces or eliminates the need for mechanical ventilation by pumping a person’s blood through an oxygenator for gas exchange.
Global Mechanical Ventilators Market: Competitive Landscape
Major players operating in the global mechanical ventilators market include, Becton, Dickinson & Company, Mindray Medical International Limited, Getinge Group, GE Healthcare, Hamilton Medical AG, Medtronic Plc, Smiths Medical, Draeger Medical GmbH, Zoll Medical Corp., Philips Respironics, Maquet Medical Systems GmbH, and others.
Global Mechanical Ventilators Market: Key Developments
March 2020: Medtronic plc announced to publicly sharing the design specifications for its Puritan Bennett 560 to support rapid ventilator manufacturing by other industry innovators during the COVID-19 pandemic
Scope of the report