Ventilators global Market estimated to be worth $2,037.0 million by 2027
Ventilators are life support machines that assist in breathing when a person is not able to breathe on their own due to variety of conditions such as, respiratory disorders, low oxygen level, or severe shortness of breath from an infection. COPD, respiratory failure, respiratory distress syndrome and pneumonia are the most common reasons for use of ventilators and most of the patients who are admitted to ICU are controlled by ventilators, also ventilators can be used in MRI rooms, in operation theaters during surgery, emergency department, aircraft, military and homecare.
According to IQ4I analysis, the ventilators global market is estimated to reach $2,037.0 million by 2027. Due to the COVID-19 pandemic, ventilators demand has reached a peak and there was a shortage of devices, due to coordinated effort of various stakeholders such as governments, regulatory agencies and industries this demand is being met. Currently, there is a glut in the market and the number of ventilators that could be accommodated at a hospital has reached its maximum, hence, it is estimated that the growth of the market will decrease in the coming years. The factors such as rising incidences of respiratory diseases, rapid growth in the geriatric population requiring long term ventilation, increase in the number of premature birth and the emergence of the COVID-19 pandemic are the factors driving the market growth, technological advancements such as hybrid respiratory solutions, wireless connectivity, high-performance turbine-based ventilators, helmet based ventilators and 3D printing are the opportunities for the growth. Whereas, the increase in product recalls, the high cost of the ventilators and complications associated with the use of ventilators in neonates are restraining the market growth. The threat to the ventilators market includes a lack of awareness about the disorders, stringent regulatory requirements for new product approvals and a shortage of skilled professionals.
COVID-19 pandemic has affected all the countries, European countries such as U.K., Germany, Italy, and France, U.S., South Korea, India are already facing second wave of corona virus infections. WHO has warned European countries that a third wave of corona virus will affect them in early 2021. According to WHO, Europe accounts for 28.0% of global COVID-19 cases and 26.0% of deaths, Italy, U.K. and France are the countries in Europe that have been affected the most.
The ventilator's global market is segmented based on the product, power base, mobility, interphase, end-users and geography. Among the products, the ventilator machines segment accounted for the largest revenue of $XX million in 2020 due to an increase in respiratory disorder patient population and increase in the number of premature birth and the emergence of the COVID-19 pandemic are the factors driving the market growth. Among ventilator machines, ICU ventilators accounted for the largest revenue of $XX million in 2020, due to an increase in patient population with respiratory disorders and increased demand for the non-invasive ventilator. Among accessories, ventilator masks accounted for the largest revenue of $XX million in 2020, due to increased efficacy and increased demand for the non-invasive device. Based on the power base, the electric ventilators segment commanded the largest revenue of $XX million in 2020, Based on mobility, transport/portable ventilator commanded the largest revenue of $XX million in 2020, and based on the interphase, non-invasive ventilators accounted for the largest revenue $XX million in 2020, increased prevalence of respiratory disorders and an increase in the use of non-invasive are the factors driving the market.
The ventilator market based on end-user is segmented into hospitals, ambulatory surgical centers, home healthcare and others. Among these, hospitals accounted for the largest revenue of $XX million in 2020 due to an increase in the use of ICU ventilators, increase in hospitalization, ICU beds and increased surgeries. Geographically, North America accounted for the largest revenue of $XX million in 2020, due to increased healthcare expenditure, an increase in funding and R&D investments for the development of ventilators.
Approvals, new product launches, agreements, collaboration and acquisitions are driving the ventilator's global market growth. For example, In September 2020, Vexos Inc., received Health Canada approval for Mechanical Ventilator Milano (MVM) for use under interim order. The MVM Ventilator, developed by the International MVM Group, and manufactured by Vexos is an innovative, simple but powerful ventilator designed to address the specific needs for the care and recovery of severely affected COVID-19 patients. In May 2020, Vyaire Medical Inc. and Spirit AeroSystems are partnered for new manufacturing and supply collaboration to build critical care ventilators at a converted facility in Wichita, Kan, U.S. The temporary special partnership will allow Vyaire to quickly ramp up the production of critical care ventilators. This partnership furthers earlier action taken by Vyaire to accelerate the production of ventilators and other related respiratory equipment at its primary production facilities based in North America.
Considering the attractiveness of the ventilators global market, several venture capitalists are investing in nurturing new technologies or increasing market access for advanced technologies. According to IQ4I Analysis, the reported funding received by companies during the period 2019-2020 for the research in ventilator and as well as for manufacturing was worth ~$557.4 million. In July 2020, ABM Respiratory Care (ABM) received $10.0 million from Advanced MedTech Holdings, a global medical technology leader, and SEEDS Capital, the investment arm of Enterprise Singapore. The funds raised accelerated the global commercialization of the Alpha, the world’s first telehealth ventilator developed by ABM in Singapore. The investment represents one of SEEDS Capital’s largest investments in the medical device sector to date and Singapore’s largest Series A medical device fundraise in 2020. Ventilators clinical trials data indicate that XX% of clinical trials are in phase 3 stage and XX% of clinical trials are in phase 2 and XX% are in phase 1 for developing invasive and non-invasive devices.
Considering the huge demand for ventilators, during the COVID-19 pandemic, the non-ventilators manufacturers also stepping up to provide ventilator to the healthcare professionals. For instance, Dyson the most famous for its vacuums has designed a new ventilator in just ten days and has received an order for 10,000 ventilators from the U.K. government. General Motors is partnered with Ventec Life Systems to build more ventilators. Some of the ventilator manufacturers including GE Healthcare, Medtronic, ResMed and other privately held companies ramped-up ventilator production in anticipation of demand, Zoll Medical announced it will be increasing its manufacturing capacity to 10,000 ventilators per month. The US FDA issued new rules allowing medical device manufacturers to skip the usual regulatory review process to make changes in existing products. In March 2020, Ford Motor Company, joined with firms including 3M and GE Healthcare, and lent its manufacturing and engineering expertise to quickly expand production of urgently needed medical equipment and supplied to healthcare workers, first responders and patients fighting coronavirus. To overcome the shortage of ventilators, companies and research institutes are developing low-cost ventilators, for instance, a team called MIT E-Vent (for emergency ventilator), came with a device costing $400 to $500 which was earlier $30,000. In addition, in June 2020, HP partnered with Redington 3D in India to produce 0.12 million ventilator parts for AgVa Healthcare. As part of this initiative, 12 categories of parts have been 3D printed to manufacture 10,000 ventilators.
Due to the high cost of new ventilators and budget constraints, the small and medium healthcare providers in emerging regions are showing interest in refurbished devices which are priced at XX% cost of new device which perform necessary functions without compromising on quality. According to IQ4I analysis, the refurbished ventilators market is estimated to be XX% of the total ventilators market in terms of value and XX% in volume.
According to IQ4I analysis, in 2020, the global number of hospitals is estimated to be 123,794 with 17,177,029 hospital beds, among these 555,158 beds are intensive care units. Based on this estimation, ventilator units has been calculated globally, the total number of ventilator sold in 2020 is 482,996, among these, 116,474 units are ICU ventilator, 361,001 units are Emergency and transport ventilator and 5,521 units are other ventilators. Due to increase in ventilator demand, FDA has given EUA authorization for several ventilators. Approximately 79 ventilators and 11 ventilator’s accessories received EUA authorization in 2020.
Major players in Ventilators global market are Koninklijke Philips N.V. (The Netherlands), GE Healthcare (U.S.), Medtronic, PLC (Ireland), ResMed Inc. (U.S.), Ventec Life Systems (U.S.), Vyaire Medical Inc. (U.S.), Hamilton Medical Corporation (Switzerland), Asahi Kasei Group Company (Zoll Medical Corporation) (Japan), Getinge AB (Sweden), Air Liquide Medical System SA (France), and Shenzhen Mindray Bio-Medical Electrics Co., Ltd. (China).