The mechanical ventilators market is set to grow from its current market value of more than $2 billion to over $9 billion by 2026, as reported in the latest study by Global Market Insights Inc.
Surging COVID-19 cases worldwide have triggered significantly increased use of mechanical ventilators. According to a WHO report, April witnessed approximately 73,000 confirmed novel coronavirus cases in France, recording over 9,000 fatalities. Thus, it is needless to mention that the outbreak of COVID-19 would augment the mechanical ventilators market over 2019-2026.
In terms of interface bifurcation, the mechanical ventilators industry is divided into non-invasive and invasive ventilation. As per estimates, the non-invasive ventilation segment registered a remuneration of $1.6 billion in 2018 and is further anticipated to grow significantly over the forecast years owing to its effectiveness in treatment of conditions like respiratory muscle weakness, cardiogenic pulmonary oedema, ventilator associated pneumonia, and multiple others. Also, the non-invasive ventilation stands as a mainstay therapy for patients with acute COPD.
The mechanical ventilators market is further categorized into portable and intensive care ventilators. The intensive care ventilators have been touted to grow significantly in the upcoming years. For the record, the segment acquired a business share of USD 2.2 billion in 2018. This growth is attributed to the rising occurrence of respiratory maladies and increasing patient pool across the older demographic. Additionally, a massive increase in the number of hospitals has underscored the need for more ICU beds, adding to the growing revenue scale of the market.
Based on the end-use segmentation, the mechanical ventilators market is divided into ambulatory surgical centers, hospitals, homecare, and others. Of these, the ambulatory surgical segment captured a market share of more than USD 650 million in 2018 and is further anticipated to grow at an appreciable pace in the upcoming years. One of the prominent factors driving the segmental growth is the increasing number of surgeries demanding general anesthesia.
The vast number of ICU beds in Germany is likely to shift mechanical ventilator manufacturers’ attention toward the European region. Citing the data on Germany, the New York Times published an article in March 2020 claiming the country owned more than 28,000 intensive care beds with 25,000 ventilators.
Some of the key players in the global mechanical ventilators market include Hamilton Medical, Philips, Medtronic, and GE Healthcare. These companies have been engaged in various strategic initiatives like mergers and acquisitions and new product launches, to consolidate their market presence worldwide.
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