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COVID-19 Acceleration and Rising Severity Driving Global Ventilator Market

By HospiMedica International staff writers
Posted on 10 Nov 2020
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The global ventilator market was valued at USD 11.4 billion in 2019 and has witnessed a growth surge of up to 172% in 2020 as an exponential rise in respiratory infections due to the coronavirus pandemic has accelerated the demand for ventilators across the world.

In addition to the rising incidence of respiratory diseases, the market is also being driven by a high rate of premature births, increasing demand for critical care in the geriatric population, and government initiatives for boosting ventilator production. However, the absence of trained clinical staff will act as a major restraint for market growth. These are the latest findings of BIS Research (Fremont, CA, USA), a global B2B market intelligence and consulting company.

The global ventilator market is anticipated to normalize from 2022 and grow consistently at a CAGR of 15.13% during the forecast period 2021-2030. In 2019, the annual global demand for the ventilators was 82,500. However, the accelerated spread of COVID-19 and rising severity of the cases globally has propelled the global demand for ventilators by 5.6 times, up to 413,000, by the end of 2020. To cope with the rising demand for ventilators, regulatory bodies across different regions, such as the Food and Drug Administration (FDA), Health Canada, and Therapeutics Goods Administration (TGA), have taken unprecedented steps by approving several devices under the emergency use authorization (EUA) provision. For instance, in March 2020, the FDA declared COVID-19 pandemic as a public emergency and authorized anesthesia gas machines, continuous positive airway pressure (CPAP), and other sleep apnea devices as alternative ventilators under EUA. Furthermore, in April 2020, the TGA published a document stating the minimum requirements to be met by medical devices to be used as alternative ventilators. Moreover, the regulatory bodies are also revamping ventilator supply chains to limit the supply shortage constraints. For instance, the FDA has authorized the usage of alternative materials for making ventilator tubing. Furthermore, the FDA has also approved modifications to ventilator motor so that other suppliers can manufacture it.

The global ventilator market is being favored by the development of low-cost ventilator products and partnerships between healthcare and non-healthcare companies for scaling up the ventilator production. Non-healthcare companies across different industry verticals have developed novel ventilator prototypes and are assisting healthcare companies in increasing ventilator production. The market has witnessed increased production from various healthcare companies. Furthermore, owing to the pandemic various start-ups have also emerged as key players. Furthermore, the market has the opportunity for expansion in portable ventilators and digital education and training segment.

The largest installed base of the ventilators is in the US which still has a requirement of an additional 85,000 ventilators to cope with the situation of the COVID-19 pandemic. Europe's ventilator market is anticipated to witness significant growth owing to the rising incidence of COVID-19 cases and increase in manufacturing of ventilators.

Related Links:
BIS Research

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