With ‘Humungous Demand’, Global Ventilator Market Experiencing 150% Growth Rate
The number of confirmed COVID-19 cases has exceeded 1 million, and the dire need for ventilators continues to increase as cities grapple with the surge of patients entering critical care. Not surprisingly, the global ventilator market has shot from $4.68 billion in 2019 to a remuneration of $11.7 billion in 2020, according to the “Global Ventilators Market Research Report 2020” by Market Study Report, LLC. This “humungous demand” means the market is expected to hit $5.2 billion by 2026. According to the report, the reserve demand for invasive ventilators (devices that support respiration of the body) is estimated at about 205,000 products, while the reserve demand for non-invasive ventilators (equipment that provides ventilator treatment through a face mask or nose mask) is at 629,000.
In Europe, the situation is beyond dire. “The epidemic in Europe is at its peak, nearly, and medical resources are evidently in short supply. The EU disclosed on 25th March that the supply of ventilators throughout the region was only able to meet 10%t of demand. This has urged the authorities of Italy and Spain to take a drastic step to no longer offer ventilator services for patients over 60 years of age and elderly over 65 years. Further, the American Academy of Critical Medicine puts forth an approximation that over 960,000 patients will need to be equipped with ventilators while the total demand gap might reach to 1281K units,” according to the report.
Among the medtech companies that manufacture ventilators are:
- Medtronic
- BD
- Philips Healthcare
- Hamilton Medical
- Smiths Medical
- Carl Reiner
- Dragerwerk
- GE Healthcare
- Getinge
- Mindray Medical International
- ResMed
- Teleflex
- DEMCON
- Maquet
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