The global ventilator market is witnessing an exponential rise in the size of the market due to the ongoing COVID-19 pandemic.
The overall market was estimated to be $1,072 million in 2018, and it was expected to grow at a CAGR of 7.1% in the pre-COVID scenario by the end of 2026.
However, the COVID-19 pandemic has resulted in an extensive rise in the ventilator demand and has increased the growth rate by up to 176% in 2020.
Presently, more than 45 companies are operating in this market, including already exiting healthcare companies and emerging healthcare companies.
The maximum number of installed ventilators are in the U.S., followed by China and India.
However, there is still a requirement for an additional 85,000 ventilators in the U.S. to cope with the COVID-19 pandemic.
This demand and supply deficit of ventilators worldwide has led to major changes within the dynamics of the global ventilator market.
The mechanical ventilator market is dominated by Hamilton Medical, Getinge AB, Draegerwerk AG & Co. KGaA and Shenzhen Mindray Bio-Medical Electronics Co., Ltd as these companies hold more than 60% of the market share cumulatively.
The exponential rise in respiratory infections due to the coronavirus pandemic has accelerated the demand for ventilators globally.
Several healthcare companies, such as Koninklijke Philips N.V, Getinge AB, Smith Medical, Medtronic plc, Draegerwerk AG & Co. KGaA, GE Healthcare, and Zoll Medical Corporation have opted for various developmental strategies, including product launches, synergistic activities, product approvals, and upgradations, funding and investments, and mergers and acquisitions in last four years to boost their market presence and growth.
Also, these companies have managed to ramp up their production rate of ventilators to allow the availability of a large number of ventilators for critical patient care amidst the coronavirus pandemic.
Moreover, non-healthcare companies, such as Dyson Ltd, General Motors Company, Ford Motor Company, and Maruti Suzuki India Limited, have also committed to producing a large number of ventilators in a short period of time via collaborating with other healthcare companies and government organizations.
This market intelligence report provides a multi-dimensional view of the global ventilator market in terms of the competitive landscape, the product offered by the key players, and their pricing range.
This research report aims at answering the changing dynamics of the global ventilator market and the non-healthcare companies penetrating the market along with their opportunities and challenges that can determine the overall growth of the market in upcoming years.
The competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches and approvals, partnerships, agreements, business expansions, as well as regulatory and legal strategies.
The research report provides a comprehensive analysis of the products offered by the key players and their pricing trends over the years.
Additionally, the report provides a comprehensive opportunity analysis for the healthcare and non-healthcare companies operating in the global ventilator market currently.
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