COVID-19 Pandemic Triggered the Growth of Global Ventilator Market

 

According to the market intelligence published by BIS Research, the global ventilator market was estimated at $1,072 million in 2018. The market is now projected to grow at a CAGR of 7.1% in the pre-COVID scenario by the end of 2026. However, owing to the present scenario COVID pandemic, the demand for ventilators has increased drastically. With the number of novel coronavirus patients increasing daily in the U.S., the demand of ventilators is anticipated to surpass the supply of total production of 2000 ventilators each week.

During the last year a total of 77000 new ventilators were projected to fulfill the demand arising out of the coronavirus health crisis however, owing to the myopic vision of the political leaders, lax on the part of government of China, as they failed to update the exact number of patients affected due to coronavirus and the unavailability of the drugs to prevent or treat the infection and the discrepancy in sharing of information with the World Health Organization, has led to the spread of coronavirus globally and was eventually declared as a pandemic. This further caused the demand of additional 30,000 ventilators in U.S. itself.

The only way through which the spread of the virus can be controlled is through social distancing which led to absence of workers in factories and manufacturing units, and eventual situation of lockdown. However, this created a situation of panic with regards to manufacturing of ventilators and the requirement of machinery and equipment needed for production. Consequently, the complete lock down of economies to promote social distancing to prevent the spread of coronavirus pushed the countries to scale up the existing ventilator manufacturing units in the country. For this the entire supply chain of the market was analyzed for the supply of critical components required for the development of ventilators. This increasing requirement of components such as valves for the ventilators led to the use of 3D printing technology for their production so as that only very critical components are ordered from the far away situated manufacturing units. Some of the  manufacturers involved in the manufacturing of ventilator market include Dräger, Fisher & Paykel Healthcare, Vyaire Medical, Gelinge, Medtronic Technologies, Hamilton Medical, GE Heathcare, Mindray, Philips, an Löwenstein, among others.