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.
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