The global Mechanical Ventilators Market size is expected to reach USD 3.6 billion by 2027 according to a new report by Grand View Research Inc. The market is projected to register a CAGR of 4.7% from 2022 to 2027. The unprecedented dawn of COVID-19 pandemic, increasing incidence of Chronic Obstructive Pulmonary Disease (COPD), rising incidence of respiratory emergencies, and technological innovation in respiratory care devices are the major factors driving the market growth.
Technological advancements such as rapid innovation in the field of Positive Airway Pressure (PAP) devices, portability, and improvement in the battery life of transport and portable devices are the factors driving the growth of the market. The World Health Organization (WHO) estimates that, at present, approximately 90% of COPD-related deaths occur in low- and middle-income countries. Therefore, the rise in prevalence of such diseases, introduction, and availability of portable, cost contained, and easy-to-use mechanical ventilators for the treatment of respiratory conditions is expected to drive the growth in the demand for mechanical ventilators worldwide.
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Mechanical Ventilators Market Report Highlights
- A mechanical ventilator is a machine that provides respiratory support to a patient who requires an artificial way to breathe due to an illness. Rising occurrence of respiratory emergencies, increasing geriatric population, and technological advancement are key factors driving the demand for mechanical ventilators.
- Manufacturers of mechanical ventilators are enabling these devices with high-speed signal processing systems while making improvements to the machines' design, efficiency, and safety measures to make them more patient-friendly and cost-effective. Manufacturers are investing in R&D to develop mechanical ventilators that are portable and non-invasive.
- The recent outbreak of coronavirus across the world has led to the demand for mechanical ventilators. The ventilators are specially used for extreme ICU admissions. In addition, to meet the increasing demand, the manufacturers are ramping up the production along with the help of the other companies capable of teaming up and setting up as many manufacturing units as possible.
- North America dominated the mechanical ventilators market and is anticipated to grow owing to the increasing number of COVID-19 cases in the U.S. Several automotive companies along with traditional mechanical ventilators manufacturers have ramped up the production of these machines to provide the necessary supply in the regional market.
- The Asia Pacific region is anticipated to witness significant growth in the coming years owing to the growing healthcare infrastructure and increasing cases of COVID-19 in the region.
- In April 2020, Philips announced that it has reached an agreement with the U.S. government to double its ventilator production by May 2020 to deliver 2,500 ventilators to the Strategic National Stockpile by the end of May 2020.
- In April 2020, the Department of Health and Human Services finalized a $336 million deal with General Electric Co. to produce 50,000 ventilators by July 2020.
- In June 2020, Fitbit launched a ventilator with the name " Fitbit Flow" to meet the ventilator shortage to fight the COVID-19 pandemic. It acts as a temporary ventilator for an immediate support system.
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