LONDON, May 12, 2020 /PRNewswire/ -- Companies in the global ventilators market are increasingly expanding their ventilator production capabilities after realizing the current demand due to the outbreak of the COVID-19 pandemic. COVID-19 is a respiratory disease caused by coronavirus that infects lungs, causing pneumonia and other respiratory conditions. Patients affected with the virus suffer with severe pneumonia and lung dysfunction, resulting in need of the ventilator support for respiration. For instance, in March 2020, Medtronic, a leading medical device manufacturer, increased its ventilator production by 40%. Also, in March 2020, Philips targeted to increase its ventilator production capacity by 4-fold, to meet the rising demand.
The ventilator devices market consists of sales of ventilators used in respiratory care for patients with acute or chronic respiratory disorders. The sales consist of revenues generated by establishments that are primarily engaged in the manufacturing of intensive care ventilators (critical care ventilators), neonatal care ventilators, and portable & transportable/ambulatory ventilators. The market is segmented by end user into hospitals and clinics, home care, ambulatory care centers, and others.
The global ventilators market is expected to grow from $2.4 billion in 2019 to about $12.1 billion in 2020, due to massive surge in demand for ventilators as these are essential in the treatment of critical Covid-19 patients. The market is expected to stabilize and reach $4.2 billion at a compound annual growth rate (CAGR) of 14.7% through 2023.
Numed, a well established company in business since 1975 provides a wide range of service options including time & material service, PM only contracts, full service contracts, labor only contracts & system relocation. Call 800 96 Numed for more info.
The Covid-19 Pandemic Is Driving The Ventilators Market
Rising prevalence of respiratory diseases is driving the global ventilators market. Chronic respiratory diseases such as asthma, bronchitis, pneumonia, and others, resulting from different bacterial and viral infections and other causes will boost the demand of ventilators. Ventilators are respiratory devices that are used to support respiration in patients with chronic respiratory diseases. 2020's coronavirus has infected millions of people worldwide and the current number of deaths due to the disease is more than 200,000. Coronavirus infects lungs causing pneumonia and other respiratory disorders affecting patient's respiration. The emergence of such infectious diseases resulting in a pandemic is driving the global ventilators market.
Request A Free Sample Of The Ventilators Market Report: