Kenneth Research has recently added a report titled ICU Ventilator Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2022-2031.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for ICU Ventilator Market products.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global ICU Ventilator Market is valued at approximately USD 1.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.8% over the forecast period 2020-2027. An ICU Ventilator is a life support machine that helps in the process of breathing among patients. ICU Ventilators are also referred to as respirators or breathing machines and they mechanically support the functioning of lungs by inhaling or exhaling the breathable air of the lungs. These machines are mainly utilized to provide temporary respiratory support among patients having illness, congenital defects, trauma, or who are treating with anesthesia. Moreover, the recent outbreak of COVID-19 pandemic around the world has led to a rise in demand for ICU Ventilator and other critical medical supplies to avoid the widespread of novel coronavirus infection and provide better health care to the patient. For instance, according to the Society of Critical Care Medicine, in Q1 2020, the stock of ventilators in U.S. hospitals is nearly 160,000 units. Further, a stockpile of 12,700 with Strategic National Stockpile (SNS) would be offered in the depressing situations.
As per American Association for Respiratory Care, more than 1.0 million COVID-19 cases are active around the world, and approx. 960,000 Americans require mechanical support to breathe in or out during the pandemic.,. Therefore, the demand for ICU Ventilator is significantly rising as they are extensively used to treat and diagnose patients with COVID and other diseases. Furthermore, the rising prevalence of respiratory diseases among people, followed by the growing elderly population around the world are the few factors responsible for the CAGR of the market during the forecast period. According to the World Health Organization (WHO), the number of people aged 65 or above is projected to grow to nearly 1.6 billion by 2050 from 524 million in 2010, with most of the increase in developing countries. This, in turn, is expected to accelerate the market growth around the world. However, the high deployment & maintenance costs and reimbursement concern are the few factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global ICU Ventilator market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising prevalence of respiratory disorders, and the presence of a significant number of ventilator manufacturers in the region. Whereas, Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising geriatric population and improving healthcare infrastructure would create lucrative growth prospects for the ICU Ventilator market across the Asia-Pacific region.
Major market player included in this report are:
Koninklijke Philips N.V.
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
Dragerwerk AG & Co. KGaA
Vyaire Medical Inc.
Heyer Medical AG
Fisher & Paykel Healthcare Corporation Limited
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
By Product Type:
High-End ICU Ventilators
Basic ICU Ventilators
Mid-End ICU Ventilators
Long Term Care Centres
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global ICU Ventilator Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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