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Ventilators market to reach $5.2bn during Covid-19 pandemic
The ventilators market is growing exponentially during the pandemic, due to its application to treat patients with severe Covid-19. According to GlobalData analysis, prior to the Covid-19 pandemic, the global ventilators market was valued at $1.1bn in 2019, growing at an annual rate of 3.5%.
GlobalData expects the market to reach $5.2B in 2020, with a gradual decrease in growth of sales in coming years due to its load purchasing in 2020.
Covid-19 has led to a surge in demand for ventilators that ventilator manufacturers cannot meet from existing inventory and that outstrips normal production rates. All ventilator manufacturers have full order books and hold little in stock, receiving orders not only from regular customers like hospitals, but also directly from governments. The companies aim to at least double their capacity in 2020.
To meet the demand, the manufacture of ventilators during Covid-19 relies on partnerships between medical manufacturers and companies that can provide additional production capacity. To date, the most successful partnerships are between existing ventilator manufacturers and large engineering companies, through expansion of manufacturing scale for existing or lightly modified versions of existing approved ventilators.
Many regulatory authorities accelerated the approval process for emergency ventilators. The FDA has waived the submission of premarket notification of modified ventilators in the US where the modification will not give rise to an undue concern, and allows alternative devices capable of delivering breath or pressure support during the Covid-19 pandemic.
The majority of the prototypes built for the pandemic are portable transport ventilators. Most devices had received regulatory approval prior to the outbreak. They offer critical care patient support for all age groups.
Some are pneumatically powered and have no need for batteries or electrical power, making them suitable for transport or makeshift spaces. Some emergency ventilators tailored for Covid-19 patients only meet the minimally clinically acceptable standards, and they are only intended to last three to four months.
For more insight and data, visit GlobalData's Medical Intelligence Centre