The sudden dawn of the COVID-19 pandemic is anticipated to increase the demand for the ventilator components exponentially. Society of Critical Care Medicine estimated that the U.S. had 160,000 units in the 2020 Q1, which had been increased to12,700. Nearly 6.09 million active COVID-19 cases were recorded in the country by August 2020, and nearly 960,000 people were put on ventilators. Such a scenario will inevitably augment the ventilator components market growth at present and in the coming years.
Measures adopted by the governments and the manufacturers to increase the inflow of ventilators will stimulate the ventilator components market. However, this growth is expected to reach a crescendo by mid-year 2021 or 2022 due to the development of the Covid-19 vaccine coupled with effective therapeutic options to treat mild to moderate symptoms of the infection. Moreover, there is an expected decrease in the infection rate of coronavirus due to the high awareness and adherence to physical distancing measures.
Under pressure to preserve human lives, the U.S. Food and Drug Administration (FDA) has waived off its inspection requirements to manufacture much-needed ventilator components and other critical care equipment. Supportive regulatory policies by the government are anticipated to provide growth opportunities for this market in the coming year.
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Apart from this, an increase in the incidence of Chronic Obstructive Pulmonary Disease (COPD), technological innovation, rapid growth in the geriatric population, and a rise in the incidence of respiratory emergencies are the major factors that will drive the ventilator components market growth over the forecast period.
The increasing geriatric population requiring long term ventilation is expected to drive market demand. The increasing need for emergency treatment for extended illnesses and prolonged treatment due to lung diseases in children and adults is anticipated to drive the growth of the market. Extensive evolution of ventilator components in terms of efficiency, safety, and design resulted in considerable benefits such as improved weaning, better oxygenation, improved gas exchange, and least damage to the lungs.
Ventilator Components Market: Regional Outlook
North America dominated the market share for ventilator components in 2019 and is surging further in 2020. The rising number of critical COVID-19 patients in the U.S., as well as the presence of leading manufacturers, is responsible for this growth. Additionally, the U.S. automotive giants like Ford, Tesla, and GM have started the production of medical supplies. This is expected to provide growth to the ventilator components market in the region.
In the Asia Pacific, the market is anticipated to witness significant growth over the forecast period owing to increasing cases of chronic respiratory diseases, rising healthcare expenditure, and various collaborations and strategic agreements besides the surge of COVID-19.
The growth in North America is owing to infrastructural development and enhanced healthcare policies. The trend of lifestyle choices such as smoking and genetic allergy developments are adding to the number of respiratory disorders, thus promoting the market growth.
Ventilator Components Market: Competitive Landscape
This section of the report enlists various leading manufacturers of the market. It helps the investors comprehend the strategies and collaborations that market players are focusing on to garner an edge over the competition in the industry. The comprehensive report provides a significant dissection of the market. Market footprints of manufacturers are identified by observing the global revenue of manufacturers, the global presence of manufacturers, and sales by manufacturers during the 2023 to 2032 forecast period.
Key Market Players:
- Fisher & Paykel Healthcare
- Philips Healthcare
- Vyaire Medical
- Hamilton Medical
- O-Two Medical Technologies
- Care Fusion
- Smiths Medical
- Armstrong Medical
Impact of COVID 19 on Ventilator Components Market:
The onset of the COVID-19 pandemic has resulted in open source ventilator projects to be initiated to increase the production of critical medical supplies. Engineers and manufacturers are augmenting production to provide creative solutions to supply chain challenges, adopting advanced technologies such as 3D printing to fill shortages and supply needed consumable components and materials. Manufacturers are also expanding their production and human resources efforts and focusing on providing much-needed supplies.
For instance, Medtronic, a leading ventilator manufacturer, announced that they were designing the full package for Puritan Bennett™ 560 model ventilator, which would be openly available after the COVID-19 pandemic with the aim to enable an increase in ventilator production by capable manufacturers globally. With expansive demand for ventilators, the ventilator component market will register massive growth in 2020 and the coming years.
Regional Analysis Includes
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
- Detailed overview of the parent market
- Changing ventilator components market dynamics in the industry
- In-depth ventilator components market segmentation
- Historical, present, and projected ventilator components market size in terms of volume and value
- Recent ventilator components market trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Segments, sub-segments, and geographical regions exhibiting promising growth
- A neutral perspective on ventilator components market performance
Ventilator Components Market: Segmentation
This report shows the revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2023 to 2032. For this study has segmented the ventilator components market based on type and application.
By Type (Revenue, USD Million; 2023-2032)
- Breathing Mask
- Breathing Circuit
- Filter & Connector
- Expiratory Valve
By Application (Revenue, USD Million; 2023-2032)
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