Medical Ventilators Market to surpass USD 3.1 Bn by 2030, Says FMI

The medical ventilators market is expanding quickly as more emphasis is being placed on increasing production to meet an unexpected rise in demand during the COVID-19 epidemic. The market for medical ventilators was estimated at US$ 1.2 billion in 2019 and is anticipated to grow at a CAGR of 8.7% over the following five years (2020-2030).

The need for medical ventilators has significantly increased due to an increase in the number of severe cases of the life-threatening new coronavirus (COVID-19). During the projected period, manufacturers’ and governments’ intense focus on creating more medical ventilators is anticipated to drive market growth (2020-2030). A substantial opportunity for global medical ventilators market companies to differentiate their goods from the competition is created by the growing need for portable and affordable medical ventilators.

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Key Takeaways of Medical Ventilators Market Study

• Sales of critical care ventilators contributed the maximum share to the total market value, owing to increasing use in critical care areas of hospitals and other care areas as well.
• Extensive use of invasive ventilators in the management of chronic respiratory failure is expected to result in a notable share of the segment in the medical ventilators market.
• Hospital remains top end user contributing more than 38% of total demand, in line with high-quality clinical care and rising number of respiratory disease patients.
• North America captured notable revenue share of about 30% and is expected to be the most lucrative region for the medical ventilators market during the forecast period.
• Increasing government funding to boost the medical industry growth in Asian countries is expected to drive growth of the medical ventilators market in the region.

Increasing Production Capacity – Imperative Strategy for Market Players

Manufacturers are now focusing on boosting ventilator manufacturing capacity to meet the urgent global demand due to the coronavirus pandemic. For instance, companies such as Medtronic, Koninklijke Philips N.V., GE Healthcare, and Getinge AB are now rapidly increasing their ventilator production by 40%-60%, to supply ventilators in response to the urgent need across the globe confronting COVID-19.

What does the report cover?

Future market insights offer a unique perspective and actionable insights onmedical ventilatorsmarket in its latest study, presenting historical demand assessment from 2015 – 2019 and projections from 2020–2030 based on product (critical care ventilators, and transport ventilators), by technology (invasive ventilators, and non-invasive ventilator), by end user (hospitals and ambulatory surgical centres, long term care centres, and home care settings) in seven key regions.

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MEDICAL VENTILATORS MARKET TAXONOMYFMI’s study on the market offers information divided into four important segments – product type, technology, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.

Product Type

• Critical Care Ventilators
• Transport Ventilators

Technology

• Invasive Ventilators
• Non-Invasive Ventilator

End User

• Hospitals
• Ambulatory Surgical Centers
• Long Term Care Centers
• Home Care Settings

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa

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ABOUT FUTURE MARKET INSIGHTS, INC.

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