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22
Feb-2021
COVID-19 has brought impetus to the demand for ventilators market
The size of the global ventilator market was valued at USD 2.28 billion in 2019 and growing at a CAGR of 6.1% from 2020 to 2025.
With the extreme epidemic of COVID-19, there is an unprecedented global need for specialized healthcare facilities and infrastructure to handle affected patients. As one of the main aspects of healthcare systems, ventilators are facing a growing demand from most countries across the globe to accommodate a surge in COVID-19 patients. As the first surge of coronavirus patients overwhelmed hospitals earlier this year, doctors relied extensively on ventilators. At the height of the pandemic, one in four people treated for COVID-19 wanted these devices to breathe, and supplies were short-lived. The rapid distribution of COVID-19 and the growing incidence of cases worldwide has increased global demand for ventilators by 5.6 times, rising to 413,000 by the end of 2020. In order to satisfy the increasing need for ventilators, regulatory bodies across continents, such as the Food and Drug Administration (FDA), Health Canada, and the Therapeutic Products Administration (TGA), have taken extraordinary measures to approve multiple emergency use authorization (EUA) products.
Also, With the epidemic of COVID-19, there is an increasing need for specialized medical equipment such as critical care centers to treat contaminated patients, Intensive care devices, such as bed monitors, Incubators, etc. concentrate on catering to unmet needs during the pandemic era. In addition, the growing prevalence of COVID-19 has contributed to a substantial rise in the number of ICU admissions worldwide, increasing the demand for critical care services. Subsequently, this led to a rapid rise in demand for ventilators.
However, with the ongoing significant rise in the COVID-19 pandemic crisis, the available ventilator capacity is not adequate and the global healthcare sector is facing a deficit in the number of ventilators. Although the U.S. has a maximum number of ventilators globally, the country is facing severe shortages primarily due to issues with the global supply chain and an exponentially rising number of COVID-19 incidents. This large difference between the supply and demand of ventilators in such a well-established healthcare nation shows the ongoing scarcity of ventilators not only in developed countries but also in emerging countries. The increasing number of deaths due to COVID-19 and the extreme lack of oxygen compelled doctors to triage patients. Physicians are also chosen to save younger generations and use ventilators that are open to them rather than adults. Few nations have a handful of ventilators. As a result, this scarcity of ventilators is generating a tremendous demand across the globe.
WRITTEN BY: Market Data Forecast
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