The outlook for the global ventilator market looks 'promising', according to an analyst, despite an anticipated downturn in demand in 2021
The global ventilator market will “grow steadily” to a value of more than $1.6bn over the coming decade – even with sales expected to decline in 2021 – according to an analyst.
Having been worth $1.1bn prior to the Covid-19 pandemic, a dramatic surge in demand and increased load purchasing led to the ventilator market being worth $4.8bn at its peak last year.
And – despite anticipation that this demand will level off in 2021 – Tina Deng, principal medical devices analyst at analytics firm GlobalData, believes the future of the global ventilator market looks “promising”.
The pandemic’s positive impact on overall respiratory care infrastructures, and the unique partnerships it has created between medical device companies and the engineering sector, are expected to drive steady growth in this space between now and 2030.
“The spotlight on ventilators during the pandemic also attracts researchers’ attention, and continuous innovation will improve the devices and clinical outcomes,” said Deng.
“In the near future, more advanced function and compact sizes of modern ventilators will enable them to effectively ventilate all patients in all settings – invasively or non-invasively.
“To ensure optimum respiratory care, smart ventilators will better adapt to each different individual’s situation and a patient’s changing condition, which will not only reduce complications and sedation, but also greatly increase patient comfort.”
Growth in the global ventilator market
According to GlobalData, the majority of recently mass-produced ventilators are considered emergency ventilators.
There are still regions with demand for advanced ICU ventilators that are designed for invasive ventilation of severe patients and, as such, countries around the world will continue to build inventory of these emergency-use machines.
This will apply to associated capital equipment like humidifiers, oxygen supply systems, and disposables in the coming years as well.
GlobalData also states that unique, cross-industry partnerships – like those between automotive, non-medical makers shifting their focus to ventilators and medical device manufacturers – have been forged during the Covid-19 pandemic.
These collaborations are likely to accelerate the implementation of new technologies like 3D printing in the medical sector moving forward.