As the COVID-19 crisis accelerates, the shortage of healthcare essentials keeps growing. This Shortage of workforce and funding is impacting the medical devices, medicines and diagnostics required for the treatment of COVID-19 patients. With cities and hospitals overrun with COVID-19 patients, a shortage of emergency medical equipment has emerged as a major problem. The growing demand for critical care equipment such as masks and ventilators are expected to boost the market for ventilators.
“Closed borders and restricted air movements are restraining the availability of ventilators as per demand. Domestic production has emerged as the solution in these grave times of emergency. Industry leaders are looking into ways to save lives of maximum possible corona virus patients by enhancing the production of ventilators. The world leaders are stressing on smooth trade of ventilators to satisfy the demand from highly affiliated regions,” says PMR analyst.
Innovations Satiate Demand
PMR predicts this high demand to create white spaces of growth for the manufacturers of ventilators. Innovations and advanced techniques are employed by the market players to enhance their production capacities. 3D printing is one such technology used by companies to manufacture parts of ventilators. It has resulted in fast-pace production of valves used in ventilators. Market players are developing cost-effective ventilators to ensure a high adoption rate even in the remote areas.
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Innovations are pushing ahead the boundaries of growth in the ventilators market. Manufacturers are involved in the development of ventilators that can be used for two patients at a time. These developments are based on resuscitation bags used in ambulances to reduce the burden on medical equipment.
Ventilators are prominently segmented into two types which are mechanical ventilators and MRI ventilators.
Mechanical ventilators: With the growing morbidity rate, mechanical ventilators are expected to gain traction in the market at a rapid pace. Along with the recovering patient populations, a lot of COVID-19 patients are falling critically ill, creating demand for mechanical ventilators. Mechanical ventilators are employed for long term treatment of respiratory ailments.
“British engineers may be forced to build OUTDATED mechanical ventilators to keep coronavirus patients alive amid a shortage of electrical sensors from Asia” – dailymail.co.uk
MRI compatible ventilators: The critical cases of COVID-19 are expected to require ventilators along with MRI machines to keep a check on the patient’s conditions. The quantitative surge in patients suffering from respiratory illness is expected to boost the demand for MRI ventilators in the market. MRI ventilators negate any chances of incompatibility between the ventilators and MRI machines, facilitating the health care provider with ease of use and fast diagnosis and treatment.
Restrained Movement in Aviation Sector Restraints Production
The ban on commercial airlines is significantly influencing the shortage of ventilator components. The continued lockdown situation is expected to create a huge shortage in the supply of respirators, essential in the treatment of COVID-19 patients. The high dependence of local manufacturers of ventilators on imported components is witnessing the adverse impact of disrupted cross-border trade. Ban on international flights from major component manufacturers such as Europe and China are escalating the supply chain disruptions in ventilators market across the globe.
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Automotive Manufacturers Extend Support
The automobile sector is another major industry feeling the heat of the COVID-19 pandemic. The economic crisis has substantially halted the sale of automobiles which directly affects the manufacturing and production of auto parts. The automakers are diverting their capabilities to manufacture ventilator parts to satiate the augmenting demand. Major market players of the automotive sector including General Motors Co., Tesla Inc. and Ford Motor Co. are independently working on manufacturing ventilators for the hospitals. Several other players such as Mercedes-Benz and Nissan Motor Co. have also extended their support to enhance production in the market.
Positive Revenue Projections
PMR projects the revenue generated from the ventilators market to shoot up rapidly in light of the current situation. The quantitative projection of revenue in the market is highly unpredictable owing to the changing dynamics in the COVID-19 influenced market. The sudden influx of established players is anticipated to boost the ventilator’s supply, significantly increasing the revenue generated in the ventilators market in the coming years.
About the Market
The PMR Ventilators Market Research Report gives insights into the market growth rate projections after the COVID-19 pandemic. This report gives details about major demand drivers, growth levers, market challenges and revenue projections in the years to come. The user can get knowledge about major market contributions of prominent market players and new entrants in the competition landscape.