A ventilator is a medical device, or a mechanical machine that supports breathing. The basic function of the ventilator is to efficiently manage the exchange of gases i.e. getting the oxygen into the lungs and helping carbon-di-oxide to be released from the lungs, of the patient under emergency. The ventilator can be removed or disconnected from the patient after the doctor advices that the patient is fit to breathe independently without any external support or has recovered from the illness. Anesthesia ventilators is an integral part of all modern anesthesia workstations. These are very sophisticated devices with which have several advanced ventilation modes.
Due to outbreak of COVID-19, the demand for ventilators has increased across the world. For instance, on March 19th, 2020, Medtronic plc announced that it will double its capacity to manufacture and supply ventilators to help the patients combat the COVID-19 viral infection. In order to achieve that, the company doubled the number of shifts in manufacturing ventilators at its manufacturing facility in Galway, Ireland, bringing it to a 24*7 operation.
On the basis of mobility, the anesthesia ventilator market is categorized into the intensive care; portable; and neonatal ventilators. Of these, the ventilators intended for intensive care dominated the global market, historically. This is attributed to the high ventilation procedures provided in the intensive care unit (ICU) of the hospitals. Moreover, the demand of intensive care ventilators is growing significantly due to the COVID-19 pandemic.
Based on interface, the anesthesia ventilator market can be bifurcated into invasive and non-invasive devices. Among these, the invasive devices are expected to dominate the market in the coming years. This is mainly because giant market players have doubled the production of the invasive ventilators in order to cure the patients suffering from respiratory diseases.
Sensors, compressible air reservoir, filters, alarms, and pressure regulator among others are some of the components of ventilators. Among these, the compressible air reservoir is expected to witness fastest growth during the forecast period, mainly due to it helps in the continuous exchange of gases.
In terms of end users, the anesthesia ventilator market can be bifurcated into ambulatory care centers; pre-hospital settings and emergency medical services (EMS); and hospitals. Among these, hospitals are expected to be the largest end users of ventilators. It is also expected to be the fastest growing category in the near future, mainly on account of improved healthcare facilities and adaptability of technologically advanced products in the hospital.
Globally, North America held the largest share in the anesthesia ventilator market in 2019. The market growth in the region is primarily due to the technological advancements, rising healthcare expenditure, widespread burden of chronic respiratory illnesses, and surging geriatric population. On the other hand, the APAC region is likely to witness fastest growth among other regions. This is attributed to the rising number of COVID-19 infection cases, growing elderly population, and high pollution levels leading to chronic respiratory diseases.
Anesthesia Ventilator Market Dynamics
Market Drivers
Rising prevalence of the fatal diseases such as acquired immunodeficiency syndrome (AIDS), tuberculosis, and COVID-19 has increased the usage of ventilators in the hospitals. For instance, according to the statistics released by Worldometer, as of March 24th, 2020, the total number of positive COVID-19 infection cases reported were: 54,881 in the U.S.; 81,171 in China; 1,193 in Japan; 69,176 in Italy; and 536 in India. Therefore, this has increased the demand for ventilators in the healthcare facilities, tremendously.
Market Restraints
Some of the major challenges associated with ventilators include improper functioning of the alarms and the ventilation cycle, which many sometimes lead to the inappropriate heating or the humidification of the inspired gas of the ventilators. Other clinical complications include delivery of lung-protective ventilation and maintaining adequate gas exchange in severely hypoxemic patients. In addition, high cost of ventilators and stringent regulations imposed on its usage are some of the factors hindering the growth of anesthesia ventilator market.
Anesthesia Ventilator Market Competitive Landscape
The key market players are actively participating in the strategic development activities such as acquisitions and the product launches approvals to gain a competitive edge in the anesthesia ventilator market. For instance, in August, 2019, Hill-Rom Holdings Inc. acquired Breathe Technologies Inc., a developer and manufacturer of a patented wearable, non-invasive ventilation technology, for a cash consideration of $130 million.
Similarly, in April, 2018, Vyaire Medical acquired Acutronic Medical Systems and, separately, entered into a definitive agreement to acquire imtmedical. The acquisitions were intended to enhance the company’s product portfolio, expand intellectual capital, and broaden their technological capabilities.
Some of the key market players in the anesthesia ventilator market are Koninklijke Philips N.V., Vyaire Medical Inc., Hill-Rom Holdings Inc., General Electric Company, Medtronic plc, and Hamilton Medical AG.
