Global Ventilator Market: Regulatory Landscape
Global Ventilator Market to Reach $3,258.2 Million by the End of 2030 Post-COVID-19 Pandemic
Key Questions Answered:
- Which country has the maximum number of installed bases of ventilators in the year 2019, and why?
- What are the major regulatory changes taking place in the global ventilator market pre-COVID-19, during COVID-19, and post-COVID-19? How are these changes expected to impact the global ventilator market in the future?
- How is the industry expected to evolve during the forecast period 2021-2030?
- What will be the impact on the products that have been awarded emergency use authorization (EUA) during the COVID-19 pandemic, once the pandemic is over?
- How has the supply and demand of the ventilator changed during the COVID-19 phase in contrast to the pre-COVID-19 phase?
- What is the market value estimates of the leading segments of the global ventilator market in 2030?
- What is the change witnessed in the growth rate of the global ventilator market from pre-COVID to post-COVID scenario?
- What are the major driving factors, challenges, and opportunities for the global ventilator market? What will be the impact of these factors once the COVID-19 pandemic is over?
- What is the growth potential of the global ventilator market in each region, including North America, Europe, Asia-Pacific, and Rest-of-the-World?
- What impact of large ventilator inventories on the global ventilator market is expected once the COVID-19 pandemic is over?
In 2019, the annual global demand for the ventilators was 82,500. However, the accelerated spread of COVID-19 and rising severity of the cases globally has propelled the global demand for ventilators by 5.6 times, up-to 413,000, by the end of 2020. To cope with the rising demand for ventilators, regulatory bodies across different regions, such as the Food and Drug Administration (FDA), Health Canada, and Therapeutics Goods Administration (TGA), have taken unprecedented steps. For instance, in March 2020 FDA declared COVID-19 pandemic as a public emergency and authorized anesthesia gas machines, continuous positive airway pressure (CPAP), and other sleep apnea devices as alternative ventilators under emergency use authorization (EUA). Furthermore, in April 2020, the TGA published a document stating the minimum requirements to be met by medical devices to be used as alternative ventilators.
Moreover, the regulatory bodies are also revamping ventilator supply chains to limit the supply shortage constraints. For instance, under the Enforcement Policy for Ventilators and Accessories and Other Respiratory Devices During the Coronavirus Disease 2019 (COVID-19) Public Health Emergency guidelines, the FDA has authorized the usage of alternative materials for making ventilator tubing. Furthermore, the FDA has also approved modifications to ventilator motor so that other suppliers can manufacture it.
Our healthcare experts are continuously analyzing the impact of regulatory and industrial decisions on the global ventilator market. Moreover, the global market for ventilators is predicted to grow at an exponential CAGR of 176% by the end of 2020. However, a significant dip is expected in 2021 owing to the overproduction of ventilators and stockpiling of the device. The market is anticipated to normalize from 2022. The market is driven by certain factors, which include the rising incidence of respiratory diseases, high rate of premature births, rising demand for critical care in the geriatric population, and government initiatives for boosting the ventilator production.
The market is favored by the development of low-cost ventilator products and partnerships between healthcare and non-healthcare companies for scaling up the ventilator production.
Within the research report, the market is segmented based on product type, modality, patient age, end user and regional analysis. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.
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