COVID-19 Impact on Global Ventilator Market
Ventilators are one of the critical medical equipment which offers support to the patient when the patient is unable to perform breathing. Due to the recent pandemic of the Corona Virus across the globe, there has been a significant increase in ventilator demand and usage. Since the illness revolves around affecting the respiratory system of patients, the reliance on artificial respiration increases owing to its demand globally, especially in the regions worst hit by the pandemic. As per a recent study conducted by the World Health Organisation (WHO), 54% of the patients severely hit by the Corona Virus requires a ventilator for artificial respiration.
With the ventilator’s development in the 1930s popularly known as the ‘Iron Lung’, many modern ventilators use a computerized microprocessor-controlled panel making it an automatic and appropriate device for monitoring patient’s health. These ventilators gauge a patient’s requirement and provide adequate air pressure to aid the patient in critical conditions. In most of the developed countries, this monitoring is performed by a respiratory therapist who keeps an eye on every minute changes in air pressure.
During the COVID-19 pandemic, the demand and usage of ventilators grew rapidly which led to establishing an urgent need of manufacturing the ventilators and deploying in necessary conditions. Several countries across the globe-imposed restrictions on the export of ventilators due to an increase in the number of fatalities of COVID-19 in the respective countries. Despite being a critical medical device, ventilators cannot be used to cure the coronavirus but it supports the patient’s lungs to respire and provide artificial respiration.
As per a recent prediction of the American Hospital Association (AHA), if the COVID-19 continues to spread as projected than 4.8 Million patients would need hospitalization and 1.9 million patients would require to be admitted to ICU out of which 960,000 are expected to require ventilators. However, North America has around 200,000 functional ventilators. This huge gap in a healthcare advance economy like the US is sufficient to identify the demand for ventilators in the rest of the developed and developing economies of the world.
From a regional perspective, North America dominates the market with manufacturing and exporting the ventilators, followed by China which has manufactured and supplied more than 1 lakh ventilators to Europe and the Middle East. The increasing demand for medical devices across the globe, automotive giants from North America Tesla, Ford, and General Motors have switched to the production of medical devices including Ventilators. The Ventilators market is becoming competitive with every quarter with the entry of such giants across geographies.
Existing players of the ventilators market are strategizing to multiply their manufacturing lines due to this increased demand, one of the German giants of ventilator manufacturing received an order size of 10,000 ventilators from the UK government which is the annual capacity for the manufacturing company.