Ventilators market is projected to reach USD 5.4 Billion in 2027 from USD 3.9 Billion in 2022, at a CAGR of 6.3% during the forecast period according to a new report by MarketsandMarkets™. The growth of the global ventilators market is driven by the rising burden of respiratory diseases, urbanization, and rising pollution levels, rising obesity cases due to sedentary lifestyle, rapid growth in geriatric population worldwide, growing preference for home care settings, rising number of preterm births, outbreak of infectious respiratory diseases.
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The
prominent players in the ventilators market are
1 Koninklijke Philips N.V.
Right to
win
Philips is among the key players in the
ventilators market owing to its strong geographic presence and robust product
portfolio. As part of its strategy, Philips focuses on product launches and
collaborations to increase its market share. The company mainly pursues
inorganic growth strategies such as agreements and partnerships to establish a
strong foothold in the ventilators market. It has also invested strongly in
R&D for product development.
Weaknesses
and competitive threats
The development of new or improved products
and innovative technologies by other companies, pricing pressure, and
geographic macroeconomic risks may threaten its position in the market. A
contract was signed at the US Strategic National Inventory in April 2020, and
delivery of 12,300 EV300 ventilators from Philips was made. Although, the
Ministry of Health and Social Services canceled the delivery of 30,700
ventilators, thus affecting the company’s share in the ventilators market.
ResMed is a major player in the ventilators
market with a wide geographical presence across North America, the Asia
Pacific, and Europe. The company has a broad product portfolio of ventilators.
ResMed is well-positioned in the market and focuses on developing new and
innovative products such as medical and consumer products, ventilation devices,
diagnostic products, mask systems for use in hospitals and homes, headgear
& other accessories, and dental devices.
These products further expanded
and complemented the company’s respiratory care product portfolio and
strengthened its ventilator market share. The company is also enhancing its
geographical presence in high-growth regions by acquiring regional companies.
Weaknesses and competitive threats
Component shortages have come from the
worldwide supply chain disruption caused by the COVID-19 pandemic, which has
hampered the company’s manufacturing capacity. If these constraints imposed by
the COVID-19 pandemic continue to affect the supply chain for materials, the
firm’s manufacturing capabilities will continue to decline, thus impacting
revenue growth.
Medtronic is one of
the leading medical technology companies manufacturing various medical devices
and therapies. The company's wide product portfolio of medical devices in
different product categories provides it with a diversified revenue stream. A
diversified revenue stream offsets the company’s exposure to the risks
associated with a particular business in the medical devices market. The company produces high-performance ventilators for various care
settings, including the acute segment (in-hospital patients in intensive care
units, emergency departments, or on the general care floors) and the sub-acute
segment (out-of-the-hospital, long-term care facilities, or home-ventilated
patients). The client base for the company is spread worldwide, compared to the
limited market presence smaller firms have in the ventilators market.
Weaknesses and competitive threats
COVID-19 impacts the global economy and
capital markets, negatively affecting the demand for several company products,
access to capital markets, foreign currency exchange rates, and interest
rates, all of which negatively impact the company's business and liquidity. Due
to late payments or insolvency of healthcare professionals, hospitals, and
other customers, suppliers, and vendors facing liquidity challenges, the
company lost sales and profits.
Vyaire Medical produces and distributes
medical equipment. The company offers ventilators, oxygen blenders,
resuscitation devices, anesthesia breathing circuits, carbon monoxide monitors,
spirometers, nebulizers, and other equipment. Vyaire has a broad product portfolio
of ventilators and a wide geographical presence. The company also aims to
expand its product portfolio and geographic presence via partnerships and
acquisitions.
Weaknesses
and competitive threats
COVID-19 has impacted the firm in the
global economy and capital markets, negatively affecting the demand for
products and the company’s sales. Minor production operations interruptions occurred
due to employee sick leaves and issues with component deliveries, both of which
were resolved with no significant negative implications. Despite a fall in
other product groups, the ventilation segment revenues and earnings improved
due to the rising demand for respiratory devices used in treating patients
affected by COVID-19.
Getinge is one of the major players in the
ventilators market, with a significant presence across North America and
Europe. The company is well positioned in the ventilators market and focuses on
developing new and innovative products. In accordance with this, the company
has developed and launched several respiratory care products over the last five
years.
Weaknesses and competitive threats
Difficulties in complying with present
regulations and requirements of authorities and control bodies, as well as changes
to such regulations and requirements, have a detrimental influence on Getinge's
operations, financial situation, and earnings. Minor production operations
interruptions occurred due to employee sick leave and issues with component
deliveries, both of which were resolved with no significant negative
implications. Despite a fall in other product groups, the business area's
revenues and earnings improved due to a strong increase in activity in Acute
Care Therapies that are directly tied to treating patients with COVID-19.
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