The modern ventilator is an advanced life-supporting healthcare device that allows a patient to survive respiratory diseases in different settings. To intensivists, also referred to as ICU specialists, the ventilator is a powerful assistant when managing patients who need utmost care.
That being said, intensivists know more than anyone else that the device is not a cure or a treatment by itself. Its principal task involves helping a critically ill patient to continue breathing until the disease process improves. In simple words, the device buys time for some treatment to work or for the body's healing mechanisms to act accordingly. For patients with severe illnesses, the device is tasked to deliver a concentrated amount of oxygen, compared to 21% oxygen present in atmospheric air.
The Dire Need for Ventilators amidst COVID-19 Outbreak
In the face of the COVID-19 outbreak, in addition to extensions in lockdowns, socio-economic upheaval, and curfews, most hospitals, and planning centers have been debating the shortage of ventilators and the dire need for critical care in the days and months to come. Preliminary data by consultancy firm GlobalData suggested the need for around 880,000 more ventilators globally because of the outbreak. All ventilator companies have full order books and are almost out of stock, because of the high demand from not only healthcare centers but also directly from governments.
Several nonmedical engineering companies have come forward to tackle the ventilator shortage crisis. For example, the automotive industry is already taking the necessary steps to develop ventilators in the U.K. with manufacturers like Airbus and Vauxhall intending to 3D-print parts with the goal of manufacturing around 15,000 ventilators. Similarly, a partnership between General Motors and Ford aims to manufacture 50,000 more ventilators and other critically needed respiratory care products by the end of July. A joint effort between Tesla and Medtronic aims to meet the challenge in the U.S., and the British ventilator manufacturer Smiths Group has shared its intellectual property with other leading players.
Download Global Ventilators Market Report Sample for FREE! : https://straitsresearch.com/report/ventilators-market/request-sample
According to Straits Research's latest report on the ventilators market, the overall market accounted for over USD 926.97 million in terms of value in 2019 and is projected to grow at a CAGR of 7.5% during the forecast period, 2020–2029. North America leads the market for ventilators, followed by Europe. The Asia Pacific is expected to witness the fastest growth in the market over the coming years. Investments in healthcare technologies by key market players, the rising geriatric population, the growing demand for advanced technologies, and the development of private hospitals in rural areas are some other factors driving the market growth in this region.
Philips Healthcare — a part of the Dutch multinational tech company Royal Philips — is known for its top-notch health technology solutions and medical device products. The company offers its services in Diagnosis and Treatment, Personal Health, and Connected Care and Health Informatics. In 2018, Philips Healthcare recorded USD 20.7 billion in revenue, marking a 5% increase over the previous year. The company accounts for nearly 42% of Royal Philips' overall revenue.
The company offers a range of modern ventilators, including invasive and non-invasive ventilation systems. To address the critical need for more ventilators, Philips has hired additional manufacturing staff and is switching current staff to the manufacturing lines where they are required. The company is already gearing up to double its production of ventilators from 1000 a week to 2000 to make sure that all healthcare centers can access the ventilators.
G.E. Healthcare — a part of the U.S.-based multinational technology conglomerate G.E. Electric Company — is a leading manufacturer of advanced medical devices, including ultrasound, life care, imaging, and healthcare devices, as well as a provider of pharmaceutical solutions and medical diagnostics services. The company recorded USD 20 billion in revenue in 2018, with a 4% increase over the previous year.
A collaboration between G.E. Healthcare and Ford aims to scale up the production of hospital ventilators in response to the COVID-19 outbreak. As a part of the company's effort to meet the rising demand for ventilators and other critically needed respiratory care products, they've licensed a ventilator design from Airon Corp and planning to produce them with Ford by July.
Medtronic is a global leader in medical devices, solutions, and services that recorded USD 30.6 billion in revenue in FY2019, up from USD 29.95 billion in FY2018. The company is already scaling up the production of its PD980 ventilators and has also hired extra staff at its manufacturing plant to continue its operations 24/7. Medtronic has responded to the ventilator shortage crisis during the coronavirus pandemic by sharing the design specifications for its PB560 ventilator with other players.
Smiths Group Plc — a part of the British multinational diversified engineering company Smiths Group — is a leading manufacturer of specialty medical devices that provides lifesaving solutions for various settings. The company recorded USD 3.105 billion in revenue in FY2019, marking a 7% increase over the previous year. Smiths Medical entered into a contract with the British government to increase its production to around 10,000 ventilators to meet the growing demand.
The company is quadrupling the production of its PARAPAC Plus ventilators per week. It is already in talks with contract manufacturers to increase their production in the U.S., as well as other countries to respond to the global demand. In August 2019, Smiths Medical entered into a partnership with Medline Industries for the distribution of its Portex devices to supplement its respiratory devices business.
The U.S.-based Becton, Dickinson and Company, commonly known as B.D., is among the world's leading medical technology companies that manufactures and distributes medical devices and equipment, instrument systems, diagnostics solutions, healthcare supplies, reagents, and laboratory equipment. It operates through three segments — B.D. Medical, B.D. Life Sciences, and B.D. Interventional.
In 2018, B.D.'s medical device business contributed USD 8.6 billion, while the B.D. Life Sciences and B.D. Interventional businesses recorded sales worth USD 4.3 billion and USD 3 billion, respectively. The company's revenue accounted for USD 15.98 billion during the same year. While B.D. manufactures surgical equipment for diagnostics and drug delivery, it has handed all of its work in respiratory care to a spun-out British firm Vyaire Medical since 2018.
Dräger is a Germany-based provider of breathing and protection devices, non-invasive patient monitoring systems, and gas detection and analysis systems. The company employs more than 14,000 staff across the world and reported annual revenue of USD 3 billion in 2019. Dräger recently announced that it is ramping up the production of its ventilators to address the rising demand caused by COVID-19. Additionally, it has signed a deal with the German government to supply 10,000 ventilators and personal protective equipment.
Fisher & Paykel Healthcare is a New Zealand-based company that principally engages in the design, manufacture, and sales of respiratory care products, surgical equipment, and products for the treatment of obstructive sleep apnea. The company operates in over 120 different countries and employs around 4,174 staff. Fisher & Paykel Healthcare has announced that it is scaling up the production of its ventilators and respiratory care equipment to meet the global demand.
Browse Related Reports: