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Ventilators Industry Benchmarks
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Ventilators Market Intelligence
global market outlook
- The global mechanical ventilators market was valued at $2.8 billion in 2020 and is expected to reach $4 billion by 2028 at a CAGR of 5 percent. More than 70 percent for these invasive ventilator devices comes from developed markets.
- Globally demand for ventilators was close to 77,000 units in general condition (pre COVID-19) in the year (2019)
- The United States a very highly mature market due to the presence of advanced players in the marketplace.
- Rising geriatric population and premature births have led to increased need for the critical care in the region.
- Respiratory care devices such as PAP, Ventilators, Oxygen Concentrators, etc. are subjectable to regional specific approvals like USFDA, European CE mark, etc.
Ventilators market frequently asked questions
As per Beroe’s category intelligence report, the global ventilators sales will hit $2.9 Bn in 2024, up from $1.8 Bn in 2019. Further, the market revenue pool will follow a double-digit growth trail.
The global ventilators market is witnessing cut-throat competition among leading manufacturers - Philips, GE healthcare, and Vyaire medical. In addition, several mid-tier players compete on prices offered to the end-users due to marginal scope for service differentiation.
Considerable medical and R&D expertise and capital requirements create a massive obstacle for new market entrants, particularly for those looking to manufacture complicated invasive or mechanical ventilators.
Ventilator manufacturers must cater to the global regulatory requisites to ensure a smooth approval and avoid product recalls. In addition, they need to forge a robust distribution system to deliver better deliverables and after-sales services.
Bargaining potential for ventilator users is medium to low as individual end-user buy a limited number of the product. Moreover, higher costs pertaining to ventilators reduce the tendency of buyers to switch suppliers.
Ventilators market report transcript
Ventilators Global Market Outlook:
Global market size – $3.9 billion (2022)
Expected to grow at a CAGR of ~6 percent Y-o-Y
The global demand is expected to grow at approx. 6 percent CAGR through 2022-2028
The increasing incidence and prevalence of respiratory diseases worldwide and the need for critical care to the rising geriatric population have led to increased demand for ventilators apart from the current COVID-19 pandemic situation
Market vendors are leveraging the Emergency Use Authorizations (EUA) and increasing production capacities
Governments are assigning contracts and buying in bulk from the MedTech companies
Porter's Analysis on Ventilators
The complexity involved in sourcing raw material due to shortages for electronic components and lack of freight availability has a massive impact on supply globally. Demand for ventilators due to the COVID-19 pandemic drives the market for advanced technology & innovations.
Ventilators market is with a decent number of significant suppliers with immense category expertise, having huge variants of products and competitive services offerings across regions
Hospitals or buyers switching from current suppliers to new ones is very expensive
Barriers to New Entrants
Tremendous medical, R&D expertise, Capital requirements makes it difficult for new entrants, especially for complex invasive or mechanical ventilators
Colossal competition and many of the company profits depend on the volume of sales
Complying with global regulatory requirements remains a crucial challenge for medium to complex medical
A good distribution network is essential to offer better products and after-sales services
Intensity of Rivalry
Intense competition for being the market leader with highly innovative products among the existing top players, viz. Philips, GE healthcare, Vyaire medical, etc.
Most of the mid-tier firms compete on the clients' prices as they have very little differentiation in the services
Threat of Substitutes
As such, there are no substitutes to critical medical ventilators; however, there can be different products that can be used depending on the end application, such as home or hospital, etc.
Medium to low bargaining power for medical device clients as the number purchased by an individual customer, in general, is meager
Lower switching power owing to the higher cost associated with the devices
Cost Structure Analysis : Ventilators
Technological advancements like less weight, more efficient and low-cost portable ventilators drives the demand for respiratory care devices in the market, hence raw materials and components contributes to the major portion of manufacturing since the critical components are important which needs to work each time of usage without any failure.
Raw Materials and Components Cost: Miniaturization, portable devices are the key innovations in the industry with more accuracy & efficiency drives the critical components price upwards in the respiratory care devices industry globally.
Labor and Technology Cost: Adoption of latest technology drives the spend on R&D to develop new products will also lead to increase in cost of the products. 3D manufacturing and AI technology advancement requires workforces with technical knowledge.
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