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.
The post Which Top 5 Prominent Companies Shaping the Ventilators Industry ? first appeared on MarketsandMarkets Blog.
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