As COVID19 is mainly affecting the respiratory system and develops the common flu-like symptoms, hospitals around the globe are facing shortages of many respiratory care devices, including ventilators. Since the breakout, the demand for ventilators has grown substantially and resulted in governmental and industrial support driving the pace of ventilator manufacturing.
Due to the major growth in the ventilator market size, we have compiled a list of Top Ventilator Companies that are posed to increase their revenues:
Philips Market Share Analysis
Philips is the leading ventilator company that has dedicated its work specifically to sleep management and respiratory device markets. Currently, Philips offers sub-acute, home care, and non-invasive ventilators, with a particularly strong market share in the home care and non-invasive ventilation segments. In April 2020, Philips market share was set to increase with the launch of the Respironics E30 ventilator. This launch enabled the company to help healthcare professionals by providing superior quality ventilators. Philips has stated that:
“This global ventilator solution can be purchased by governments and hospitals who are experiencing ventilator shortages. The Respironics E30 ventilator can be used when there is limited access to a fully-featured critical care ventilator.”
Philips held the largest portion of the global ventilators market, with their greatest contributor being the non-Invasive ventilator market at over 60% market share. The company remains one of the most innovative ventilator companies in the market and is on track to continue demonstrating revenue growth coming from this segment.
Masimo Corporations Partnership With Philips
In January 2020, Masimo Corporation had acquired Connected Care Business from NantHealth (US). This acquisition supported Masimo to assist hospitals in providing constant care through connectivity, automation, and innovative noninvasive monitoring technologies. This acquisition led them to their partnership with Philips in May 2020. With Philpd by their side, they were focused on integrating Masimo’s measurement technologies into select intellivue MX-Series multi-parameter monitors to help clinicians examine ventilation status and cerebral oximetry of COVID19 patients.
VyAire Market Share Analysis
Vyaire Medical Inc is the second-leading ventilator company in the global market. VyAire is involved in every segment of the ventilator market, except for the non-invasive segment. The company has also shown particular success in the sub-acute market, where it held the leading position through sales of its LTV® branded ventilators, in addition to their VELA® product.
On May 14, 2020, Vyaire, announced that they were selected by the European Commission as a supplier of priority medical equipment to help address the COVID-19 pandemic. Under a framework contract, Vyaire will be providing ventilators to the EU Member States. The contract runs for 12 months and allows for the purchase of approximately 26,200 ventilators in total, based on ordering by the Member States.
Dräger Market Share Analysis
Dräger remains focused on larger, more sophisticated hospital-care ventilator systems, placing them third within the ventilator market. Almost all of Dräger’s intensive/transport ventilators include several non-invasive ventilator options; including the Babylog® and Savina®300. Also, the newer Evita Infinity V500®, which is marketed for adult, pediatric and infant use in acute care, has been well received and has increased Dräger’s market share. This ventilator also has an integrated compressor and external battery, to enable safe transport in and out of the ICU.
Ventilator Market Size and Forecast
Due to COVID19 outbreak, the respiratory care devices market witnessed a double-digit growth rate between 2019 and 2020. In 2020, the respiratory care devices market reached over $58 billion. The growth of this market has been driven by factors such as the global pandemic, an increase in prevalence of respiratory diseases, rapid urbanization, rise in pollution level, growth in geriatric population, and increase in tobacco consumption worldwide.
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As the market continues to grow over the next few years, iData analysts will be following the growth closely and analyzing the trends that are occurring. Stay in touch to be the first to hear about the updated European and US ventilator market studies for 2021.