The indiscriminate use of mechanical ventilators for COVID-19 patients around the world has led to massive revenue earning for manufacturers in mechanical ventilators market. The COVID-19 pandemic has opened a vast avenue for capitalization for various players. The growing demand for new technologies in intensive respiratory support is also expanding the horizon in the mechanical ventilators market.
In recent months, critical care physicians managing COVID-19 patients are carefully recessing the need for mechanical ventilators, and finding out the patients with acute need. This, in coming months, will have a large bearing on the trajectory of the mechanical ventilators market. The need for identifying correct subset of patients that need mechanical ventilators has become more intense than ever, due to temporary lack of availability in some countries.
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Moreover, there appears a marked lack of clinical skill to administer mechanical ventilators, usually in parts of emerging economies. This has adversely affected the prospects of the mechanical ventilators market. On the other hand, several companies with standing in industries unrelated to healthcare have opened new windows of opportunities.
Continuous Advances in Respiratory Psychology Expand Prospects
In recent years, the global mechanical ventilators market has also gained new demand dynamic on the back of continuous advances in respiratory psychology. Rapidly aging populations in some countries of the world, along with the rising incidence of chronic diseases, is a key trend bolstering the uptake of mechanical ventilators in healthcare institutions. Moreover, the rising application of mechanical ventilators in hospital setting for treatment of patients with acute lung problems is a notable driver for the demand in the mechanical ventilators market.
Constantly improving healthcare infrastructure in several countries in developing regions is a key factor shaping the demand and uptake of mechanical ventilators in the healthcare industry. This has increased the focus on better clinical management of patients with acute lung problems, thus boosting the mechanical ventilators market.
Players Focus on Clinical Utility of Mechanical Ventilators
Manufacturers have been constantly leaning on improving the clinical utility of mechanical ventilators. In hospital settings, recent months have seen the acceptance of portable mechanical ventilators. On the other hand, need for developing mechanical ventilators in point-of-care settings will pave way for new innovations in coming months, thereby propelling the strides in the mechanical ventilators market. Top manufacturers are focusing on safety features in ventilation-induced lung injury.
Further advancements in materials used will improve the use of mechanical ventilators for the development of non-invasive technologies in mechanical ventilators market. Manufacturers in coming years will lay increased emphasis on non-invasive technologies for improving patient experience associated with the use of mechanical ventilators.
Asia Pacific Witnessing Lucrative Opportunities for Manufacturers
On the regional front, North America and Asia Pacific are promising markets. They have in recent years have gained large revenue gains from the demand for mechanical ventilators for managing COVID-19 patients. In several parts of the regional markets, there has been huge rise in cases of the novel coronavirus, thus spurring the demand in the mechanical ventilators market. On the other hand, new non-invasive technologies are coming to the fore for treating patients with acute lung problems. Ventilators with better fit and ease-of-operation for clinicians, along with new safety features, will likely gain notable popularity in coming years.
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Some of the promising players in the mechanical ventilators market are focusing on mergers and acquisitions to consolidate their shares. They are also spending sizably on research and development of non-invasive ventilation mechanisms. Further, several manufacturers are expected to benefit from the wide-scale demand for mechanical ventilation for patients with respiratory problems, including the novel coronavirus.