Astonishing Influence of Covid-19 on the Global Neonatal Ventilator Market
The impact of Covid-19 on the global neonatal ventilator market is quite appealing compared to other markets. This is because of the rising demand for ventilators across the globe to treat the novel virus infection.
A neonatal ventilator is medical equipment that provides motorized support to the patients suffering from severe respiratory diseases and unable to breathe. These breathing machines keep the patient alive by pumping air into his or her lung.
The neonatal ventilators have been considered to be an essential tool for supporting the premature neonates with respiratory distress syndrome or RDS. These ventilators are still regarded as an indispensable constituent in the neonatal respiratory care unit.
The surge in the number of fatalities among babies with respiratory as well as neurological diseases has increased the demand for neonatal ventilators in recent years. The latest advances in neonatal and perinatal care have considerably reduced the mortality and morbidity rates of neonates. These are the primary factors impacting the growth of the global neonatal market in the last decade.
Due to emergence of the COVID-19 pandemic, the market of neonatal ventilators, is going to witness a rise in the growth chart. As COVID-19 is a severe respiratory syndrome, the demand for neonatal ventilators has been increased. The market is witnessing a lack of product availability because of the increasing demand for neonatal ventilators in many countries.
Impact of Covid-19 Pandemic on the Global Market
Unlike many other industries, the neonatal ventilators industry is experiencing significant growth during the pandemic.
A great variety of automatic devices are being used to treat the ongoing coronavirus or COVID-19-, SARS-CoV-2 outbreak, and mitigate its drastic effect worldwide. Such devices include biosensors, temperature sensors, and advanced ventilators. The two sensors help in detecting and determining if the virus infects the person. On the other hand, ventilators are essential for keeping the infected person alive after the virus contraction. There are certain cases when the ventilators are also not enough to keep the person alive. For such situations, assisted comfort is provided to the patient. Ventilators are playing a vital role in treating pandemic. Yet there are few regions in the world where the availability of ventilators is quite a few. Hence, it becomes evident that the market of the neonatal ventilator is growing throughout the crisis. Another factor contributing to the growth of the market is the surge in the number of patients resulting in more healthcare centers and more ICU bed requirements.
The countries with higher infection rates such as Italy, Spain, France, the U.S., and the U.K. are undergoing a deficit for the healthcare essentials. Because of the disruption of the supply chain, these countries are experiencing a huge lack of personal protective equipment, ventilators, and hospital beds. This has surged the demand of the global players of the ventilator market.
Initiatives by Developing Countries
Till date, the number of Covid-19 cases in developing countries are apparently lesser than that of the developed countries. These are the countries with weaker medical infrastructure and minimal medical supplies. Therefore, the concerned governments are taking various initiatives and preventive measures before the condition gets worse.
- The South African National Ventilator Project is going to manufacture approximately 10,000 ventilators towards the end of June 2020. This project has been initiated by the Department of Trade and Industry of the country.
- An expert team from the Indian Institute of Science (IISC) is designing an ethnic ventilator model of an electro-mechanical ventilator from scratch. Based on the guidelines dispensed by the U.K. Medicines and Healthcare Products Regulatory Agency for Covid-19 patients, this prototype will be made using local components.
Such smart strategies and initiatives are creating great opportunities for the global market of neonatal ventilators.
The leading companies of the global neonatal ventilators market have taken various measures to cope with the post-pandemic recession. Many companies have merged their business with other manufacturing companies to improve the production of ventilators and overcome the lack of essential equipment for the treatment of COVID-19.
According to a recent analysis by Research Dive, the pre-COVID market of the neonatal ventilator was expected to garner $ 326.7 billion by the end of 2026. The post-COVID anticipation of revenue generation has been forecasted to surpass $474.0 billion, growing at a 7.1% CAGR by the same analysis.
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