The global neonatal ventilator market registered a revenue of nearly $288.6 million in 2018 and is anticipated to grow at a 7.1% CAGR, surpassing $474.0 million by 2026.
The market has witnessed a significant growth previously, but due to the unexpected COVID-19 outbreak, the market will witness additional growth in 2020, owing to the increasing demand for neonatal ventilators across the globe. The market might witness a drift in product availability, due to the lack of neonatal ventilators in many countries. Our analysts have estimated the condition of the Neonatal Ventilator Market during the COVID-19 outbreak and have come to the following conclusions.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|6.4%||7.1%||67||USD 326.7 million||USD 330.6 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
A ventilator is a medical apparatus that provides mechanical support for patients who are physically unable to breathe or breathing insufficiently. These apparatus provide mechanical assistance in exchange for oxygen and carbon dioxide. Rising deaths among babies, respiratory diseases, and neurological disease will drive the demand of the ventilators in the forecast period. Growing prevalence in smoking, development of healthcare segment, and high healthcare expenditure is expected to drive the market growth. These factors are positively impacting the adoption of neonatal ventilator systems for the treatment of various respiratory diseases, across the globe.
Nonetheless, high cost of neonatal ventilator system is significantly impacting the use of ventilators for treating patients. This factor is majorly restraining the growth of the market. Moreover, improper reimbursement and difficulty coupled with the utilization of ventilators are also considerable factors that are expected to limit the market growth soon.
The COVID-19 pandemic has impacted the neonatal ventilator market positively. As per the World Health Organization (WHO) suggestions, patient suffering from COVID-19 are vulnerable to be associated with breathing problems. This factor is significantly driving the adoption of neonatal ventilator, which will propel the market growth during the COVID-19 outbreak.
Moreover, increasing number of patients, healthcare centers, ICU bed admissions, and coronavirus infected patients is driving the market growth. For instance, COVID-19 pandemic has led to approximately 81k positive cases in China as of March 4, 2020, out of which serious cases require ventilators for treatment, which is positively impacting the market growth during this virus outbreak.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global neonatal ventilator market will witness significant growth in 2020 and is anticipated to follow the trend until the end of the forecast period. The rapid growth is majorly attributed to the increasing implementation of ventilators to COVID-19 infected patients, across the globe during this pandemic crisis.
This market is expected to retain its growth even after the control of the pandemic situation. Moreover, according to World Health Organization (WHO), people of age group 40 and above are vulnerable to coronavirus infection and face severe breathing problems which it is foreseen to positively impact on the growth of ventilator market. For instance, several companies are merging their business with ventilator manufacturing company to overcome the lack of ventilators required for treatment of COVID-19 patient.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Neonatal Ventilator Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity