The global ventilator market value is estimated to have exceeded $4.7B during 2020 as a result of the sudden spike in demand for treating COVID-19 patients. Currently, it is expected to experience significant decline to pre-pandemic levels in 2021, unless a bigger, more severe wave of the pandemic ensues.
In 2020, the global market for both critical care and transport ventilators increased by over 300%, which speaks to the sudden surge in demand for treating COVID-19 patients. However, as the surge in the ventilator market was relatively short-lived, the market demand for most ventilator models returned to normal by end of 2020.
In 2021, GlobalData expects a significant decrease in new ventilator sales due to the massive load purchasing that occurred in 2020. Because most ventilators that were purchased last year were held in reserve, their use and replacements will be prioritized before any additional purchases are made. Global COVID-19 case numbers have declined to levels seen in October 2020 for most countries. However, the spread of new, highly transmissible COVID-19 strains has raised the possibility of additional waves of cases in 2021, which may sustain the elevated level of demand in the ventilator market, leading to new ventilator sales.
Beyond 2021, GlobalData expects the ventilator market to reach sales of $1.5B within seven years. These sales will be driven by governments and hospitals renewing their focus on improving their existing respiratory care infrastructure. In addition to purchasing more ventilators, other related capital equipment like humidifiers and oxygen supply systems, as used in intensive care units (ICUs), will also drive overall market growth in the anesthesia and respiratory devices market.
An assessment of the pricing dynamics of the highest revenue-generating critical care ventilator product lines reveals that most have experienced a year-over-year (YOY) price increase, including Dräger’s Evita and Getinge’s Servohave. This increase reflects the rising demand for these products, which was driven by the increase in the number of COVID-19 patients in ICUs. Medtronic’s Puritan Bennett was the largest product line by revenue in 2020, and has experienced heavy pressure to discount its prices due to an increasingly competitive market. Despite the overall increase in YOY prices for most products lines, some began seeing a decline in sales as early as Q3 2020, which indicates the beginning of a potential return to pre-pandemic prices.