China ventilators market to exceed US$275m by 2030, forecasts GlobalData
Driven by increasing demand for access to basic healthcare and government initiatives, the ventilators market in China is expected to exceed US$275m by 2030, forecasts GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Ventilators (Anesthesia and Respiratory Devices) – Global Market Analysis and Forecast Model (COVID-19 Market Impact), reveals that critical care ventilators accounted for more than 70% of the ventilators market in China in 2020. Getinge AB, Dragerwerk AG & Co KGaA, Nihon Kohden Corp and Hamilton Medical AG were the leading players in the ventilators market in China. Together, these companies accounted for more than 50% of the market in 2019.
Vedant Goswami, Medical Devices Analyst at GlobalData, comments: “The ventilators market growth in China is driven by government support for critical care by numerous investments in the restructuring and expansion of the Chinese healthcare system. There has also been an increase in government initiatives to help the local manufacturers access a bigger share of the local market.”
Chronic obstructive pulmonary disease (COPD) is one of the leading causes of mortality in China. Large geriatric population and high prevalence of acute and chronic respiratory diseases are the key drivers for ventilators market growth in China. Also, growing awareness of the devices is expected to drive the market.
Mr Goswami concludes:
“Large installed base in intensive care units and growing numbers of ICU admissions is driving the critical care ventilators market growth. Although critical care ventilators account for major share of the overall ventilators market, transport ventilators are expected to grow at a faster rate over the next ten years. The growth in transport ventilators market is expected to be driven by technological advancements such as closed-loop modes, automated weaning features and smart alarm systems, resulting in improved patient outcomes, ease of use and higher efficiency. Significantly lower price of transport ventilators compared to critical care ventilators is also expected to lead to a greater number of installations in the future.”