05 Aug 2020
Posted in Medical Devices
China’s ventilators market to grow at CAGR of 7.1% between 2019 and 2030, forecasts GlobalData
The ventilators market in China is expected to grow at a compound annual growth rate (CAGR) of 7.1% between 2019 and 2030, according to 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 in 2019 China holds the highest revenue share of around 46% in the Asia-Pacific (APAC) region, followed by Japan and India.
GlobalData expects that while increase in the elderly population and the number of patients suffering from chronic obstructive pulmonary disease (COPD) due to poor air quality will remain the main market drivers, increased manufacturing of innovative products and providing portable and cost-effective solutions will drive the ventilators market further.
Manasa, Medical Devices Analyst at GlobalData, comments: “Getinge AB has remained as the market leader in China with the manufacturing of customer centric products and optimization of product portfolio. Dragerwerk AG & Co KGaA, Nihon Kohden Corp and Philips Respironics Inc have also established themselves as competitors in this space.”
In China, ‘critical care ventilators’ is the major revenue contributor. ‘Transport ventilators’ is going to be the fastest growing segment at a CAGR of 9.7% between 2019 and 2030.
Manasa concludes: “With a rapid increase in the number of COVID-19 cases and ban on the export of medical ventilators by some countries, China becomes an obvious choice to meet the increasing demand of these devices. On the other hand, rising COVID-19 cases in China may lead to an increase in domestic demand.
“Ventilators play a vital role in the treatment of COVID-19 affected patients. Hence, it is very important for the countries to have enough access to the parts required to manufacture the ventilators. China stands as an unfailing supplier of the essential parts to the world during these tough situations.”