18 Jun 2020
Posted in Coronavirus
COVID-19 to drive ventilators market in South Korea to US$50m by 2030, forecasts GlobalData
Growing demand for ventilators to treat COVID-19 cases is set to drive South Korea’s ventilators market, which is expected to grow at a compound annual growth rate of 8.9% to reach US$50m by 2030, according to GlobalData, a leading data and analytics company.
South Korea reported its first COVID-19 case in January 2020 and a quick ascent in COVID-19 cases in February has created an unprecedented need for essential medical devices such as ventilators and personal protective equipment. To meet the growing demand, South Korea has not only imported ventilators but also approached manufacturers to increase the production.
Gundreddy Gopinadh, Medical Devices Analyst at GlobalData, comments: “While increasing acute and chronic respiratory diseases such as chronic obstructive pulmonary disease, asthma, allergic rhinitis and rhino-sinusitis will be the main market drivers, high demand for ventilators to treat COVID-19 cases is currently propelling the ventilators market in South Korea.”
GlobalData’s research reveals that Dragerwerk AG & Co KGaA, Maquet AG, Hamilton Medical AG, Philips Respironics Inc, GE Healthcare LLC, Medtronic Plc and Air Liquide SA are the major players in the South Korea’s ventilators market, accounting for more than 80% of the market.
Gopinadh concludes: “The public and private sectors of South Korea are working together to meet the demand for ventilators during the COVID-19 pandemic. Government initiatives such as augmenting critical care capacity in more than 300 hospitals by equipping with ventilators is set to further bolster the sales of ventilators in South Korea. Installing simple design ventilators developed using 3D technology will benefit South Korea to meet the sudden demand due to the COVID-19 pandemic.”