Following reports that the second wave of COVID-19 is almost inevitable towards the winter, the ventilator industry is working with government and third-party partners to prepare for the potential shortage. According to GlobalData, the market will reach $5.2bn by end of 2020, expanding more than four times compared to 2019.
Tina Deng, MSc, Senior Medical Devices Analyst at GlobalData, sayss, “Prior to the COVID-19 pandemic, the global ventilators market was valued at $1.1bn in 2019, growing at an annual rate of 3.5%. The COVID-19 pandemic was initially typified with worldwide calls for more ventilators. However, as the pandemic has progressed and clinical knowledge has improved, the actual usage of ventilators has differed from projections.”
If COVID-19 cases surge during the second wave, demand for ventilators could increase again. The European Commission (EC) signed framework contracts with Philips to supply medical ventilators to EU hospitals, while Celestica and Starfish recently signed a contract to provide 7,500 more ventilators to Health Canada in Q4 2020. In addition, wearable devices maker Fitbit plans to shift its supply chain to make emergency-use ventilators and Foxcoon Technology Group recently completed the regulatory requirements to manufacture 10,000 Medtronic Puritan Bennett 560 ventilators over 2021.
Deng concludes saying, “The Foxcoon and Medtronic cooperation indicates a sign of shifting relationships in the OEM, but also shows that the industry has taken precaution about the second wave of COVID-19.”