Rising Preference for Home-based Care, Aided by Remote Monitoring Technologies, to Drive New Growth Opportunities
Revenue for the US & EU-5 ventilators market is expected to increase by 370.7% in 2020 driven by the ongoing Coronavirus 2019 (COVID-19) situation. The home care segment is expected to see a comparatively strong growth potential post-pandemic. This study assesses the revenue growth impact on different ventilator market segments. It also analyzes future growth opportunities for industry participants in light of the following strategic imperatives - geopolitical chaos due to the pandemic situation and the increasing number of critical care patient admits requiring ventilator use; adoption of disruptive technologies for ventilator designs and assistive technologies; and increasing competition due to the widening demand-supply gap and relaxed regulations. Further, this study provides an evaluation of 9 different growth opportunities from the perspectives of supply chain optimization, technology focus, vertical expansion, customer and branding, new product development and others.
Three examples of key growth opportunities evaluated are:
- Remote ventilator surveillance for better care management,
- Strategic geographic expansion for improving market access, and
- Targeted brand positioning for improved market penetration
Supply chain disruption, excess of low-cost and sub-standard ventilators, and shortage of trained healthcare staff are seen as key market restraints.
