Koninklijke Philips N.V. (Netherlands) and ResMed (US) are Leading Players in the Ventilator Market
The ventilators market is projected to reach USD 5.4 Billion in 2027 from USD 3.9 Billion in 2022, at a CAGR of 6.3% during the forecast period. In recent years, the ventilators market has evolved significantly due to technological advancements, such as the development of advanced portable ventilators and improvements in the sensor technologies used in ventilators which are expected to drive market growth during the forecast period.
Koninklijke Philips N.V. is a leading provider of medical tools for different healthcare specialties. Philips Respironics, a subsidiary of Philips Healthcare, primarily focuses on providing respiratory care devices. Philips Healthcare has a significant global footprint owing to its strong sales and distribution network. It significantly invests in R&D activities to add innovative technologies and products to its portfolio, which has helped it strengthen its presence in the market. The company also has made significant acquisitions to expand its presence in the ventilators market. For instance, the company’s growth has been fueled by strategic partnerships and collaborations with various companies and organizations such as SinoMed Imaging System, InSightec, the Yale School of Medicine (US), and Hologic, Inc. (US). In addition, it has strengthened its ventilator customer base by collaborating with the US government. This collaboration has helped increase hospital ventilators production in Philip’s manufacturing sites in the US to combat the COVID-19 pandemic.
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ResMed provides a broad portfolio of ventilator products and has a wide geographic presence across North America, the Asia Pacific, and Europe. ResMed is well-positioned in the ventilators market and focuses on developing new and innovative products. In accordance with this, the company developed and launched several respiratory care products over the last five years. The company is also enhancing its geographical presence in high-growth regions by acquiring regional companies. For example, in March 2019, ResMed acquired HB Healthcare Safety (South Korea), a home-based medical equipment provider for sleep and respiratory care devices like ventilators.
Related Reports:
Ventilator Market by Mobility (ICU, Portable), Type (Adult/Pediatric, Neonatal/Infant), Mode (Combined, Volume, Pressure), Interface (Invasive, Non-invasive), End User (Hospital, Clinic, ACC, Home Care, EMS) - Global Forecast to 2027
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