Oxygen Concentrators Market by Product,Technology,Application and Region - Global Forecasts 2017 to 2027
The global market for medical oxygen concentrators accounted for $1.1 billion in 2020, and is expected to grow $2.0 billion by 2027, registering a CAGR of 9.1% from 2021 to 2027. An oxygen concentrator is a medical device that concentrates the oxygen from a gas supply by specifically eliminating nitrogen to supply an oxygen-improved product gas stream. Two strategies in like manner use are pressure swing adsorption and membrane gas separation. Medical device companies are investing in advanced technology in order to provide quality of products like oxygen concentrators to the hospitals and public healthcare sector. These days, with the expanding of home care administrations and nonhome care services and growing transmission of Covid-19 across the globe, interest for clinical oxygen concentrator is required to keep expanding during the forecast period 2021-2027. Clinical oxygen concentrator industry will introduce a steady development space.
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According to the World Health
Organization (WHO), about 300 million people suffer from asthma across the
world. Thus, in order to cater their need for effective and timely oxygen
therapy, the demand for medical oxygen concentrators will upsurge. Also,
several governments are undertaking initiatives to improve healthcare.
This research report categorizes
the oxygen concentrators market to forecasts the revenues and analyses the
trends in each of the following below mentioned market segments.
Segment based on Product
- Portable
Oxygen Concentrator
- Stationary
Oxygen Concentrator
Portable medical oxygen
concentrators represented the biggest income portion in 2020. Rapid
technological development in the potable oxygen concentrator, high demand for
home use, cost effectivity, and being lightweight are some of the key factors
responsible for the dominance of the segment in the market.
Segment based on Technology
- Continuous
Flow
- Pulse Flow
Continuous flow technology
accounted for the maximum share in the oxygen concentrators market in 2020.
High prevalence of chronic respiratory conditions has led to large number of
emergency cases requiring continuous oxygen supply to patients. Increasing use
of continuous flow concentrators during critical situations in healthcare
facilities is expected to positively impact its market growth.
During emergency patient
admissions and operations, there is requirement of continuous oxygen supply to
the patient. With increasing demand for medical oxygen concentrators during
emergencies including COVID-19 pandemic, especially for critical patients, the
segment is predicted to observe unprecedented growth.
Segment based on Application
- Home Care
- Non-home
Care
Non-home care which includes
hospitals, ambulatory facilities, and clinics accounted for the largest share
of the market. However, home care is likely to grow at the fastest rate during
the forecast period. Rising adoption and spending on home healthcare devices in
developed and developing countries, increasing geriatric population base which
is prone to several cardiopulmonary diseases further impels the demand for
homecare medical oxygen concentrators. These are some of the factors
responsible for the growth of the market. Also, these home use devices are
convenient and user-friendly for older people, that further boosts customer
preference, thereby offering immense market growth opportunities.
Segment based of Region
- North
America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- Japan
- China
- India
- Australia
- Singapore
- South Korea
- Latin
America
- Mexico
- Brazil
- Argentina
- Middle East
& Africa
- South
Africa
- Saudi
Arabia
- UAE
In 2020, North America held the
largest share of the market. High spending and disposable income of the U.S.
population, expanding geriatric population pool, and changing lifestyle are
some of the factors responsible for the dominance of the region. Additionally,
occurrence of COVID-19 has affected more than 4 million people in the country
and the number of cases is increasing at substantial rate, thereby impacting
the supply of medical oxygen concentrators in the country.
Approximately 16 million people in
the U.S. experience breathing issues due to chronic obstructive pulmonary
disorder (COPD) as mentioned by the Centers for Disease Control and Prevention.
With growing need for better management of respiration in COPD-affected
population, the market will showcase momentous growth.
Local presence of market players,
investment in research and development activities, and high diagnosis rate are
also major drivers of the market.
Unique insights of the report
- This report
covers the complete market estimation and forecast sales of oxygen
concentrators
- Report
provides detail information about Market Introduction, Market Summary,
Global market Revenue (Revenue USD), Market Drivers, Market Restraints,
Market Opportunities and challenges
- Oxygen
concentrators Market report helps to identify opportunities in
marketplace.
- Oxygen
concentrators Market report covers extensive analysis of emerging trends
and competitive landscape.
The report also provides in-depth
analysis of market dynamics such as drivers, restraints, and challenges
Growing awareness and utility of
oxygen concentrators for medical conditions like Covid-19 and different
pulmonary diseases associated with aspiration stood to be the major driving
growth factor of global oxygen concentrator market. The reason behind this is
increasing spread of virus, pollution, allergies, lifestyle, lack of breathing
exercise, diseases like lungs, COPD, asthma, etc.
Restraints for oxygen
concentrators:
Accessibility of oxygen cylinders
and concentrators cost are limiting the development of oxygen cylinder and
concentrator market. The worldwide oxygen cylinder and concentrator is
restrained by value instability of oxygen concentrators. The newly developing
infections due to oxygen cylinders and concentrators affecting the trust of
population and this will have negative impact on the market of concentrators.
Challenges for oxygen
concentrators:
The challenges associated with
oxygen concentrator market are its stringent regulatory landscape, high cost of
the large devices, and less awareness about homecare products in developing
countries.
Opportunities for oxygen
concentrators:
Increase in cases of Covid-19
across globe leads to increase in demand for the oxygen concentrators.
Increasing respiratory issues will give significant opportunities for the
development of oxygen concentrator market. Additionally, many governments are
now investing in healthcare facilities to provide better service to the
patient.
Key players in oxygen
concentrators:
The major players operating in the
oxygen concentrators market include Koninklijke Phillips N.V., NIDEK Medical
Products, Inogen, ResMed,. Chart Industries, Inc. (AirSep) , DeVilbiss
Healthcare LLC, O2 Concepts, Teijin Limited, Supera Anesthesia Innovations, and
GCE Group, and Invacare Corporation among different players. Increasing
distribution channel, geographical expansion, and development of innovative and
cost effective products are some of the strategic initiatives adopted by
industry players.
Company Profiles and Competitive
Intelligence
The key players operating in the
market are:
- Koninklijke
Phillips N.V.
- NIDEK
Medical Products
- Inogen
- ResMed,
- Chart
Industries, Inc. (AirSep)
- DeVilbiss
Healthcare LLC
- O2 Concepts
- Teijin
Limited
- Supera
Anesthesia Innovations
- GCE Group
- Invacare
Corporation
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