Medical Oxygen Concentrators Market Overview
Medical Oxygen Concentrators Market size is on track to procure a decent CAGR of 7.8% over the assessment period (2019 to 2024), evaluates MRFR (Market Research Future). We will provide COVID-19 impact analysis with the report, along with all the significant developments in the following the coronavirus disease outbreak.
There has been an unusual increase in the demand for ventilators since the COVID-19 outbreak, leading to a considerable shortage worldwide. Ventilators’ unmet demand has compelled scientists and engineers to make makeshift ventilators with the use of respiratory equipment like oxygen concentrators, manual resuscitators, PAP, nebulizers, and more. This has been quite pivotal for the oxygen concentrators market, in terms of growth.
Apart from the rising cases of SARS-CoV-2 despite the strict lockdown, COPDs/Chronic Obstructive Pulmonary Diseases have also surged significantly in recent years, which bolster the need for oxygen concentrators. Experts believe that despite the grave impact of the novel coronavirus and the rapid escalation of the pandemic, the global market can observe sustained growth due to the rise in technological innovations and the subsequent miniaturization of medical oxygen concentrators across the globe.
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Governments and non-government agencies are proactively setting up programs and campaigns to make more citizens aware about asthma and COPD and the available treatment options. For example, NHLBI/National Heart, Lung, and Blood Institute along with WHO, created GOLD or Global Initiative for Chronic Obstructive Lung Disease to raise the awareness level regarding COPD. With the growing number of pandemics like SARS and COVID-19 in the past couple of years, the need for artificial or makeshift ventilators has soared, specifically for piped/canned and wall-mounted oxygen concentrators.
Furthermore, manufacturers are coming up with innovative technologies that aim to elevate the quality of healthcare. Companies are also entering agreements and collaborations to bolster their manufacturing capacity to meet with the soaring demand for oxygen concentrators in the global market. For instance, in October 2020, ZOLL Medical Corporation, a medical devices manufacturer, and CAIRE Inc., a renowned oxygen supply vendor, entered a distributor agreement. The agreement entails ZOLL getting the rights for the distribution of CAIRE’s SAROS 4000 Portable Oxygen Concentrators outside the United States.
Medical Oxygen Concentrators Market Segmentation
medical oxygen concentrators market can be split into product, technology, indication and end user.
The key products listed in the medical oxygen concentrators market study are stationary oxygen concentrators as well as portable oxygen concentrators. As of 2018, the portable oxygen concentrators segment has remained in the lead and can continue to do so throughout the given period due to the surging uptake by travelers as these are lightweight, compact, offer higher oxygen capacity and mobility. Stationary oxygen concentrators segment on the other hand, can record a better growth rate as these provide a relatively more stable oxygen source along with a hands-free provision as well as longer tubing.
Some of the top technologies considered in the medical oxygen concentrators market study are continuous flow along with pulse dose.
Indication-wise, the medical oxygen concentrators market categories are sleep apnea, asthma, chronic obstructive pulmonary disease, and more.
The key medical oxygen concentrators market end users analyzed in the report include hospitals and clinics, travel, homecare, and others.
Medical Oxygen Concentrators Market Regional Insights
Medical oxygen concentrators market’s regional segmentation covers Europe, the Americas, MEA or Middle East & Africa and Asia Pacific or APAC.
Since 2018, the Americas has remained the highest revenue generating market, backed by the extensive spread of a large number of renowned companies and the availability of developed home healthcare care services. The mounting prevalence of respiratory diseases and the supportive reimbursement policies, especially in Canada and the US also bolster the revenue generation in the region. A case in point, studies by the Centers for Disease Control and Prevention reveal that at present; close to 16 million Americans suffer from chronic obstructive pulmonary disease. Besides, government led initiatives like the approval granted by Federal Aviation Administration (FAA) for the use of portable oxygen concentrators in flights prompt further market expansion in the region.
Europe is touted to be the second highest gainer in subsequent years, with the medical oxygen concentrators market value being significantly bolstered by the massive geriatric populace and the escalating cases of COPD, pulmonary hypertension, fibrosis and asthma. Rising exposure to aerosols, chemicals, smoke, and various pollutants has boosted the chances of developing respiratory diseases in the region. EMA/European Medicines Agency says that there are currently over 30 million asthmatic patients in Europe, which improves the chances of the medical oxygen concentrators market garnering a higher position in the region.
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APAC can demonstrate the fastest medical oxygen concentrators market growth between 2019 and 2024, on account of the heightened preference for portable concentrators among travellers, rising healthcare spending and the augmenting awareness level about advanced equipment like oxygen concentrators. The health and living standards across the emerging countries is improving at a stellar speed, which has enhanced the general life expectancy of the people. This has been a key booster for the elderly population in the region, which is prone to a number of diseases and thereby, elevates the need for medical oxygen concentrators.
Medical Oxygen Concentrators Market Renowned Market Vendors
Some of the highly renowned medical oxygen concentrators market vendors highlighted in the report are Nidek Medical Products Inc., AirSep Corporation, Precision Medical, Inc., Medtronic plc, GCE Group, ResMed, O2 Concepts, LLC, Besco Medical Limited, Inogen, Teijin Limited, OSI – Oxygen Solutions Inc., Philips Healthcare, Invacare Corporation, Drive DeVilbiss Healthcare, Chart Industries Inc., and more.
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