Medical Oxygen Concentrators Market Overview
The medical oxygen concentrators market is surging rapidly over the years, and its value is estimated to reach around USD 4.8 billion during the forecast year. An oxygen concentrator provides the concentrated oxygen gas supply by eliminating nitrogen which provides a gas stream of enriched oxygen. The increased growth rate of the geriatric population is chiefly driving the market. In older patients, the diaphragm doesn’t function well weak and lowers the oxygen level in the body. Therefore, the oxygen demand is propelling at a higher rate.
The COVID-19 pandemic led to a higher demand for medical oxygen concentrators. The coronavirus infected the lungs, which caused breathing difficulty and in critical the need for oxygen was higher. Therefore, the need for oxygen concentrators has increased, accelerating the market’s growth. The market is accelerating tremendously due to the growing number of patients with disorders such as sleep apnea, LTOT, and asthma. Moreover, the government initiatives will expand the medical oxygen concentrators market in the evaluation period.
The surge of coronavirus pandemic devastated the entire economy and caused a severe health crisis across the globe. Patients grew rapidly, and the demand for oxygen supplies escalated. The patients gasping for breath started breathing with oxygen concentrators, which pushed the medical oxygen concentrators industry demand even in such harsher circumstances. People who had low oxygen levels in the blood also opted for medical oxygen concentrators. The rising need for these concentrators has helped the medical oxygen concentrators market growth to have a significant rise.
Also, the attempts of key market players to bring out improved solutions have also helped the market to maintain its growth. New medical oxygen concentrators industry trends have taken the market demands to greater heights. Due to the prevalence of a large number of patients, the market will rise to the highest point in the near future.
Regional Market Summary
Global Medical Oxygen Concentrators Market Share (%), by Region, 2018
Source: White Papers, Company Presentations, Annual Reports, and MRFR Analysis
- Major Drivers of the Market
The global medical oxygen concentrators market is increasing at a rapid pace as the number of patients is growing day by day. As per WHO data 2019, the third death-causing disease is COPD, and 3.23 million deaths are caused by this disease. The data shows that there are so many people who suffer from such diseases and need proper oxygen to breathe. So, the medical oxygen concentrators market value and demand will be escalating in the upcoming times. The increasing number of patients with LTOT, sleep apnea, and asthma.
Moreover, the favorable government initiatives and emphasis on providing medical oxygen concentrators to all patients who need them will expand the medical oxygen concentrators market size. The upsurge in healthcare spending is also going to raise the market value. The portable oxygen concentrators usage by travelers is also a driving force of the market.
- Significant Opportunities for the market
With the global demand for oxygen concentrators by patients, the medical oxygen concentrators market is soaring up high. Moreover, the growing exposure to pollutants, aerosols, smoke, and chemicals is increasing respiratory diseases, which will eventually raise the medical oxygen concentrators industry share. The growing market players and the effort to bring better solutions will also elevate the demand of the market. Favorable reimbursement policies are also likely to create more opportunities.
Portable oxygen concentrators with high oxygen capacity and compact size will also have a greater demand and lead to boost the medical oxygen concentrators industry growth. The recent developments and medical oxygen concentrators market trends will also enhance the market potential in the forecast years.
Although the medical oxygen concentrators industry possesses a lot of opportunities, there are certain limitations too that can hinder the market growth. The strict regulatory scenario will restrict the market potential and will not allow expansion in all areas. This has the potential to limit the market, but the constant demand in the healthcare sector will push the market to grow.
There are many factors that will fuel the market potential in upcoming times, but some challenges can restrict the medical oxygen concentrators market growth. One such challenge is its cost which may seem expensive to some people. Limited amount supply of oxygen is also a reason for constraining the market expansion. In certain regions, the healthcare infrastructure needs to be better for providing medical oxygen concentrators to patients. All these can restrict the medical oxygen concentrators industry size to elevate.
- Cumulative Growth Analysis
According to the medical oxygen concentrators market analysis, the value of the market will surge to many optimum levels in the next many years due to its growing demand. By 2026, the market will surpass its previous historical growth and reach a step closer to its full potential. The medical oxygen concentrators market value in the coming years will attain a substantial rise and grow at a rate of 5 percent.
The medical oxygen concentrators market is fragmented into various segments on the basis of technology, indication, product, end-user, and region.
In this segment, the market is categorized into pulse dose and continuous flow. Both the technology will have greater demand in the coming years.
This medical oxygen concentrators market segment includes diseases like chronic obstructive pulmonary disease or COPD, sleep apnea, asthma, and many others. Such diseases propel market growth and will continue to surge the market demand in the next many years.
The product segment of the market consists of stationary oxygen concentrators and portable oxygen concentrators. Among the two, the stationary oxygen concentrators will have a higher growth as it is a stable oxygen source, longer tubing, and hands-free operation. The portable oxygen concentrators will have the maximum growth as the demand for lightweight, mobile, compact, and higher oxygen capacity concentrators is increasing.
This segment of the market comprises hospitals and clinics, travel, homecare, and many other sectors.
The market is bifurcated into several regions like the Americas, Asia-Pacific, Europe, Africa, and the Middle East. The medical oxygen concentrators industry in the Asia-Pacific region includes Japan, India, China, Australia, and other areas. The Americas are segmented into Latin America and North America. The European region is segmented as Eastern Europe and Western Europe.
The medical oxygen concentrators industry is analyzed in several regions such as the Americas, Asia-Pacific, Europe, Africa, and Middle East. The Americas have a substantial medical oxygen concentrators market share during the forecast period due to the rising respiratory diseases and favorable reimbursement policies, particularly in Canada and US. Europe will have the second-largest market due to the growing prevalence of asthma, pulmonary hypertension, fibrosis, etc. The rising pollutants in the air will also be the reason for market growth in the region.
In the Asia-Pacific region, the market will grow faster due to the demand for portable concentrators, healthcare expenditure increase, and raising awareness about these concentrators. The Middle East will have higher demand due to the growing cases of sleep apnea.
The prominent medical oxygen concentrators market players are:
- OSI - Oxygen Solutions Inc
- Philips Healthcare
- Teijin Limited
- Invacare Corporation
- AirSep Corporation
- O2 Concepts, LLC
- Drive DeVilbiss Healthcare
- Besco Medical Limited
- Medtronic plc
- GCE Group
- Precision Medical, Inc
- Nidek Medical Products, Inc.
- Chart Industries, Inc.
In November 2021
T-Works, a Telangana government initiative, partnered with a Haier company, GE Appliances. The partnership aimed to produce oxygen concentrators to donate to needy people. T-Works develop the devices with the help of a huge network of vendors and suppliers. Based on the initiative, GE Appliances will assemble five oxygen concentrators with training from T-Works.
The partnership has clarified that the concentrators are sponsored by GE Appliances and developed by T-Works to deliver +90 % oxygen at 5 litres per minute.
In June 2021
Servotech Power Systems Ltd, an NSE-listed oxygen concentrator company, has partnered with IIT Jammu and IISER Bhopal to manufacture oxygen concentrators in India. The partnership aims to make the manufactured product indigenous. Servotech is one of the leaders in manufacturing solar panels, LED lights, and UVC disinfection products. Due to the growth of covid-19 cases, Servotech came forward to make 1,00,000 medical-grade oxygen concentrators by March 2022.
The medical oxygen concentrators market forecast report shows insights into the growth aspects of the market along with its growth rate and value. It mentions the impact of Covid19 on the medical oxygen concentrators industry and the market dynamics, including the opportunities and challenges. The report gives a description of the different market segments and market players that will push the market to greater heights. It also includes the recent development in the domain.