Medical Oxygen Concentrators Market Overview
As per MRFR, the medical oxygen concentrators market is estimated to gain an income of USD 4.8 billion with a CAGR of 5% by the year 2026. Oxygen concentrators are ideal for dispensing POC (point-of-care) oxygen in developing-country settings, particularly if piped systems and cylinders are inadequate or unavailable. Furthermore, as individuals become more exposed to pollution, portable oxygen concentrators with high oxygen capacity and compact size will be in higher demand, propelling the medical oxygen concentrators business forward.
The devices bring cost-effective and long-term oxygen to health care institutions, increasing demand for the medical oxygen concentrators business. The soaring number of patients worldwide who require extensive oxygen therapy, or LTOT, has further bolstered market growth. The surge in healthcare spending will also improve the medical oxygen concentrators’ market value. Travelers’ need for portable oxygen concentrators is also a driving influence in the medical oxygen concentrators market.
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The global medical oxygen concentrators market has been segmented into product, technology, indication, end user, and region. End users have segmented the market into homecare, hospitals and clinics, and travel. The medical oxygen concentrators market has been divided into two product categories: portable oxygen concentrators and stationary oxygen concentrators. The medical oxygen concentrators market has been segmented into technology-based segments: continuous flow and pulse dose. The medical oxygen concentrators market has been divided into indications such as chronic obstructive pulmonary disease, asthma, and sleep apnea.
Detailed Regional Analysis
The medical oxygen concentrators industry is scrutinized in several regions such as Asia-Pacific, Europe, Africa, the Americas, and the Middle East. Due to increased respiratory disorders and favorable reimbursement policies, particularly in Canada and the United States, the Americas will hold a sizable medical oxygen concentrators market share during the projection period. Due to the increasing frequency of asthma, pulmonary hypertension, and fibrosis, Europe will have the second-largest market. The rising levels of pollutants in the air will also drive market expansion in the region. The Asia-Pacific region’s market will expand quicker due to increased demand for portable concentrators, rising healthcare expenditures, and awareness of these concentrators. Due to the rising prevalence of sleep apnea, the Middle East will increase in demand.
The effectiveness of core sectors on a global scale is projected to augment the expansion of the global market in the approaching period. The emergence of global firms into important developing regional markets is considered to have a positive impact that will spread to other industry segments. Furthermore, improved economic relations between numerous nations are expected to provide further opportunities for growth in the coming years. The overall development prospects of market participants are predicted to boost progressively as the impact of the COVID-19 epidemic lessens. The optimism about COVID-19-related therapeutic techniques, such as vaccines, being pushed out in various locations is forecast to expand market sentiment further. The involvement of governmental organizations in promoting market development is projected to be critical through the provision of special incentives to attract global titans to certain locations and contribute to market development during the forecast period.
The renowned players in the medical oxygen concentrators market are Invacare Corporation, AirSep Corporation, Drive DeVilbiss Healthcare, Philips Healthcare, Medtronic plc, ResMed, Chart Industries, Inc., GCE Group, Besco Medical Limited, Nidek Medical Products, Inc., Precision Medical, Inc., O2 Concepts, LLC, Inogen, Teijin Limited, and OSI – Oxygen Solutions Inc.
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The Prime Minister Andrew Holness’ Positive Jamaica Foundation presented the Ministry of Health and Wellness with 19 medical oxygen concentrators on Thursday. Positive Jamaica Foundation collaborated with several individuals from around the world. However, the healthcare system requires between 150 and 200 of this equipment.
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