Medical Oxygen Concentrators Market Overview
An oxygen concentrator provides the concentrated oxygen through the gas supply by removal of nitrogen to provide an oxygen-enriched gas stream. These devices are highly required in hospitals, clinics and other health service places. This health sector is the prominent driver of the medical oxygen concentrators market. The medical oxygen concentrators market is estimated to reach a value of USD 4.8 billion by 2026. In addition, it will obtain a growth rate or CAGR of 5 % during the forecast period.
Growth factors are accelerating the market’s growth. The favorable government policies and initiatives and the importance of providing medical oxygen concentrators in the health sector are chiefly driving the market. The higher healthcare expenditure is also fueling up the market value. The oxygen concentrators usage by travelers is another driving factor of the medical oxygen concentrators market.
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During the pandemic period, the rise of COVID-19 patients with breathing difficulty increased at a higher pace, leading to the huge demand for oxygen. The oxygen concentrators were the high demand device in the hospitals in this period which as accelerated the growth rate of the medical oxygen concentrators market. The market maintained its growth consistency despite the lockdown because there was no restriction for the industry. Even after the post-lockdown, the market raised in demand and further, it is estimated to continue its uniform growth.
The global demand for oxygen concentrators for patients is highly increasing, creating great opportunities for the market. Furthermore, the increased rate of pollutants, aerosols, smoke, and chemicals results in respiratory diseases, which are eventually raising the market’s demand. The market players’ efforts will bring better solutions and lead to higher opportunities.
Medical Oxygen Concentrators Market Segmentation
The medical oxygen concentrators market is segmented into different segments such as technology, indication, product, and end-user.
The technology segment is classified into pulse dose and continuous flow. The indication segment is divided into chronic obstructive pulmonary disease or COPD, sleep apnea, asthma, etc.
The product section of the market includes stationary oxygen concentrators and portable oxygen concentrators. The stationary oxygen concentrators will attain good growth, while the portable oxygen concentrators will gain maximum growth due to their increased demand.
The end-user segment of the market is segregated into hospitals and clinics, travel, homecare, and many others.
Medical Oxygen Concentrators Market Regional Analysis
According to the geographical data, the medical oxygen concentrators market is distributed into major regions such as the Americas, Asia-Pacific, Europe, Africa, and the Middle East.
The Americas will hold a significant market share during the forecast period due to the increased rate of respiratory diseases and favorable reimbursement policies in prominent regions such as Canada and the US.
Europe captures the second-largest market due to the higher rate of people suffering from asthma, pulmonary hypertension, fibrosis, etc.
The Asia-Pacific region is considered the fastest-growing region due to the increased demand for portable concentrators, higher healthcare expenditure, and increased awareness about the concentrators. The Middle East will notice higher demand due to the rise in cases of sleep apnea.
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Key Players
Top Key Players in medical oxygen concentrators market are Inogen, AirSep Corporation, O2 Concepts, LLC, Drive DeVilbiss Healthcare, Besco Medical Limited, Medtronic plc, GCE Group, ResMed, Precision Medical, Inc, Nidek Medical Products, Inc., Chart Industries, Inc, OSI – Oxygen Solutions Inc, Philips Healthcare, Teijin Limited, Invacare Corporation,
Medical Oxygen Concentrators Industry News
Amazon tied up with sellers for providing 9,000 oxygen concentrators to Indian customers in 2021.
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