OTTAWA, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Medical Oxygen Concentrators Market Size, Share (By Technology: Pulse Dose, Continuous Flow, and Others; By Product: Fixed and Portable; By Application: Non-home Care and Home Care) - Global Industry Analysis, Growth, Trends, Segment Forecasts, Regional Outlook 2021 - 2030”.
An oxygen concentrator is equipment used to dispense oxygen for patients with a low oxygen level in their blood. A valid prescription is required for the purchase of oxygen concentrators. Oxygen concentrator works by concentrating oxygen from a gas supply (largely ambient air) by selectively eliminating nitrogen to deliver an oxygen-fortified product gas flow. The equipment absorbs air and eradicates nitrogen from it, leaving a gas enriched with oxygen for use by individuals needing medical oxygen owing to low levels of oxygen in their blood. Oxygen concentrators are used by plugging into an electric outlet or by using a battery. A concentrator, powered by an electric battery is needed to be charged by plugging into the outlet. Increasing geriatric population base all over the world that requires homecare oxygen therapy will augment demand for the equipment in the coming years. Furthermore, individuals suffering from respiratory ailments such as COPD (chronic obstructive pulmonary disease), chronic bronchitis, and emphysema will further boost the demand for medical oxygen concentrators over the forecast period. There have been some important advances in the continuing oxygen therapy care domain over the past few years. Oxygen concentrator is one of the most significant advancements within that field.
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Growth Factors:
Factors such as increasing prevalence of respiratory ailments, growing geriatric population, high investment in research and development, increasing focus on home healthcare, increasing per capita healthcare expenditure, growing incidence of novel viral diseases, technological advancements, and improving reimbursement scenario in developing regions are driving the growth of medical oxygen concentrators market. Increasing prevalence of tobacco smoking, growing cases of lung disorders, and awareness campaign undertaken by governments to spread awareness regarding respiratory ailments are further propelling the medical oxygen concentrators market expansion across the globe.
Patients affected by various kinds of respiratory illnesses, such as lung malignancy, intense pneumonia, bronchitis, and emphysema require the facilities of oxygen concentrators. High demand from these users is expected to augment the requirement for oxygen concentrators in the near future. Medical oxygen concentrators find usage both at home as well as clinical settings to cater to the requirement of oxygen. These concentrators are fitted with some cylinders and valves, a weight regulating supply, two compartments occupied with an air blower, and zeolite pellets.
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Report Highlights:
- Among the technology segment, continuous flow is expected to dominate the overall market. The launch of new and improved products employing the continuous flow mechanism due to multiple advantages is a major reason for the high market share of the technology.
- The portable medical oxygen concentrators accounted for the largest revenue in the product segment with more than 58% share in 2020. Ease of use and storage is the major reason for high market share of portable medical oxygen concentrators. High prevalence of respiratory ailments such as COPD and asthma is also expected to boost the demand for portable concentrators.
- Home care accounted for the largest revenue in the application segment. High demand for oxygen concentrators for administration of oxygen in home settings, technological advancements, increasing trend of home healthcare in developed countries of North America and Western Europe, and launch of new portable oxygen concentrators is the key reason for high market share.
- Inogen, Invacare, DeVilbiss Healthcare, and Covidien accounted for a significant share of the global medical oxygen concentrators market.
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Regional Analysis:
The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 35%. U.S. signified the highest portion in the North American region largely due to large investment in medical devices research and development and presence of skilled physicians. Furthermore, early implementation of latest technologies also contributed to the high market share of the United States.
Europe was the next important market mainly due to a high geriatric population and high investment in research and development. The increasing requirement for home healthcare in the European region is also expected to boost the demand for medical oxygen concentrators in the projected time-span. Asia Pacific is estimated to advance at the maximum CAGR of around 6.1% in the forecast period due to high incidence of respiratory ailments. Middle East, Africa and Latin American region will exhibit noticeable progress.
Key Market Players and Strategies:
The major companies operating in the worldwide medical oxygen concentrators market are Teijen, DeVilbiss Healthcare, AirSep, Inogen, Nidek Medical, Invacare, O2 Concepts, Inova Labs, Covidien, and Philips Respironics among others.
Increased spending on research and development along with mergers, acquisition, and collaborations are the important strategies taken up by manufacturers operational in the global medical oxygen concentrators market. Moreover, leading companies are investing heavily on research for the development of portable oxygen concentrators. In January 2018, ResMed introduced its branded portable oxygen concentrator, Mobi.
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