New York, USA, Dec. 27, 2022 (GLOBE NEWSWIRE) -- Medical Oxygen Concentrators Market Summary:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Oxygen Concentrators Market Information by Product, Technology, Indication, End User, and Region - Forecast till 2030”, the market is expected to register a CAGR of 5% to reach USD 4.8 billion by 2030.
Market Scope:
Medical professionals frequently utilize oxygen concentrators in the course of treatment and diagnosis. Older patients with mobility issues and a need for a constant oxygen supply often choose for homecare settings where medical oxygen gas devices like oxygen concentrators and compressed oxygen gas cylinders are used often.
Many people who suffer from the long-term effects of smoking, such as those with chronic obstructive pulmonary disease (COPD), emphysema, or chronic bronchitis, require oxygen therapy or supplemental oxygen in order to maintain healthy blood oxygen levels. In addition, a wide variety of oxygen delivery systems are employed to provide patients with a steady stream of oxygen. Medical oxygen gas, on the other hand, is oxygen of extremely high purity specifically designed for internal human use in therapeutic therapy.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 4.8 Billion |
| CAGR | 5% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Application, Indication and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing number of patients with LTOT, sleep apnea and asthma |
| Upsurge in healthcare spending and favorable government initiatives |
Medical Oxygen Concentrators Market Competitive Dynamics:
The prominent medical oxygen concentrators market players are:
- OSI - Oxygen Solutions Inc
- Philips Healthcare
- Teijin Limited
- Invacare Corporation
- 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.
Medical Oxygen Concentrators Market Dynamics:
Market Drivers
The medical oxygen concentrators market is skyrocketing due to the increasing demand from patients around the world. Exposure to pollutants, aerosols, smoke, and chemicals is on the rise, leading to an increase in respiratory disorders and, in turn, a larger market for medical oxygen concentrators. As more and more companies enter the market and work to provide better solutions, demand is expected to rise. More possibilities could emerge as a result of more generous reimbursement policies.
Increased demand for portable oxygen concentrators that don't sacrifice oxygen quality for portability will drive the development of the medical oxygen concentrators market. The current innovations and market trends for medical oxygen concentrators will also contribute to the market's expansion in the next years. The market is being driven by an increase in environmental contamination that people are exposed to on a daily basis. The industry is also being propelled by an increase in the number of people who are both susceptible to indoor air pollution and active smokers.
Limitations in the Market
The market for medical oxygen concentrators is promising, but it faces challenges that could slow its expansion. The market's potential will be limited, and development into all areas will be impossible, under the current regulatory framework. This could slow down the industry, but the ever-increasing demand in the healthcare sector will drive it forward.
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Analyzing COVID-19:
The COVID-19 pandemic increased the need for oxygen concentrators in hospitals. Coronavirus infection of the lungs led to respiratory distress and a heightened need for oxygen. For this reason, the demand for oxygen concentrators has surged, driving the expansion of this industry. A rapidly expanding patient base for chronic conditions like sleep apnea, LTOT, and asthma is driving the industry forward at a rapid clip. The market for medical oxygen concentrators is expected to grow over the study period, thanks in large part to measures undertaken by the government.
The worldwide surge of the coronavirus epidemic wreaked havoc on the economy and precipitated a serious health crisis. Rapid patient growth resulted in a surge in the need for more oxygen. Patients gasping for air turned to oxygen concentrators, driving up demand in the medical oxygen concentrators sector despite the dire circumstances. Medical oxygen concentrators were also opted for by those with low blood oxygen levels. The medical oxygen concentrators industry has seen substantial expansion due to the increasing demand for these devices.
Medical Oxygen Concentrators Market Segmentation:
By Product
Portable Oxygen Concentrators segment is expected to record substantial growth over the review period.
By Technology
Continuous Flow segment is slated to rise at a notable CAGR over the review period.
By Indication
The sleep apnea segment is gaining momentum over the past couple of years and is expected to acquire a significant value over the review period.
By End-User
The hospitals and clinics segment is poised to acquire the largest market share over the review period.
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Medical Oxygen Concentrators Market Regional Analysis:
Due to the increasing prevalence of respiratory diseases and the region's generally generous reimbursement policies, particularly in the United States and Canada, the Americas are expected to hold a disproportionately large share of the global market for medical oxygen concentrators over the next few years. The market for portable oxygen concentrators continues to hold a large share of the industry due to the rising incidence of COPD and the increasing number of patients in the United States. The United States has the fastest-growing elderly population with COPD, so there is a lot of pressure to come up with new, cutting-edge solutions that are also simple to use.
Due to rising rates of asthma, pulmonary hypertension, fibrosis, etc., Europe will be the second largest market. The increasing levels of air pollution will contribute to the expansion of the local economy.
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Demand for portable concentrators, rising healthcare spending, and increased public awareness will drive expansion in the Asia-Pacific area. Rapidly rising rates of chronic diseases, infectious diseases, and cardiovascular diseases, as well as a surge in the need for oxygen cylinders in this region due to a larger population, improved health care infrastructure, and an increase in the number of hospitals equipped with cutting-edge medical facilities, are expected to drive the market growth in Asia-Pacific over the forecast period.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
