Newark, NJ, Sept. 15, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global medical oxygen concentrators market is expected to grow from USD 1.7 billion in 2019 and to reach USD 3.15 billion by 2027, growing at a CAGR of 8% during the forecast period 2020-2027.
The medical oxygen concentrators market is witnessing significant growth from the past years. This growth is attributed to increasing incidences of coronavirus infection, patients with pre-existing asthma, COPD, and various other lung disorders. The large elderly pool that is vulnerable to lung-related diseases will create a large demand for medical oxygen concentrators. The rising aging population is the foremost factor driving the market. Government initiatives like organizing awareness campaigns about respiratory disorders and increasing number of people suffering from respiratory diseases like bronchitis, chronic obstructive pulmonary diseases, and emphysema will propel market growth.
Medical oxygen concentrators are the devices that concentrate oxygen from a gas supply by removing nitrogen to supply an oxygen-enriched product gas stream. These devices are used to deliver oxygen for patients who have a low level of oxygen in their blood. Medical oxygen concentrators are utilized by patients requiring supplemental oxygen for respiratory issues like emphysema, bronchitis, intense pneumonia, and lung malignancy. Oxygen concentrators are good alternatives to oxygen cylinders that are heavy to carry. Medical oxygen concentrators provide cost-effective and sustainable oxygen to health facilities with reliable power. The oxygen concentrator has an air blower, two chambers loaded up with zeolite pellets, and a few valves and cylinders. Medical oxygen concentrators can be operated by being plugged into an energy source or by using batteries.
Global medical oxygen concentrators market is expected to witness significant growth, owing to the rise in healthcare spending, growing COPD prevalence worldwide, increasing elderly population base, rising incidence of COVID-19 cases, and increasing adoption of smoking and tobacco consumption. The major factors restraining the market growth are low acceptance level for the non-portable and single-user equipment and high costs. Advancement in the concentrators providing long battery life, miniaturization and integration of membrane technology will provide growth opportunities to the market.
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Key players operating in global medical oxygen concentrators market include NIDEK Medical Products, Philips Respironics, Koninklijke Phillips N.V., Covidien, Invacare Corporation, Inogen, and ResMed. To gain a significant market share in the global medical oxygen concentrators market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Inogen and Philips Respironics are some of the leading manufacturers of medical oxygen concentrators.
- For instance, in January 2018, Mobi, a branded portable oxygen concentrator, was introduced by ResMed. This product will strengthen the firm’s market position and offer a competitive edge.
- In August 2019, New Aera Inc., a manufacturer and developer of non-invasive portable ventilators, was acquired by Inogen. This acquisition aims to integrate TAV technology into its oxygen concentrators to maintain market position with an advanced portfolio.
Portable medical oxygen concentrators segment dominated the market and held the largest share of 55.12% in the year 2019
On the basis of product, the global medical oxygen concentrators market is segmented into portable medical oxygen concentrators and fixed medical oxygen concentrators. Portable medical oxygen concentrators segment dominated the market and held the largest share of 55.12% in the year 2019. This growth was attributed to advancements in these concentrators providing long battery life, the introduction of novel oxygen concentrators by prominent players offering enhanced technology with portability.
Homecare segment dominated the market and held the largest share of 61.7% in the year 2019
On the basis of application, the global medical oxygen concentrators market is segmented into home care and non-home care. The homecare segment dominated the market and held the largest share of 61.7% in the year 2019. This growth was attributed to rising preference and spending in home healthcare devices in developing as well as developed countries, and these devices are convenient and user-friendly.
Continuous flow segment dominated the market and held the largest share of 58.23% in the year 2019
On the basis of technology, the global medical oxygen concentrators market is segmented into pulse flow and continuous flow. Continuous flow segment dominated the market and held the largest share of 58.23% in the year 2019. This growth is attributed to increasing demand for medical oxygen concentrators during emergencies, including COVID-19 pandemic for critical patients, the prevalence of chronic respiratory conditions and a large number of emergency cases requiring continuous oxygen supply to patients.
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Regional Segment of Medical Oxygen Concentrators Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global medical oxygen concentrators market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region held a major share of 38.9% in the year 2019. This growth was attributed to the growing spending and disposable income of the U.S. population, expanding geriatric population pool, and changing lifestyle. Europe holds the second-largest share in the market, owing to the growing geriatric population and rising prevalence of pulmonary hypertension, asthma, COPD, and fibrosis. The Asia-Pacific market is expected to witness significant growth, owing to the rising demand for portable concentrators, growing awareness about oxygen concentrators, and increasing healthcare expenditure.
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About the report:
The global medical oxygen concentrators market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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