Dublin, Aug. 12, 2021 (GLOBE NEWSWIRE) -- The "Global Oxygen Concentrator Market Outlook, 2026" report has been added to ResearchAndMarkets.com's offering.
With the demand for medical oxygen continuing unabated and countries struggling to keep pace with demand, the oxygen concentrator has emerged as a sought-after device.
The high demand for medical oxygen concentrators is mainly attributed to infections and chronic diseases affecting the respiratory health of individuals. The major use of oxygen was prominent with the incline in the respiratory issues caused by increasing pollution, resulting in a market value of USD 1.59 Billion in 2015.
With the recent COVID-19 outbreak globally, the demand for medical oxygen concentrators is set to spur exponentially. The corona pandemic was a boost for the market in disguise, which is to aid a market growth of more than 6% through the forecasted period. Adoption of medical oxygen concentrators will be high, especially in hospitals to manage respiration among critical patients.
Globally, around 300 Million people suffer from asthma as per one of the reports of the World Health Organization. This has been a major reason for the upsurge in the demand for the medical oxygen concentrator. Even though the oxygen cylinder segment is the leading product type segment, with a market share of over 47% in 2020, the portable cylinder segment is anticipated to have major growth in the coming years.
Advantages such as ease of use, portability, and reduced weight, along with long battery life, miniaturization, and integration of membrane technology will spur its adoption rate to 9.56% through the forecasted period. Continuous flow medical oxygen concentrator segment size was over USD 1.78 billion in 2020.
The prevalence of chronic respiratory conditions has led to a high number of emergency cases requiring continuous oxygen supply to patients. Increasing the use of continuous flow concentrators during critical situations in healthcare facilities is expected to positively impact its market growth. However, the pulse flow technology is expected to grow over an anticipated CAGR of 11.12%.
Contradicting to the common assumptions, the nonhome care segment while includes- Hospitals, Ambulatory Surgical Centers, and & Physician Offices, accounted for 46% of the market share in 2015, declining gradually since then. On the other hand, the home care segment holding over half of the market share is expected to grow at a rate of 8.44% through the forecasted period.
The growing elderly population base prone to several cardiopulmonary diseases further impels the demand for homecare medical oxygen concentrators. Cardiopulmonary disorders hinder natural breathing and thus create the need for external oxygen therapy.
North America medical oxygen concentrators market accounted for the highest market share in the year 2020, along with Europe forming a market of over 60% of the market. The US led the global market with a share of 28.41% in 2020 on account of growing spending and disposable income of the population, expanding geriatric population pool, and changing lifestyle. Globally, as of June 2021, there have been 171,292,827 confirmed cases of COVID-19, including 3,687,589 deaths, thereby impacting the supply of medical oxygen concentrators.
Some of the prominent players operating in the medical oxygen concentrators market include Teijin Limited, Nidek Medical Products, Inogen, ResMed, and Invacare Corporation among other players. These market players are adopting various inorganic growth strategies to increase market share and obtain a competitive advantage.
The key players are focusing on broadening their product portfolio by partnering with or acquiring smaller companies or by launching new products.
Key Topics Covered:
1. Executive Summary
2. Report Methodology
3. Global Medical Oxygen Concentrators Market Outlook
3.1. Market Size by Value
3.2. Market Share
3.2.1. By Product Type
3.2.2. By Technology Type
3.2.3. By End User
3.2.4. By Region
3.2.5. By Country
3.2.6. By Company
4. North America Medical Oxygen Concentrators Market Outlook
5. Europe Medical Oxygen Concentrators Market Outlook
6. Asia-Pacific Medical Oxygen Concentrators Market Outlook
7. Latin America Medical Oxygen Concentrators Market Outlook
8. Middle East & Africa Medical Oxygen Concentrators Market Outlook
9. Market Dynamics
9.1. Key Drivers
9.2. Key Challenges
10. Market Trends and Developments
11. Company Profiles
11.1. Caire Inc.
11.2. Inogen Inc.
11.3. Invacare Corporation
11.4. Koninklijke Philips
11.5. Nidek Medical Products Inc.
11.6. O2 Concepts LLC
11.7. Precision Medical, Inc.
11.8. ResMed
11.9. Teijin Limited
11.10. Company Overviews
11.10.1. AirSep Corporation
11.10.2. Besco Medical Limited
11.10.3. DeVilbiss Healthcare
11.10.4. GCE Group
11.10.5. Medtronic
11.10.6. Supera Anesthesia Innovations
For more information about this report visit https://www.researchandmarkets.com/r/jngu7m
