The global medical oxygen concentrators market size was estimated at USD 3.23 billion in 2020 and expected to reach USD 4.99 billion by the end of 2030 and growing at a compound annual growth rate (CAGR) of 12.8% during the forecast period 2021 to 2030.
Major Trends in the Medical Oxygen Concentrators Industry:
The oxygen therapy sector is evolving speedily with the incorporation of new technologies in the currently available products. These new devices have rectified some problems that were responsible for the side-effects related with the oxygen flow. Lately, new devices have been designed that automatically regulate oxygen stream rates to the requirements of each patient, for maintaining constant oxygen-saturation levels. Such closed-loop arrangements can potentially decrease medical error, reduce morbidity and mortality, and decrease care costs. The advance of continuous-flow technology has carried out major improvements in the working of medical oxygen concentrators. Technologies such as pulse dose technology are also expected to open up new avenues for the creators of oxygen concentrators. Convenience like high mobility, better comfort, improved technologies, and increased efficiencies presented by the technology will enhance its demand in the near future.
The portable oxygen concentrators have undergone major technical improvements and these modern oxygen concentrators are evolving continuously. The ease offered by these little, quitter, and light concentrators is anticipated to boost the progress of oxygen concentrators. These aspects along with high expenditure by major companies in research and development, growing per capita healthcare spending in developing nations, and combination of latest software with the advanced oxygen concentrators to increase efficacy of products is expected to offer new prospects in the worldwide medical oxygen concentrators market.
Crucial factors accountable for market growth are:
COVID-19 Impact on Global Medical Oxygen Concentrators Market
Increasing number of COVID-19 cases is expected to drive the demand for medical oxygen globally. The unparalleled high requirement for medical oxygen has led to in high demand for medical oxygen concentrators. As medical oxygen concentrators are employed in the home settings or hospitals to make oxygen for the patients, they have an important application in the treatment of COVID-19. A robust industrial base and a large number of established manufacturers of medical oxygen concentrators in the U.S. are expected to contribute to the growth of medical oxygen concentrators. The business for medical devices is commanded by imports as most locally manufactured devices are exported to other regions. With an amplified demand for imported devices, the governing system along with the healthcare business is more open to advanced and novel technologies that have increased imports of medical equipments in emerging countries such as India. Nevertheless, for the year 2020, imports and exports have been radically affected due to the closed border of major economies in order to avert the spread of novel coronavirus.
Future of Medical Oxygen Concentrators
The companies operating in the medical oxygen concentrators market are significantly increasing their production capacities and education efforts to fulfil the rising need of these concentrators. For instance, on 4 April 2019 Inogen, Inc. which is one of the major players of the market had recently announced the launch of its Inogen One G5, a portable medical oxygen concentrator. The device is now accessible for sale through the local direct-to-consumer sales network company for individuals suffering from respiratory ailments.
|Market Size||USD 4.99 Billion by 2030|
|Growth Rate||CAGR of 12.8% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Technology, Product, Application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Teijen, DeVilbiss Healthcare, AirSep, Inogen, Nidek Medical, Invacare, O2 Concepts, Inova Labs, Covidien, Philips Respironics|
Significant Market Trends:
Continuous Flow Reported Foremost Market Stake in 2019
Continuous Flow segment displayed the major share in the worldwide medical oxygen concentrators market, by technology, in 2019. The improvements carried out in the technology in order to make the equipment’s more efficient is the major reason for high market share of continuous flow technology. The factors such as multiple benefits over other technologies are expected to retain the dominance of continuous flow technology in the near future.
The pulse flow technology is projected grow at the highest CAGR through the forecast time-frame mainly due totechnological advancements.
Portable Medical Oxygen Concentrators Dominated the Market Revenue
Portable oxygen concentrators are gaining immense popularity due to their ease of use and affordability. Portable medical oxygen concentrators can be used in the treatment of multiple respiratory ailments such as asthma and COPD.Thus, high incidence of respiratory ailments is expected to boost the demand for portable oxygen concentrators in the forecast time-frame.
Home Care Will Dominate the Application Segment of Medical Oxygen Concentrators Market Revenue
Home care services offer the convenience of carrying out treatment for chronic disorders at the home of the patients. The preference for home care is on the rise in developed regions majorly due to high geriatric population. Furthermore,the use of portable oxygen concentrators is extremely convenient for the elderly patients. These factors contribute to the growth of home care services segment.
North America is Estimated to be the Largest Market for Medical Oxygen Concentrators
The research study covers key prospects and trends of medical oxygen concentrators products throughout different regions including Europe, North America, Asia-Pacific, Middle East and Africa, and Latin America. Regionally, medical oxygen concentrators market is dominated by North America due to presence of skilled researchers and high prevalence of chronic respiratory ailments. Europe accounted for the second highest share majorly due to encouraging reimbursement scenario and high geriatric population. On the other hand, Asia-Pacific is anticipated to witness the rapid growth rate, on account of increasing investment by major manufacturers, high tobacco usage for smoking, and growing per-capita healthcare expenditure.
Top Players contending in the Market:
The companies focusing on research and development are expected to lead the global medical oxygen concentrators market. Leading competitors contending in global medical oxygen concentrators market are as follows:
In order to better recognize the current status of medical oxygen concentrators, and policies adopted by the foremost countries, Precedence Research predicted the future evolution of the medical oxygen concentrators market. This research study bids qualitative and quantitative insights on medical oxygen concentrators market and assessment of market size and growth trend for potential market segments.
Key Market Developments:
Major Market Segments Covered:
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