Published Date : 25 May 2023
The global medical oxygen concentrators market size was surpassed at USD 9.45 billion in 2022 and is projected to gain USD 18.23 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 6.79% between 2023 and 2032.
With the integration of new technologies into the currently offered goods, the oxygen therapy market is rapidly evolving. The negative effects associated with the oxygen flow have been addressed by these innovative devices, which have fixed some issues. For the purpose of maintaining consistent oxygen saturation levels, new devices have recently been developed that automatically adjust oxygen stream rates to the needs of each patient. Such closed-loop systems may help to minimize mortality and morbidity, as well as the expense of healthcare. Major advancements in the operation of medical oxygen concentrators have been made thanks to continuous-flow technology.
Increasing government initiatives to manage and control respiratory illnesses will encourage market growth. Additionally, favorable reimbursement conditions for medical oxygen concentrators in a number of developing countries will boost market value. Sales of medical oxygen concentrators have increased as a result of the COVID-19 pandemic. The huge patient population with acute respiratory syndrome is to blame for the unexpected increase in product demand. The small size, portability, and consumer affordability of portable medical oxygen concentrators are expected to drive their 5.2% growth rate through 2027. The constant advancement of technologies in portable oxygen concentrators, such as continuous flow and pulse flow, will increase the adoption rate.
In addition to Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America, the research study also examines significant prospects and trends for medical oxygen concentrator goods in these regions. Due to the availability of qualified researchers and the high frequency of chronic respiratory diseases, North America dominates the global market for medical oxygen concentrators. The second-highest percentage was primarily attributable to Europe because of its favorable reimbursement environment and largely elderly population. On the other hand, the Asia-Pacific region is expected to have rapid expansion due to rising investments by large manufacturers, high tobacco use among smokers, and rising per-capita healthcare costs.
Medical Oxygen Concentrators Market Report Scope:
|Market Revenue in 2023||USD 10.09 Billion|
|Projected Forecast Revenue in 2032||USD 18.23 Billion|
|Growth Rate from 2023 to 2032||CAGR of 6.79%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
The need for medicinal oxygen is anticipated to increase because of an increase in COVID-19 patients. The need for medical oxygen concentrators is extremely strong due to the unmatched high demand for medical oxygen. Medical oxygen concentrators are crucial in the treatment of COVID-19 since they are used to produce oxygen for patients in homes and hospitals. Medical oxygen concentrator sales in the United States are predicted to increase thanks to a strong industrial basis and a sizable number of reputable producers. Since the majority of locally produced medical equipment is shipped to other areas, imports dominate the market for these products.
The expansion of the global market for medical oxygen concentrators is anticipated to be constrained by the high capital cost required in CO2 capture. There is a huge need for oxygen, and a lot of the system or product is needed. Manufacturing comprises several different process cycles, including CO2 capture, which is quite expensive. The market's expansion is also anticipated to be restricted by the low acceptance level for non-portable and single-user devices. The magnitude of the oxygen systems can be credited to this.
In 2020, revenue from continuous flow exceeded USD 1.2 billion. The demand for the product will increase as chronic respiratory disorders become more common and as tobacco and smoking use rises across many nations. The segment will grow as continuous flow concentrators are more widely used in healthcare settings for critical care. In order to create new products, several manufacturers are implementing cutting-edge technology, which will also drive the segment's potential for growth.
Continuous Flow Insights:
According to technology, the Continuous Flow segment held the largest market share for medical oxygen concentrators globally in 2019. The main factor contributing to continuous flow technology's significant market share is the technological advancements made to increase equipment efficiency. It is anticipated that continuous flow technology will continue to rule in the near future due to factors including its numerous advantages over competing technologies.
Portable oxygen concentrators are extremely popular right now because of how simple and inexpensive they are to use. Multiple respiratory conditions like asthma and COPD can be treated with portable medical oxygen concentrators. Therefore, a high prevalence of respiratory conditions is anticipated to increase demand for portable oxygen concentrators during the anticipated time frame.
The convenience of treating patients' chronic illnesses at home is provided through home care services. Because there are so many elderly people, home care is becoming more and more popular in developed areas. Furthermore, older people find portable oxygen concentrators to be incredibly convenient. These elements help the market for home care services to expand.
Major Key Players:
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