Medical Oxygen Concentrators Market (Size, Volume and Value) and Growth to 2028 Shared in Latest Anlysis

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Oxygen Concentrators Market

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1. / Market Insight
2. Oxygen Concentrators Market Analysis

• Published On : Dec 2021
• Code : CMI198
• Industry : Medical Devices
• Pages : 178
• Formats :

Oxygen Concentrators Market Analysis

Medical Oxygen Concentrators Market, by Modality (Portable and Stationary), by Technology (Pulse Flow and Continuous flow), by End User (Hospital, Home Care, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Oxygen concentrator is a device that provides oxygen therapy to patients at substantially higher concentrations than that of ambient air and keeps the level of oxygen in their blood stable. There are two types of oxygen concentrators: portable oxygen concentrators and stationary oxygen concentrators.

The global medical oxygen concentrators market is estimated to be valued at US$ 1,834 million in 2021 and is expected to exhibit a CAGR of 9.0%during the forecast period (2021-2028).

Figure 1.Global Medical Oxygen Concentrators Market Share (%) in Terms of Value, By Modality, 2021

Increasing prevalence of chronic pulmonary disease (COPD) is expected to drive the market growth during the forecast period.

The increasing prevalence of chronic obstructive pulmonary disease (COPD) is expected to propel growth of the global medical oxygen concentrators market over the forecast period. As oxygen therapy is needed for COPD in case when the oxygen level drops, increasing prevalence of COPD will increase the demand for oxygen concentrators. For instance, according to a Global Initiative for Chronic Obstruction Disease’s 2018 report, COPD is expected to result in 4.5 million global deaths annually by 2030.

Inogen Inc., Invacare Corporation, OxygenToGo, LLC, Koninklijke Philips N.V., ResMed Inc., Drive DeVilbiss Healthcare LLC, Precision Medical, Inc., Besco Medical Co. Ltd., O2 Concepts, LLC, and GCE Group

Figure 2. Global Medical Oxygen Concentrators Market Share (%), by Technology, 2021

Increasing geriatric population is also expected to aid in growth of the market.

The increasing geriatric population is expected to drive the market growth over the forecast period. With aging, the diaphragm becomes weak, which prevents breathing enough air as a result, lowering the oxygen level in the body. For instance, according to the World Health Organization, geriatric population in Europe is expected to increase from 894 million in 2019 to 910 million in 2020. The number of people aged 85 years and older is projected to rise from 14 million to 19 million by 2020 and to 40 million by 2050 in Europe.

Global Medical Oxygen Concentrators Market– Impact of Coronavirus (COVID-19) Pandemic

COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of drugs from one place to another.

The emergence of the COVID-19 pandemic has led to an increasing demand for medical oxygen concentrators. COVID-19 is basically a respiratory disease that affects the lungs and, in severe cases causes the oxygen level to drop. Bilateral pneumonia is the main feature associated with COVID-19 and hence the demand of supplemental oxygen increased during COVID-19. Oxygen concentrators and liquid oxygen, among other tools, are used to increase the oxygen level. In shortage of liquid oxygen, oxygen concentrators are used for oxygen therapy as oxygen tanks have to be refilled but oxygen concentrators can work 24 x 7. However, an increasing number of cases has led to a huge gap in supply and demand.

Global Medical Oxygen Concentrators Market: Restraint

High capital cost involved in CO2 capture is expected to limit growth of the global medical oxygen concentrators market. Demand for oxygen is very high and the product or the system is required in large quantities. The manufacturing involves various process cycles including CO2 capture, which incurs very high cost.

Moreover, low acceptance level for non-portable and single user equipment is expected to hinder growth of the market. This can be attributed to the large sizes of the oxygen systems.

Key Players

Major players operating in the global medical oxygen concentrators market include Inogen Inc., Invacare Corporation, OxygenToGo, LLC, Koninklijke Philips N.V., ResMed Inc., Drive DeVilbiss Healthcare LLC, Precision Medical, Inc., Besco Medical Co. Ltd., O2 Concepts, LLC, and GCE Group

Oxygen concentrators are widely used to treat patients with deficient supply of oxygen or who lack adequate amount of oxygen in blood. This device can be operated by being plugged into an energy source or using batteries. Oxygen concentrators are better alternative to oxygen cylinders that are heavy to carry everywhere. Oxygen concentrators can either be fixed devices or portable. Therefore, these devices can also be used at home. However, a prescription from a registered physician is required to purchase oxygen concentrators. Patients with severe respiratory disorders (asthma, nocturnal hypoxemia, terminal malignancy, and hypoxia) and cardiovascular diseases are prescribed oxygen concentrators. Moreover, oxygen concentrators are widely used in military or in case of disasters where carrying/using oxygen tanks could be risky due to its highly combustible nature.

Market Dynamics

The increasing number of surgeries is expected to offer lucrative growth opportunities for players in the global medical oxygen concentrators market. Generally oxygen is provided to patients at the time of surgery to prevent or treat acute hypoxaemia. For instance, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, admissions for emergency surgery increased between 2016-2017 and 2017-2018 by 2.9% in public hospitals and by 5.1% in private hospitals in Australia.

Key features of the study:

Detailed Segmentation:

 “*” marked represents similar segmentation in other categories in the respective section.

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