Medical Oxygen Concentrators Market surpassed US$ 2.1 billion in 2021, owing to rising COPD prevalence worldwide | insightSLICE
In 2021, the market for Medical Oxygen Concentrators was valued at US$ 2.1 billion.
The use of medical oxygen concentrators can save the lives of patients whose blood oxygen levels are below normal. The air around the oxygen concentrators is used to reduce nitrogen levels and enhance oxygen concentration. They provide a dependable and sustainable source of oxygen.
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Global Medical Oxygen Concentrators Market Key Segments:
By Product type
- Continuous flow
- Pulse flow
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The key players of the Global Medical Oxygen Concentrators Market are:
Major players involved in the Global Medical Oxygen Concentrators Market are AirSep Corporation, Invacare Corporation, Inogen, Inc., Drive DeVilbis Healthcare Inc., Precision Medical, Inc., GCE Group, Teijin Limited, OSI – Oxygen Solutions Inc., Nidek Medical, Medtronic plc, Philips Healthcare, and ResMed.
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Uses and benefits of Oxygen concentrators:
The need for medical oxygen concentrators is increasing as a result of the growing environmental problems and the global geriatric population.
Chronic obstructive pulmonary disease (COPD), sleep apnea, asthma, and other respiratory problems are all on the rise. 3.6% of American adults, according to the Centers for Disease Control and Prevention (CDC), have chronic bronchitis. Around 65 million people worldwide experience COPD.
For individuals with such breathing problems, medical oxygen concentrators are a breath of fresh air. These items have been in use for many years and are always evolving, for example, through product downsizing and enhanced performance.
The fact that portable medical oxygen concentrators may be remotely monitored makes them a viable solution for patients.
The current COVID-19 outbreak has increased the demand for medical oxygen concentrators globally. Up through 2022, the demand is anticipated to remain high. The strict government restrictions and licensing system for manufacturing the devices are the only impediments to the development of medical oxygen concentrators.
The top market participants are actively investing in new items. During the projected period, innovation and rising healthcare spending are anticipated to propel the expansion of medical oxygen concentrators.
Sales for portable medical oxygen concentrators are growing consistently:
There are two main types of products: portable and stationary. The aged population, which is less mobile, has a high need for stationary product types. On the other hand, people with respiratory conditions like COPD, asthma, and bronchitis prefer portable equipment.
For patients with high levels of mobility, the makers have produced practical, portable, and battery-operated gadgets. Portable medical oxygen concentrators generate relatively high levels of volume and value income, and the industry’s dominance is anticipated to last the entire forecast period.
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The Asia Pacific area has the strongest long-term growth potential:
Many people in the North American region have lung and cardiopulmonary problems. Additionally, people’s life expectancy in North America has been increasing. The population is hence more susceptible to illnesses. As a result, North America generates the most revenue globally.
Patients may now fly with portable oxygen concentrators thanks to government approval. In the upcoming years, the market for medical oxygen concentrators is anticipated to expand steadily. In terms of medical oxygen concentrator demand, the Asia Pacific region is quite promising.
The area is receptive to cutting-edge technology products. The patients’ higher level of life makes it possible for them to use portable equipment. Over the course of the anticipated timeframe, significant nations in the region would collectively be accountable for strong growth.
The growth of pulse flow technology is anticipated to be promising for growth:
Continuous flow is the most used manufacturing method for medical oxygen concentrators. All stationery products feature the technology prominently. Throughout the projected period, the continuous flow technology category will continue to provide the most revenue.
On the other hand, pulse flow technology is employed to make portable medical oxygen concentrators and is comparatively more effective. This technology would be the preferable option because it fits the mobile lifestyle of the populace. Long term, all of these would encourage a high growth rate for the pulse flow technology.
Medical oxygen concentrators have a lot of potential in the homecare end-use segment:
Medical oxygen concentrators fall into two basic categories: homecare and non-homecare. Due to the growing older population and patients’ improved mobility in their younger and middle-aged years, the homecare market has more demand.
The demand for medical oxygen concentrators has indeed been prompted by lung and cardiopulmonary illnesses. Global product consumption is anticipated to be driven by rising healthcare costs and rising standards of living.
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