The medical oxygen concentrator’s market growth is estimated to reach at a CAGR of 12.8% during the forecast period and to reach valuation US$ 4.99 billion by 2030.
The medical oxygen concentrator’s market growth is estimated to reach at a CAGR of 12.8% during the forecast period and to reach valuation US$ 4.99 billion by 2030.
Chronic obstructive pulmonary disease affects a large portion of the world's population. Many individuals are dying as a result of this disease all around the world. Many individuals are dying as a result of this disease all around the world. Patients are unable to breathe since this disease impairs their respiratory systems. As a result, the doctors administer oxygen to the patient through an external source. This is a primary driver driving the global medical oxygen concentrators market forward. Asthma and a few other respiratory issues have become more common as a result of the increasing concentration of carbon dioxide, pollution, and other harmful chemicals in the atmosphere. The large senior population is also likely to fuel demand for medical oxygen concentrators.
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Continuous advancements in portable oxygen concentrator technology, such as continuous flow and pulse flow, will have a favorable impact on the adoption rate. Patients with a variety of respiratory illnesses, such as pneumonia and lung cancer, are also gravitating toward portable devices. This will increase demand for the product in home care settings. Furthermore, various companies are working on developing novel and user-friendly portable gadgets for patients, which will boost the industry's growth potential. As a result of the COVID-19 pandemic, the need for oxygen concentrators has increased in specialty COVID-centers and hospitals as patients with low oxygen levels. In addition, during a pandemic, portable medical oxygen concentrators that delivered services via mobile platforms raised product demand.
Report Highlights:
- Based on the technology, the continuous flow segment dominated the global medical oxygen concentrators market in 2020 with highest market share. The use of medical oxygen concentrators is predicted to increase due to rapid technological advancements in new product development. Moreover, the category’s growth is expected to be aided by the continued usage of respiratory equipment for oxygen therapy.
- On the basis ofproduct, the portable segment holds the largest market share the global medical oxygen concentrators market in 2020. Over the projection period, an increase in the prevalence of respiratory illnesses such as cardiovascular diseases, asthma, and pneumonia is predicted to boost the use of portable medical oxygen concentrators.
- By application, the home care segment is the largest segment in the medical oxygen concentrators market. Over the projection period, the category is expected to rise due to rising demand for home healthcare oxygen therapies as well as growing need for pure oxygen and technological improvements such as miniaturization of these medical equipment.
- North America is the largest segment for medical oxygen concentrators market in terms of region. One of the major elements driving the medical oxygen concentrators market expansion is the region’s growing elderly population.
- Asia-Pacific region is the fastest growing region in the medical oxygen concentrators market. The rapidly growing geriatric population and the frequency of lung illnesses are factors driving the growth of the medical oxygen concentrators market in the region.
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Future of Medical Oxygen Concentrators Market
The medical oxygen concentrators market is increasing due to patient demand for oxygen concentrators around the world. Furthermore, increased exposure to pollutants, aerosols, smoke, and chemicals is leading to an increase in respiratory disorders, which would eventually boost the market share of medical oxygen concentrators. The industry's demand will be boosted by the expanding number of market players and their efforts to provide better solutions. More chances are likely to arise as a result of more favorable reimbursement policies.Portable oxygen concentrators with a large oxygen capacity and a small footprint will also be in high demand, boosting the medical oxygen concentrators industry's growth. The market potential for medical oxygen concentrators will be boosted in the coming years by recent innovations and market trends.
COVID-19 Impact Analysis:
- The COVID-19 cases are on the rise all over the world and chronic illness cases are on the rise as well, fueling the medical oxygen concentrators market expansion.
- During the COVID-19 epidemic, governments around the world made optimal medical infrastructure use a top priority.
- Moreover, special attention is paid to both the import and local companies of medical oxygen concentrators in order to ensure that it is delivered to approved COVID-19 hospitals specified by the local administration on a consistent basis.
Key Developments in the Marketplace:
- In 2021, Amazon partnered with merchants to deliver 9000 medical oxygen concentrators to customers.
- Inogen Inc. announced a new release in 2019 for patients who need easy to carry and light weight medical oxygen concentrators.
Market Segmentation:
By Technology
- Pulse Dose
- Continuous Flow
- Others
By Product
- Fixed
- Portable
By Application
- Non-home Care
- Home Care
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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