Oxygen Concentrators Market to Grow at a Steady CAGR of 4.38% During the Forecast Period
Increasing prevalence of respiratory disorders is driving the growth in the global oxygen concentrators market in the forecast period, 2022-2026.
According to TechSci Research report, “Global Oxygen Concentrators Market By Type (Portable v/s Stationary), By Technology (Continuous Flow, Pulse Flow, Continuous/Pulse Flow), By Flow-rate (0-5l/min, 5-10l/min, Above 10l/min), By Application (COPD, Lung Cancer, Pneumonia, COVID-19, Others), By End User (Hospitals & Clinics, Ambulatory Care Centers, Home Care, Others), By Region, Competition Forecast & Opportunities, 2026”, the global oxygen concentrator market stood at USD2409.36 million in 2020 and is expected to grow at a steady rate of 4.38% during the forecast period on account of the sudden outbreak and spread of the COVID-19 pandemic. The virus has affected around 220 countries across the globe with a total of around 171.99 million reported cases globally, as of June 2nd, 2021. The virus causes infections in the lungs of certain patients leading to breathing issues and requirement of oxygen support. This created a demand for oxygen concentrators globally, thereby driving the growth of global oxygen concentrators market. The pandemic crisis is still prevalent, and the virus is still affecting people across many countries. Various countries in the Asia Pacific, South America region are experiencing the second wave of the virus spread and creating a huge demand for oxygen concentrators. The virus is regularly mutating, and new strains are being observed in infected patients. Also, certain countries can experience the third wave of virus spread. All these factors are expected to positively influence the growth of global oxygen concentrators market in the next few years. Additionally, there are other factors such as growing geriatric population base suffering from various diseases that require oxygen support, thereby fueling the market growth. Also, factors such as increasing air pollution, smoking habits of population, among others have increased the prevalence of several respiratory diseases. This in turn is expected to spur the market growth through 2026. However, lack of awareness related to oxygen concentrators, especially in the under-developed and developing economies, can restrict the market growth during the forecast period. Additionally, stringent regulatory approval process and product recalls by the FDA can further impede the market growth.
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The global oxygen concentrator market is segmented based on type, technology, flow-rate, application, end user, company, and regional distribution. Based on technology, the market can be categorized into continuous flow, pulse flow and continuous/pulse flow. The continuous flow technology dominated the market in 2020 with a share of around 58.41% since most of the concentrators are based out on this technology only. Additionally, using continuous flow technology a continuous flow of oxygen is ensured to the patient irrespective of the fact whether the patient is inhaling or exhaling. However, pulse flow technology will register the highest growth during the forecast period since it is more efficient and convenient to use especially in case of patients requiring oxygen supply of 450ml/min-1250ml/min. Additionally, these can be used effectively by regular air travelers, sports players suffering from different respiratory problems, among others. Based on application, the market can be fragmented into COPD, Lung Cancer, Asthma, COVID-19, and others. COPD is expected to dominate the market during the forecast period owing to the growing prevalence of COPD and increase in mortality caused due to COPD worldwide. Based on end user, the market is categorized on the basis of hospitals & clinics, ambulatory care centers, home care. Hospitals & Clinics dominated the market in 2020 with a share of around 36.46% owing to the large patient population coming to the hospitals who require oxygen support. While the homecare segment is expected to register the highest growth during forecast period owing to the growing popularity of remote patient monitoring, telehealth & telemedicine and home healthcare among the population worldwide. Also, the pandemic crisis has led to the adoption of homecare among the people across different countries.
Major companies operating in the global oxygen concentrators market include Koninklijke Philips N.V., Invacare Corporation, Teijin Limited, Precision Medical, Inc., Drive DeVilbiss Healthcare LLC, Nidek Medical Products Inc., Inogen Inc., NGK Spark Plug Co., Ltd., GCE Group, Linde Healthcare, among others. The players operating in the market are using organic strategies for growth including mergers & acquisitions and expanding their product portfolio to stay competitive in the market and having an edge over their competitors. For instance, In August 2019, Inogen acquired New Aera, Inc., a manufacturer and developer of non-invasive portable ventilators. The company aims to integrate TAV (Tidal Assist Ventilator) technology into its oxygen concentrators to maintain their market position with advanced portfolio.
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“North America dominated the global oxygen concentrators market in 2020 and is expected to continue its dominance over the forecast period also on account of growing prevalence of several respiratory problems such as COPD, Lung Cancer, Asthma, among others in the region. Additionally, the region has a well-established healthcare infrastructure, thereby fueling the market growth. Also, the presence of key market players like Invacare Corporation and Inogen, Inc. in the region is further supporting the market growth.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Oxygen Concentrators Market By Type (Portable v/s Stationary), By Technology (Continuous Flow, Pulse Flow, Continuous/Pulse Flow), By Flow-rate (0-5l/min, 5-10l/min, Above 10l/min), By Application (COPD, Lung Cancer, Pneumonia, COVID-19, Others), By End Users (Hospitals & Clinics, Ambulatory Care Centers, Home Care, Others), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global oxygen concentrators market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global oxygen concentrators market.
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