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Oxygen Concentrators Market

Global Oxygen Concentrators Market was valued at USD 1.44 billion in 2020, growing at a CAGR of 8.80% during the forecast period from 2021 to 2026, to reach USD 2.42 billion by 2026. The demand for Oxygen Concentrators is primarily attributed to factors such as the recent outbreak of the COVID-19 pandemic, increasing prevalence of respiratory disorders, technological advancements, rising geriatric population susceptibility to chronic diseases, and rise in air pollution due to tobacco smoking, also the entrance of key companies such as Servotech Power Systems, CAIRE, Precision Medical will provide immense growth opportunities.

DelveInsight’s Oxygen Concentrators Market Insights and Forecast report provides the current and forecasted Oxygen Concentrators Market forecasts for next five years, upcoming innovation in the devices, individual market shares, challenges, drivers and barriers, market trends, and key competitors in the Oxygen Concentrators Market. 

Oxygen Concentrators Overview

An Oxygen Concentrator is an alternative to oxygen cylinders. An Oxygen Concentrator is a medical device that tends to concentrate oxygen from the ambient air. The atmospheric air contains about 78 % nitrogen and 21% oxygen with other types of gases making up the remaining 1%. The Oxygen Concentrator tends to take in this air, filter it through a sieve and release the nitrogen back in the air, working on the remaining amount of oxygen. This oxygen, compressed and dispensed through a cannula, is 90-95 percent pure. A pressure valve in concentrators helps regulate supply, ranging from 1-10 liters per minute.

Oxygen Concentrators Market Insights

Geographically, the Global Oxygen Concentrators market is studied for North America, Europe, Asia-Pacific, and the Rest of the World. In terms of revenue share North America currently leads the global market and is expected that it will remain constant during the forecast period. This domination is owing to the growing demand because of the high prevalence of chronic bronchitis, rising prevalence of respiratory disorders, rising product launch, and well-established reimbursement scenario in the region among other factors in the region. Furthermore, the prompt and well-established healthcare services and infrastructure contributes to the growth of the regional oxygen concentrators market growth. Moreover, the presence of key players in the region and supportive reimbursement programs further provide immense growth opportunities for the Oxygen Concentrators market.

Furthermore, due to the increase in obstructive sleep apnea and the presence of key players in the Asia-Pacific region, there is an increasing demand observed for Oxygen Concentrators in these regions as well, which is driving the Oxygen Concentrators market growth. Additionally, the rising geriatric population in the region having a higher susceptibility to chronic respiratory disorders, along with rising healthcare costs, improving healthcare infrastructure population, and growing healthcare expenditure are further projected to augment the Oxygen Concentrators market in the region. This is due to the rising burden of the geriatric population in the region and growing healthcare awareness about Oxygen Concentrators which is expected to drive the Oxygen Concentrators market growth in the forecasted period.

Interested in knowing how the Oxygen Concentrators Market will be growing by 2026? Click to get a snapshot of Oxygen Concentrators Market Analysis

Recent Breakthroughs In Oxygen Concentrators Market

• On June 16, 2021, Servotech Power Systems, a leading manufacturer of LED lights and solar panels had announced the launch of medical-grade Oxygen Concentrators.
• On November 19, 2019, CAIRE, a Georgia-based oxygen supply manufacturer, had launched a new FreeStyle® Comfort® portable oxygen concentrator equipped with autoSAT® technology.
• In October 2019, Precision Medical launched a new portable Oxygen Concentrator, Live Active Five, designed to assist people affected with COPD. Also, on April 03, 2019, Inogen, Inc. announced its launch of Inogen One G5, a lightweight and easy-to-carry Oxygen Concentrator.
• On October 02, 2018, NGK Spark Plug Co. Ltd. had announced that they had signed a definitive agreement to acquire all oxygen-related products of Chart Business Inc. Thus, owing to the launch of such devices, there will be a rapid growth observed in the Oxygen Concentrators market during the forecast period.

Oxygen Concentrators Market Segmentation Analysis

According to DelveInsight estimates, in the technology segment of the Oxygen Concentrators market, the continuous flow devices are anticipated to hold a significant market share during the forecasted period. This is owing to the various technological benefits such as the supply of oxygen at a steady and specified rate, in addition, the rising prevalence of sleep apnea and other conditions that require oxygen worldwide are the key driving factors contributing to the segmental growth of the Global Oxygen Concentrators market. In addition, recent product approvals in spinal fusion and fixation device portfolio with advanced technology are also expected to spur the segmental market. Hence, all the above-mentioned factors are expected to drive the segment growth of the Oxygen Concentrators market. Global Oxygen Concentrators market segmentation can be categorized into the following-

By Type

• Portable Oxygen Concentrators
• Stationary Oxygen Concentrators

By Technology

• Continuous Flow Oxygen Concentrators
• Pulse Flow Oxygen Concentrators

By Application

• COPD
• Asthma
• Others 

By End-User

• Hospitals
• Ambulatory Surgical Centres
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Rest of World

COVID-19 Impact On Oxygen Concentrators Market 

The COVID-19 pandemic had caused a surge in the Oxygen Concentrator market. The demand for Oxygen Concentrators is primarily increasing as a result of the growing number of patients affected with COVID-19. Owing to the rise of COVID-91 patients, there is a very high demand for oxygen cylinders which is also shortening in terms of supply. Hence, there is a very high demand being experienced for Oxygen Concentrators as they are a potent alternative to oxygen cylinders and are helping in stabilizing the patients affected with this respiratory disorder. Oxygen Concentrators are also the most sought-after option for oxygen therapy in patients that are currently in home isolation and for hospitals that are running out of oxygen supplies.  Also, looking at the current post-COVID-19 scenario, there is still an increased risk of different variants of the COVID-19 virus and thus there will be a high demand for Oxygen Concentrators, thereby leading to an overall increase in the Oxygen Concentrators market during the forecast period.

To discuss more regarding the short/long-term impact of COVID-19 get a snapshot of the report Oxygen Concentrators Market Assessment

Key Players Proactively Working In the Oxygen Concentrators Market

Key Oxygen Concentrator companies contribute a lot to the development of these devices, they are also involved in mergers and acquisitions to strengthen their market position. Some of the companies operating actively in the Oxygen Concentrators market include-

• Koninklijke Philips N.V., O2 CONCEPTS®, LLC
• Invacare Corporation, Chart Industries, Inc. (AirSep) 
• DeVilbiss Healthcare LLC
• Inogen, Inc.
• Teijin Limited
• GCE Group
• Oxygen Solutions Inc.
• Besco Medical Limited
• Medtronic PLC
• ResMed
• Precision Medical, Inc.
• BPL Medical Technologies Private Limited
• CAIRE, Inc.
• Foshan Keyhub Electronic Industries Co., Ltd.
• NGK SPARK PLUG CO., LTD.
• Linde PLC
• Longfian Scitech Co. Ltd.
• Inova Labs Inc. 

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About DelveInsight

DelveInsight is a leading Business Consultant and Market Research firm focused exclusively on life sciences. It supports Pharma companies by providing comprehensive end-to-end solutions to improve their performance.  Get hassle-free access to all the healthcare and pharma market research reports through our subscription-based platform PharmDelve.

Source: https://www.medgadget.com/2022/01/global-oxygen-concentrators-market-anticipated-to-exhibit-strong-growth-in-the-coming-years.html

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