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.
Browse over 169 market data Figures spread through 110 Pages and an in-depth TOC on "Global
Oxygen
Concentrators Market"
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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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