Global Medical Oxygen Concentrators Market Key Insights
During the forecast period of 2023-2035, the global medical oxygen concentrators market is expected to reach an estimated value of ~USD 6,000 million by 2035 by expanding at a CAGR of ~6%. The market further generated revenue of ~USD 3,000 million in the year 2022. Major key factors propelling the growth of the medical oxygen concentrators market worldwide are the increasing prevalence of chronic obstructive pulmonary diseases (COPDs), since the patients suffering from COPDs may experience sleep consolidation, dyspnea, lack of energy, hypoxemia, and others, and to provide immediate benefits and ease, oxygen therapy is highly recommended by the doctors.
Market Definition of Medical Oxygen Concentrators
The medical oxygen concentrator is medical equipment to provide additional oxygen to patients. Medical oxygen concentrators use the air from the surroundings to extract oxygen and purify it for breathing. A medical oxygen concentrator is not just a tank but a functional machine to filter out nitrogen from the air. Oxygen concentrators are mainly used for therapeutic and diagnostic purposes by the healthcare provider. These devices are also used in homecare settings by patients who lack mobility and are dependent on the constant oxygen supply. Oxygen concentrators help the patients to breathe better and increase the oxygen level in the blood of the patient.
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Global Medical Oxygen Concentrators Market: Growth Drivers
The growth of the global medical oxygen concentrators market can majorly be attributed to an increment in incidents of late-stage heart failure boosting the demand for medical oxygen concentrators. The heart muscles become weaker after heart failure and cannot pump blood in the body properly causing the need for medical equipment to deliver oxygen throughout the body. For instance, more than 8 million deaths were caused by ischemic heart disease across the globe in 2019. On the other hand, the increasing number of people being diagnosed with asthma and respiratory diseases is further expected to drive market growth over the forecast period. According to the statistics released by the World Health Organization, it was stated that in 2019, nearly 262 million people were diagnosed with asthma and 455,000 deaths were caused by a similar disease.
The global medical oxygen concentrators market is also estimated to grow majorly on account of the following:
- Increasing geriatric population with COPDs
- Increment in the prevalence of cancer and cardiovascular diseases
- Surge in asthma and other respiratory diseases
- Higher number of cases of COVID-19
- Rising awareness of dyspnea and hypoxemia
Global Medical Oxygen Concentrators Market: Restraining Factor
Medical oxygen concentrators do not purify the air 100% hence it might cause a life-threatening situation. Therefore, there are many strict regulations imposed by the government on medical oxygen concentrator manufacturing. This factor is expected to be the major hindrance to the growth of the global medical oxygen concentrators market during the forecast period.
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Global Medical Oxygen Concentrators Market Segmentation
- By Type (Fixed and Portable Medical Oxygen Concentrator)
The portable medical oxygen concentrator segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the boom in the demand for portable oxygen concentrators owing to the occurrence of heart attacks in the workspace which requires the availability of oxygen concentrators at the workplace dispensaries and the higher prevalence of asthma globally. For instance, the annual rate of death caused by the long working hour is estimated to be around 75,0000.
- By Technology (Pulse Dose and Continuous Flow)
- By End User (Hospitals & Clinics, Homecare, and Travel)
- By Region
The Asia Pacific medical oxygen concentrators market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The market is anticipated to expand its size on the back of increasing cases of COPD and COVID-19 backed by the escalation in the geriatric population residing in homecare facilities with severe chronic and acute diseases over the forecast period. In 2019, approximately 45 million cases of COPD were diagnosed in East Asia and around 40 million in South Asia. Additionally, the rising investment in healthcare facilities and the presence of key market players in the region are predicted to drive market growth.
The market research report on global medical oxygen concentrators also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Medical Oxygen Concentrators Market
Some of the key players of the global medical oxygen concentrators market Koninklijke Philips N.V., DeVilbiss Healthcare LLC, Invacare Corporation, AirSep Corporation, ResMed Corp., Inogen, Inc., Covidien plc, TEIJIN LIMITED, O2 CONCEPTS, LLC, Inova Health System, and others.
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