Global Medical Oxygen Concentrator Market to Exhibit Promising Growth: Expected to Reach USD 5.7 Billion in 2027
Published | 15 June 2021
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global medical oxygen concentrator market reached USD 2.4 billion in 2020. The data yielded by the study further reveals that the market is projected to reach USD 5.7 billion by 2027, growing at an impressive CAGR of 12.1% during 2021-2027 (forecast period). The growth of the global medical oxygen concentrator market can be attributed to the rising infection rates and increasing prevalence of COVID-19 variants around the world which has increased the demand for temporary consumption of oxygen for mild case patients.
Growing out-of-pocket expenditure in the healthcare sector is augmenting the global medical oxygen concentrator market
The rising pollution levels, accompanied by increasing healthcare spending over the last decade, have enabled the low, low-middle and middle-income countries to represent a rising trend in demand for medical oxygen concentrators. It has thus positively contributed to the growth of the medical oxygen concentrator market worldwide. According to a WHO estimate, out-of-pocket spending (OOPS) per capita has been one of the primary factors that have been contributing to the growth of the global medical oxygen concentrator market over the last decade (from 2000 to 2018) in various countries around the world. The ever-increasing out-of-pocket spending indicates that the patients have been engaging more directly in the payment for the medical services and devices they wish to use. It indicates that the government has had little to no role in improving healthcare services and providing devices such as oxygen concentrators in many developing nations, causing people to spend more on the devices they want. As a result, the escalating demand has been contributing to the growth of the global medical oxygen concentrator market.
The rising prevalence of respiratory disorders have contributed to the growth of the global medical oxygen concentrator market
The rising respiratory diseases and geriatric population around the world have positively contributed to the growing demand for medical oxygen concentrators. Chronic obstructive pulmonary disease (COPD) has been one of the most common respiratory ailments wherein the aging population happens to be the most affected ones, making them more vulnerable to use oxygen concentrators. Moreover, the prevalence of such illnesses is increasing in regions where the air is polluted, significantly damaging the lungs. As a result of the aforementioned factors, the demand for medical oxygen concentrators has increased in regions with higher rates of the aging population like that of Japan, Germany, Finland, and others, which in turn is driving the growth of global medical oxygen concentrator market.
The home care sub-segment occupies the largest market share in the global medical oxygen concentrator market
Based on end-users, the global medical oxygen concentrator market is segmented into home care, hospitals, ambulatory care, and others. The home care segment held the largest share in the global medical oxygen concentrator market in 2020. The growth of the sub-segment can be attributed to the easy availability of portable medical oxygen concentrators that enable a person to move around freely without having to worry about the appropriate supply of oxygen required for them to sustain their life. The home care segment is also expected to witness the fastest CAGR during the forecast period as the adoption rates for oxygen concentrators are expected to increase over the upcoming years. Furthermore, home care relieves the stress that can arise from spending a significant period of time in a hospital. As a result, the growth of the sub-segment is expected to remain strong in the future as well.
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Global Medical Oxygen Concentrator Market: Regional Insights
Based on region, the global medical oxygen concentrator market is divided into North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa. In 2020, the North American region, which is dealing with some of the worst pandemic cases, held the greatest market share in the global medical oxygen concentrator market. Additionally, the rising geriatric population in the region, particularly in Canada, has positively impacted the demand for medical oxygen concentrators. The increased demand is also because the US government has allowed the use of medical concentrators for COVID-19 patients. Such a move will have a substantial impact on the demand for medical oxygen concentrators in the region, as well as the global medical oxygen concentrator market.
COVID-19 Impact Analysis
COVID-19 has been one of the most devastating diseases the world has ever faced, claiming the lives of over 3.8 million people as of June 13th, 2021. The spread of COVID-19 variants over the world has rendered vaccines ineffective, leading to the severity of the virus. The disease is known to be one of the most advanced forms of pneumonia that happen to affect the lungs and shatters their ability to function normally. Moreover, according to WHO estimations, oxygen therapy is required for almost 15% of Covid-19 patients. As a result, there is a high demand for oxygen concentrators, especially in countries that have been hard hit by the coronavirus. For instance, medical oxygen has been in short supply in India as the country battled a catastrophic second wave of the virus in April 2021. Because of the remote locations of oxygen-producing plants, countries like India have been badly impacted by oxygen scarcity, resulting in the deaths of many people. Many government systems around the world have collapsed in providing an ample supply of oxygen to patients with even mild severity. It was here that oxygen concentrators came into play, offering some, if not adequate, treatment to such patients. More and more patients around the world have been turning to medical oxygen concentrators due to the less availability of oxygen. This indicates that the COVID-19 has had a favorable impact on the global medical oxygen concentrator market.
Some of the leading players in the global medical oxygen concentrator market are Inogen Inc., O2 Concepts LLC, Philips Respironics, Teijin Limited, Invacare Corporation, Covidien, AirSep Corp., Nidek Medical Products, Inc., DeVilbiss Healthcare, Inova Labs, Chart Industries, Inc., Precision Medical, Inc., GCE Group, Besco Medical Limited, Oxygen Solutions Inc., Yuwell-Jiangsu Yuyue medical equipment & supply Co., Ltd., BPL Medical Technologies, Healthgenie, Equinox Overseas Pvt. Ltd., and other prominent players. The prevalence of various healthcare device manufacturers around the world has paved the way for investment opportunities for new entrants in the global medical oxygen concentrator market due to which the global medical oxygen concentrator is highly fragmented in nature.
In June 2021, Anashwar Technologies, a Pune (India)-based company, revealed that it has created a do-it-yourself (DIY) design for a medical oxygen concentrator by modifying open-source materials to match Indian requirements. The company has also included an oxygen analyzer in the medical equipment to improve its capabilities and provide more insight into the oxygen levels on the device.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global medical oxygen concentrator market size & forecast. The report promises to provide recent technology trends of the global medical oxygen concentrator market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the global medical oxygen concentrator market.
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