Medical Oxygen Concentrators Market to Reach USD 5 Billion by 2026
According to Global Market Insights, Inc., medical oxygen concentrators market accounted for $1.5 billion valuation in the year 2019 and is expected to cross $5 billion by 2026. One of the most swiftly expanding medical equipment industry verticals, medical oxygen concentrators have gained considerable demand in the past few years. The growth is attributed to two main rationales- exposure to pollution and industry dust particles along with the evident increase in the number of people smoking cigarettes. The constantly changing lifestyles has led to the prevalence of chronic obstructive pulmonary diseases worldwide.
Increasing awareness of COPD and the subsequent reduction in the life expectancy has amplified the need for reliable and safe oxygen concentrators that are gradually replacing the traditional oxygen cylinders. Oxygen concentrators deploy filters to generate medicated oxygen from the usual breathing air offering a greater value as compared to oxygen cylinders that store limited quantities of oxygen.
Enlisted below are some of the integral factors likely to impact the medical oxygen concentrators market size in the coming times:
Increasing demand for portable medical oxygen concentrators
Technological enhancements in oxygen concentrators market to offer effective and convenient oxygen therapy have amplified the demand for the product. The introduction of portable medical oxygen concentrators has gained widespread popularity in the medical industry due to the need for smaller, convenient, cost-effective, durable, and lightweight solutions.
Some of the other advantages of portable oxygen concentrators include a constant supply of oxygen with advanced technology, undisrupted use when on the move, and use in homecare environments. Most of these devices have received approval from the Federal Aviation Administration, allowing people to carry oxygen concentrators while traveling by flight. Constant upgradation by leading producers in these devices will outline the market growth.
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North America to witness high demand for medical oxygen concentrators
With respect to the regional expanse, North America medical oxygen concentrators market will witness notable expansion in the coming years due to improved disposable income among people in the region and the consequent ability to spend on advanced, updated medical services. Awareness among the people, larger elderly patient pool, and the presence of various industry players are factors influencing the presence and adoption in the region.
Increased deployment across non-homecare application
Concerning the application spectrum, non-homecare medical oxygen concentrators market have gained popularity over the years recording a 34% revenue share of the total industry during the year 2019. The high geriatric population, which is prone to serious respiratory and cardiac conditions will magnify the need for advanced medical oxygen concentrators in non-homecare settings like hospitals, nursing homes, and long-term care facilities.
COVID-19 & the need for oxygen concentrators
The prevailing coronavirus pandemic that targets the respiratory systems of those affected has driven the need for medical oxygen concentrators across the globe. Regional governments as well as private authorities are constantly working towards increasing the production capacities to meet the growing patient needs. For instance, in July 2020, the World Health organization and the Department for International Development, U.K. joined hands to distribute nearly 160 oxygen concentrators to the Ministry of Health, South Sudan to extend support to the nation’s response to the COVID-19 outbreak.
The growing need to supplement oxygen which is the first main step towards the treatment of severe coronavirus affected patients with low blood oxygen levels is one of the main reasons encouraging the production of medical oxygen concentrators in both developed as well as developing nations.
With the need to meet the growing customer demands, the medical oxygen concentrator manufacturers and providers are working towards expansion, acquisitions, and strategic alliances to expand geographical reach along with the need to achieve a competitive edge. For instance, Ohio based Invacare announced in August 2020, the opening of its new production center in Albstadt, Germany.
The new business unit comprises of advanced manufacturing facilities, fully automated, smart warehouse facility with a capacity of nearly 7,500 pallets. This smart warehouse comprises of a high level of automation and end-to-end digitalization for accuracy and efficiency in shipping products. Other medical oxygen concentrators market players include Tejin Limited, Philips Respironics, and Inova Labs, among various others.
