The latest market report published by Credence Research, Inc. “Global Oxygen Concentrators Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has acquired a market size of around USD 2.50 billion in 2020 and expected to reach a healthy CAGR of over 10.8% in the forthcoming years from 2021 to 2027 to reach around USD 4.63 billion in 2027.
Browse the full report at https://www.credenceresearch.com/report/oxygen-concentrators-market
An oxygen concentrator collects nitrogen and oxygen available in the surrounding air and filters the air that it offers to the patient with the help of an oxygen masks or nasal cannula. Generally, Oxygen concentrators produce nearly 96% of pure oxygen. Due to their in-built oxygen sensors, it can be clearly seen if the purity level reduces in the concentrator. Additionally, as they are easily portable and small enough to carry, many are now approved for use on airplanes as well. Therefore, the demand for oxygen concentrators is on a continuous hike.
Key Trends in Global Market
Increasing healthcare importance and infected incidences has caused a spike in the demand under oxygen concentrator market. Holding a largely old population and growing concerns of increasing respiratory cases have proved to be beneficial for the market growth. Lack of environmental concerns and increasing pollution has caused major respiratory issues among the general public, which indirectly creates an overlying demand for oxygen concentrators. Adding to which, the high prevalence of smoking population and the increased consumption of tobacco has caused this marketable situation for oxygen concentrators.
There is a pressing need for the oxygen concentrators in the pandemic-stricken world of today. Therefore, the anticipated growth in the market is promising for the forecasted period. Although restrictive regulatory landscape associated with manufacturing standards of medical oxygen concentrators may limit product approvals.
Global Market by Product Insights
Based on Product, the market is broken down into Portable Oxygen Concentrator & Cylinders, Stationary Oxygen Concentrator & Cylinders and Oxygen Concentrator & Cylinders. Portable medical oxygen concentrators hold dominance by sharing the largest revenue share. Increasing numbers affected by respiratory disorders, such as asthma, COPD, and pneumonia, is expected to boost the need for portable oxygen concentrators over the forecast period. Since it is easy to carry around, it has gained approval from the Federal Aviation Administration (FAA) for the rise in the number of air travelers.
Portable Medical Oxygen Concentrator Segment to Dominate the global market
Global Market by End-user Insights
On the basis of End-User, the market is bifurcated into Homecare and Non-homecare. The market for homecare segment is more profitable owing to the increasing demand for home healthcare oxygen therapies, coupled with constant demand for the miniaturization of these medical devices, is expected to contribute to the segment growth over the forecast period. Improving standard of living and growing usage of home-based therapy and the unavailability of hospital care has caused this drastic dependence on home healthcare segment.
With COVID-19 at its peak, not every patient can be given proper hospital care. Mild or moderate cases do not require the hospital and hence there is a rise in the demand for home healthcare segment.
Global Market by Regional Insights
North America medical oxygen concentrators market is holding supremacy over other regions owing to the reasons like growing spending of income of the U.S. population, expanding elder population, and changing lifestyle. Additionally, occurrence of COVID-19 has affected vastly causing the demand to inflate even more than ever.
Although, Asia Pacific is anticipated to be the most favorable market during the forecast period due to key factors supporting regional market growth include rapidly increasing elder population and prevalence of lung disorders. Increase in healthcare spending and awareness regarding available technologies are factors expected to contribute to regional market growth over the forecast period.
Global Market Competitive Landscape
Some of the leading players in the market are Koninklijke Philips N.V., Chart Industries, Inc. (AirSep), DeVilbiss Healthcare LLC, Supera Anesthesia Innovations, Invacare Corporation, Nidek Medical, Teijin Limited, Inogen, O2 Concepts, and GCE Group.
Global Oxygen Concentrators Market by Product, 2015 – 2027
· Portable Oxygen Concentrator & Cylinders
· Stationary Oxygen Concentrator & Cylinders
· Oxygen Concentrator & Cylinders
Global Oxygen Concentrators Market by End-user, 2015 – 2027
· Home Care
Global Oxygen Concentrators Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Oxygen Concentrators Market: Key Players
· Chart Industries, Inc. (AirSep)
· Koninklijke Philips N.V.
· Invacare Corporation
· DeVilbiss Healthcare LLC
· Nidek Medical
· O2 Concepts
· Teijin Limited
· Supera Anesthesia Innovations
· GCE Group