A medical oxygen concentrator market is forecast to grow at a compound annual growth rate (CAGR) of more than 125 during the forecast period from 2021-2030.
As a healthcare device, a medical oxygen concentrator provides oxygen to patients suffering from respiratory disorders. In medical oxygen concentrators, sieve beds and filters separate nitrogen from oxygen to eliminate nitrogen constituents in the air. After the air has been purified and the nitrogen element removed, it is ready to be delivered to the dedicated patients via a nasal cannula or an oxygen mask. In addition to filtering the air they capture from the surroundings; the concentrators ensure that the oxygen delivered to patients is not contaminated. Although they are a lifesaver for patients suffering from respiratory ailments, they are designed only for patients with less complexity. However, 99% oxygen content is crucial in severe respiratory conditions, exceeding an oxygen concentrator’s limit, rendering it ineffective.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Factors Affecting
- Increasing out-of-pocket spending (OOPS) has contributed to the rising demand for oxygen concentrators in low- and middle-income nations, which have been deeply affected by pollution. This increased demand has led to growth in the global medical oxygen concentrator market.
- The National Center for Biotechnology Information (NCBI) reported that over 3.2 million people died of COPD in 2017, with a global mortality rate of 5.7%. A recent estimate claims that 90% of COPD deaths occur in low- and middle-income countries. Oxygen concentrators are more portable and simpler to use than other oxygen devices on the market, making them more effective for these patients. Globally, these factors contributing to the increasing demand for medical oxygen concentrators.
- The high cost of oxygen concentrators and strict regulations are limiting the market’s growth.
Impact Analysis of COVID-19
Nearly every other industry across the globe has been affected by the Coronavirus outbreak, except pharmaceuticals and healthcare. Not only has the pandemic driven the medical oxygen concentrator, but it has also affected its overall design. Oxygen concentrators are known to provide oxygen to people with blood oxygen levels below 90%. Around the world, these devices are contributing to saving lives in a growing number of minor cases. It has resulted in a drastic increase in the demand for such devices over the past year. Further, the varied priorities and less attention paid to the overall medical structure of the various countries are fueling the global medical oxygen concentrator market as the government is running short of equipment to meet public demand.
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Regional Analysis
In the global medical oxygen concentrator market, North America accounted for the largest market share. With an aging population and COVID-related aging trend, medical oxygen concentrators have seen a substantial increase in demand in the region. Additionally, the region is the worst affected region in the world for obstructive pulmonary disease. Thus, North America is forecast to witness a higher demand for medical oxygen concentrators, driving the global market for medical oxygen concentrators.
Leading Competitors
The leading prominent competitors in the medical oxygen concentrator market are:
- Chart Industries, Inc. (AirSep) (US)
- DeVilbiss Healthcare LLC (US)
- GCE Group (Sweden)
- Inogen (US)
- Invacare Corporation (US)
- Koninklijke Philips N.V. (Netherlands)
- Nidek Medical (India)
- O2 Concepts (US)
- Supera Anesthesia Innovations (US)
- Teijin Limited (Japan)
- Other Prominent Players
Scope of the Report
The global medical oxygen concentrators market segmentation includes Product Type, Technology, Application, End-User, and Region.
Segmentation based on Product Type
- Portable Oxygen Concentrators
- Stationary Oxygen Concentrators
- Segmentation based on Technology
- Continuous Flow
- Pulse Flow
Segmentation based on Application
- Chronic obstructive pulmonary disease (COPD)
- Asthma
- Sleep Apnea
- Pneumonia
- Others
Segmentation based on End-User
- Home Care
- Hospitals
- Ambulatory Care
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Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Aim of the Report
- This study aims to determine the market size of various segments and countries with forecast values for next ten years.
- Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
- It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
- The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
What is the goal of the report?
-The market report presents the estimated size of the Healthcare market at the end of the forecast -period.
-The report also examines historical and current market sizes.
-During the forecast period, the report analyzes the growth rate, market size, and market valuation.
-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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