Medical Oxygen Concentrators Market Analysis

Medical Oxygen Concentrators Market Analysis

Rising government initiatives to regulate and manage respiratory disorders will foster the market expansion. Moreover, favourable reimbursement scenario for medical oxygen concentrators in several developing nations will impel the market value.

The COVID-19 pandemic has positively impacted the sales of medical oxygen concentrators. The sudden upsurge in product demand is owing to the large patient base suffering from acute respiratory syndrome.

Portable medical oxygen concentrators market is anticipated to witness 5.2% growth rate through 2027 led by the compact size, portability, and affordability to the customer. The continuous developments in technologies such as continuous flow and pulse flow in portable oxygen concentrators will positively impact the adoption rate. Further, the patients suffering from several respiratory disorders including pneumonia, COPD and lung cancer are inclining towards portable devices. This will enhance the product demand in home care settings. Moreover, several companies are involved in development of innovative and easy to use portable devices for patients that will strengthen the industry expansion potential.

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Non-homecare segment held more than 35% of the market share in 2020 impelled by the rising usage of medical oxygen concentrators for oxygen therapy during critical patient treatment in hospitals. Additionally, increasing preference towards adoption of highly efficient and effective medical equipment in healthcare facilities will showcase considerable growth opportunities to the segment.

Incidence of COVID-19 pandemic has further propelled the oxygen concentrators demand in specialty COVID-centers and hospitals as the patients suffering from low oxygen levels. In addition, portable medical oxygen concentrators delivering services through mobile platforms during pandemic has boosted the product demand.

Continuous flow segment crossed USD 1.2 billion in 2020. Owing to increasing prevalence rate of chronic respiratory diseases with rising consumption of tobacco and smoking in several countries will benefit the product demand. The rise in acceptance of continuous flow concentrators for critical care in healthcare facilities will augment the segment growth. Numerous manufacturers are adopting advanced technologies in new product development that will also fuel the segment expansion potential.

North America medical oxygen concentrators market captured 40% of revenue share in 2020 on account of the surge in number of baby boomers and high prevalence of COPD. Additionally, high tobacco consumption, smoking, and environmental changes are further contributing to the increasing incidence of respiratory diseases.