Global Medical Oxygen Concentrator Market Outlook, 2027
An oxygen concentrator is a device that concentrates the oxygen from a gas supply by selectively removing nitrogen to supply an oxygen-enriched product gas stream. The device can aid those whose oxygen saturation levels are between 88 and 92 by reducing the burden on the lungs. With the demand for medical oxygen continuing unabated and countries struggling to keep pace with demand, the oxygen concentrator has emerged as a sought after device. The research report titled, “Global Medical Oxygen Concentrators Market Outlook, 2027”, by Bonafide Research categorizes the market to forecast the revenues and analyze the trends in each of the following segments: based on product type (Portable, Stationary, & Oxygen Cylinders), based on technology (Continuous Flow & Pulse Flow) based on end users (Home Care & Non Home Care), based on region, countries & major companies. High demand for medical oxygen concentrators is mainly attributed to infections and chronic diseases affecting the respiratory health of individuals. The major use of oxygen was prominent with the incline in the respiratory issues caused by increasing pollution, resulting into a market value of USD 1.67 Billion in 2021. With recent COVID-19 outbreak globally, the demand for medical oxygen concentrators is set to spur exponentially. The corona pandemic was a boost for the market in disguise, which is to aid a market growth of almost 3% through the forecasted period. Adoption of medical oxygen concentrators will be high, especially in hospitals to manage respiration among critical patients.
Globally, around 300 Million people suffer from asthma as per one of the reports of World Health Organization. This has been a major reason for the upsurge in the demand for the medical oxygen concentrator. Even though the oxygen cylinder segment is the leading product type segment, with a market share of over 47% in 2020, the portable cylinder segment is anticipated to have a major growth in the coming years. Advantages such as ease of use, portability, and reduced weight, along with a long battery life, miniaturization and integration of membrane technology will spur its adoption rate to 9.56% through the forecasted period. Continuous flow medical oxygen concentrator segment size was over USD 1.78 billion in 2020. Prevalence of chronic respiratory conditions has led to high number of emergency cases requiring continuous oxygen supply to patients. Increasing use of continuous flow concentrators during critical situations in healthcare facilities is expected to positively impact its market growth. However, the pulse flow technology is expected to grow over an anticipated CAGR of 11.12%.
Elderly people are prone to suffer from various respiratory conditions leading to high demand for medical oxygen concentrators in the region. Changing lifestyle habits including an increased rate of tobacco smoking along with elevated pollution levels will increase the incidence rate of respiratory diseases thereby fueling business growth. Some common chronic medical illnesses, such as chronic obstructive pulmonary disease (COPD), emphysema, and chronic bronchitis, which are common long-term effects of smoking, necessitate oxygen treatment or supplemental oxygen to provide adequate oxygen levels. Furthermore, many types of oxygen systems are used to deliver a controlled amount of oxygen to patients. Additionally, medical oxygen gas is high purity oxygen that is created for usage in the human body and is used for clinical therapies. Increase in daily exposure to environmental pollution is driving the market. Additionally, increase in population susceptible to indoor air pollutants as well as increase in population of active smokers is also responsible for propelling the growth of the market.
Contradicting to the common assumptions, the non home care segment while includes- Hospitals, Ambulatory Surgical Centers and & Physician Offices, accounted to over 40% of the market share in 2016, declining gradually since then. On the other hand, the home care segment holding over half of the market share is expected to grow with at a rate of over 8% through the forecasted period. Growing elderly population base prone to several cardiopulmonary diseases further impels the demand for homecare medical oxygen concentrators. Cardiopulmonary disorders hinder natural breathing and thus create need for external oxygen therapy. The oxygen therapy sector is evolving speedily with the incorporation of new technologies in the currently available products. These new devices have rectified some problems that were responsible for the side-effects related with the oxygen flow. Lately, new devices have been designed that automatically regulate oxygen stream rates to the requirements of each patient, for maintaining constant oxygen-saturation levels. Such closed-loop arrangements can potentially decrease medical error, reduce morbidity and mortality, and decrease care costs. The advance of continuous-flow technology has carried out major improvements in the working of medical oxygen concentrators. Technologies such as pulse dose technology are also expected to open up new avenues for the creators of oxygen concentrators. Convenience like high mobility, better comfort, improved technologies, and increased efficiencies presented by the technology will enhance its demand in the near future.
North America medical oxygen concentrators market accounted for the highest market share in the year 2021, along with Europe forming a market of almost 60% of the market. US led the global market with a share of 28% in 2021 on account of growing spending and disposable income of the population, expanding geriatric population pool, and changing lifestyle. Globally, as of till June 2021, there have been 171,292,827 confirmed cases of COVID-19, including 3,687,589 deaths, thereby impacting the supply of medical oxygen concentrators. The market players are adopting various inorganic growth strategies to increase market share and obtain competitive advantage. The key players are focusing on broadening their product portfolio by partnering with or acquiring smaller companies or by launching new products.
The growth of the Middle East & Africa oxygen concentrator is majorly driven by technological advancements, an upsurge in the frequency of COPD cases, and favorable government schemes. This had allowed the region to contribute around 10% to the global market, in the year 2021. However, the weak economy and the low purchasing power of the people are to act as hurdles in the market growth.
The South America region has to confront the high maintenance and insurance of these devices, which hampers the demand for oxygen concentrators. Majorly divided into two categories, the market based on technology is led by the continuous flow segment. On the other hand, pulse flow technology is expected to grow enormously with a virtuous growth rate. The gap in medical oxygen availability in the region is addressed as one of the defining health equity issues, of the current age. Many countries in the region view oxygen supplies primarily as an industrial product for more lucrative sectors such as mining, not health care, and it has not been a focus of many international donors. This has been a major restricting factor in the region.
COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of drugs from one place to another. The emergence of the COVID-19 pandemic has led to an increasing demand for medical oxygen concentrators. COVID-19 is basically a respiratory disease that affects the lungs and, in severe cases causes the oxygen level to drop. Bilateral pneumonia is the main feature associated with COVID-19 and hence the demand of supplemental oxygen increased during COVID-19. Oxygen concentrators and liquid oxygen, among other tools, are used to increase the oxygen level. In shortage of liquid oxygen, oxygen concentrators are used for oxygen therapy as oxygen tanks have to be refilled but oxygen concentrators can work 24 x 7. However, an increasing number of cases has led to a huge gap in supply and demand.
This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Bonafide Research has segmented the Global Medical Oxygen Concentrator Market report based on product, technology, end users and region:
Companies Included: Caire Inc, Inogen Inc., Invacare Corporation, Koninklijke Philips N.V., Nidek Medical products Inc., O2 Concepts LLC, Precision Medical Inc., ResMed Inc, Teijin Pharma Limited, Besco Medical Limited, Drive DeVilbiss Healthcare, GCE Group, MedTronic, Supera Anesthesia Innovations
Considered in the report
• Geography: Global
• Base year: 2021
• Historical year: 2016
• Forecasted year: 2027
Regions & Countries covered:
• North America (USA, Canada, Mexico)
• Europe (Germany, UK, Spain, Italy, Russia, France)
• Asia-Pacific (China, Japan, India, Australia)
• South America (Brazil, Argentina, Columbia)
• Middle East & Africa (UAE, Saudi Arabia, South Africa)
Aspects covered in the report
• Market Size by Value for the period (2016-2027F)
• Market Share by Product (Portable Oxygen Concentrator, Stationary Oxygen Concentrator, & Oxygen Cylinders)
• Market Share by Technology (Continuous Flow & Pulse Flow)
• Market Share by End User (Home Care & Non-Home Care)
• Market Share by Region
• Market Share by Country
• Market Share by Company
The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Medical Device industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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