Dublin, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The "Global Medical Oxygen Concentrator Market Overview, 2022-27" report has been added to ResearchAndMarkets.com's offering.
This report 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.
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.
Originally recorded at a value of USD 1.67 Billion in 2016, the market growth can be attributed to increasing instances of respiratory diseases and pulmonary disorders.
Moreover, Covid 19 pandemic has its role in the market growth over the forthcoming period. One of the major symptoms and outcomes of being infected with the coronavirus is that the patient is not able to breathe in properly. The oxygen concentrator provides for such a condition thereby creating a sudden boost in the market. The global oxygen concentrator market is expected to grow over an CAGR of almost 3% through the forecasted period.
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.
An oxygen cylinder is a device that is used to supply oxygen to patients suffering from respiratory disorders that cause the patient to not be able to consume oxygen on their own. They are a tank of liquid oxygen that has a pump that converts the liquid form of the oxygen into gaseous form and is implanted to the patient to inhale the oxygen. The oxygen cylinder segment accounted for a market share of over 47% in 2021.
Advantages such as ease of use, portability, and reduced weight increase patient preference rate are anticipated to drive the portable oxygen concentrator segment shares with an anticipated CAGR of 9.81% in the upcoming five years. The government aid toward the reimbursement to the patients and the hospitals and clinics providing the oxygen concentrators had allowed the nonhome care segment to accumulate a market share of above 40% in 2021.
On the other hand, the home care segment holding over half of the market share is expected to grow at a rate of almost 9% through the forecasted period.
The oxygen concentrators market is driven by the increasing prevalence of respiratory disorders, rapid growth in the geriatric population, high prevalence of tobacco smoking, and technological advancements. Of this, the continuous flow medical oxygen concentrator segment size was over USD 1.9 billion in 2021.
However, the availability of low-cost alternatives by local manufacturers, stringent regulatory guidelines causing delays in product approvals, and Medicare reimbursement rate cuts for oxygen therapy are restraining the growth of the market to a certain extent.
However, the pulse flow technology is expected to grow over an anticipated CAGR of over 11%. Owing to the light weight and easy to use attribute of using such technology.
Market players are actively involved in technological advancement and currently looking out to increase the manufacturing units to meet the demand from various end-users. Countries like India and China are still struggling with the increasing number of COVID-19 patients and the demand for oxygen concentrators has multiplied rapidly.
Although the imports and exports of the supply units have increased, manufacturing units at multiple points will further support the growth of the market. Partnerships among the market giants would support the market growth further.
Considered in the report
- Geography: Global
- Base year: 2021
- Historical year: 2016
- Forecasted year: 2027
Regions covered:
- North America
- Europe
- Asia
- Latin America
- Middle East & 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
Key Topics Covered:
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic / Demographic Snapshot
5. Global Medical Oxygen Concentrators Market Overview
5.1. Market Size by Value
5.2. Market Share
5.2.1. By Product Type
5.2.2. By Technology Type
5.2.3. By End User
5.2.4. By Region
5.2.5. By Country
5.2.6. By Company
6. North America Medical Oxygen Concentrators Market Overview
7. Europe Medical Oxygen Concentrators Market Overview
8. Asia-Pacific Medical Oxygen Concentrators Market Overview
9. South America Medical Oxygen Concentrators Market Overview
10. Middle East & Africa Medical Oxygen Concentrators Market Overview
11. Market Dynamics
11.1. Key Drivers
11.2. Key Challenges
12. Market Trends and Developments
13. Company Profiles
13.1. Caire Inc.
13.2. Inogen Inc.
13.3. Invacare Corporation
13.4. Koninklijke Philips N.V.
13.5. Nidek Medical Products Inc.
13.6. O2 Concepts LLC
13.7. Precision Medical, Inc.
13.8. ResMed Inc.
13.9. Teijin Pharma Limited
14. Company Overviews
14.1. Besco Medical Limited
14.2. Drive DeVilbiss Healthcare
14.3. GCE Group
14.4. Medtronic
14.5. Supera Anesthesia Innovations
15. Strategic Recommendations
16. Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/x9dn96-medical?w=12
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
