Selbyville, Delaware, Jan. 18, 2022 (GLOBE NEWSWIRE) --
The medical oxygen concentrators market size is anticipated to record a valuation of USD 2.7 billion by 2027, according to the most recent study by Global Market Insights Inc. Growing elderly population base along with increasing prevalence of respiratory diseases will stimulate the market growth.
Growing geriatric population base is one of the leading factors contributing to the market expansion in the coming years. As older population is prone to lung diseases and cardiopulmonary diseases due to low immune system and weak cough strength, they are at high risk of developing disorders. During COVID-19 pandemic, several private and public organizations have implemented numerous programs to provide better solutions for patients with respiratory disorders.
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Increasing government initiatives in order to expand manufacturing facilities will further augment the medical oxygen concentrators market progression. Several government and non-government organizations are undertaking several campaigns in order to increase awareness regarding COPD and ways to manage it. For instance, the WHO and the National Heart, Lung, and Blood Institute (NHLBI) developed the Global Initiative for Chronic Obstructive Lung Disease (GOLD) with an objective to increase awareness regarding COPD and assist people in management of the disease. Furthermore, Government of India launched ‘Project O2 for India’ to meet growing oxygen demand in the country. This will boost development capabilities and strengthen distribution in local market. Additionally, collaborative efforts by the private organizations and government will benefit the industry growth during the forecast timeline.
Portable medical oxygen concentrators segment held more than 45% of the market share in 2020. Rising prevalence of respiratory disorders such as asthma, COPD, and pneumonia is slated to increase the use of portable oxygen concentrators during the forecast period. An increase in the number of air travelers and increasing approvals for portable concentrators from the Federal Aviation Administration (FAA) will further drive the segment growth.
Non-home care segment in the medical oxygen concentrators market captured USD 1 billion in 2020led by the sudden outbreak of COVID-19 across the world. The pandemic increased hospitalization of patients that boosted the demand for oxygen concentrators. Additionally, high burden of serious and moderately infected patients and frequent outbreaks of the infection contributed significantly to the segment growth.
The medical oxygen concentrators market for pulse flow segment accounted for 45% of revenue share in 2020. Pulse flow technology-based concentrators deliver oxygen as per breathing rate and inhalation, thus reduces the excessive oxygen supply. They offer advantage of customization as per breathing rate of the patient. Moreover, pulse flow units are considered as more energy efficient and provide convenience in home settings.
Asia Pacific medical oxygen concentrators market is poised to witness 4.6% growth rate through 2027 owing to the rapidly growing geriatric population and the prevalence of lung disorders. By 2050, it is expected that one in every four people in the region will be over the age of 60 years. Further, increased life expectancy, healthcare expenditure, and awareness of available technologies are all estimated to contribute to regional growth during the forecast period. In addition, with prevalence of chronic diseases such as respiratory and cardiopulmonary conditions, emergence of severe infectious diseases including COVID-19 will positively benefit the product demand in the country.
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Major players operating in the market include DeVilbiss Healthcare GmbH, Inogen Inc, Invacare Corporation, NGK Spark Plug Co. Ltd, NIDEK Medical Products, Inc, O2 Concepts and Koninklijke Phillips N.V. Prominent market leaders are adopting numerous strategies such as product reach expansion strategies, partnerships, merger and acquisitions to strengthen their market presence.
Table of Contents (ToC) of the report:
Chapter 3 Medical Oxygen Concentrators Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By technology
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Technology landscape
3.8 Porter’s analysis
3.9 Competitive landscape, 2020
3.10 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
