An oxygen concentrator is a medical device that provides oxygen to individuals with breathing problems & disorders. People who suffer from such disorders have oxygen concentration lower than usual in their blood, and hence, they require the support of an oxygen concentration device.
According to the MarkNtel Advisors’ research report, “Global Medical Oxygen Concentrator Market Analysis, 2021,” the market is likely to grow at a CAGR of around 4.2% between (2021-26). The high requirements of oxygen concentrators are due to the increasing chronic diseases affecting the respiratory system of people. The COVID-19 pandemic brought a significant surge in their supplies. The need for these devices is likely to grow exponentially in the forecast period, especially in the medical sector for critical patients.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy|
|Asia-Pacific: China, India, Japan|
|South America: Brazil, and Argentina|
|Middle East & Africa: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||Philips Healthcare, ResMed, Besco Medical Limited, Chart Industries, Inc., GCE Group, Medtronic plc, Invacare Corporation, Teijin Limited, Precision Medical, Inc., AirSep Corporation, etc|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The COVID-19 pandemic drastically increased the supply of oxygen concentrators due to the soaring cases of people with breathing problems, especially in the elderly population. However, looking at the severity of the pandemic, it is more likely to increase the requirement & supply of oxygen concentrators. The governments are investing heavily, which will boost the demand for the oxygen concentrator market exponentially & globally.
North America Accounted for the Largest Market Share
As stated by MarkNtel Advisors in their research report, “The Global Medical Oxygen Concentrator Market Analysis, 2021,” the key factors leading to the robust market growth are massive investments by the government in the revenue size due to the increasing population. Moreover, the changing lifestyles of people have resulted in the development of several chronic diseases, thereby leading to the propelling demand for medical oxygen concentrators in North America.
According to the Center for Disease Control and Prevention, around 16 million Americans suffer from breathing issues due to COPD. Moreover, on average, a million people outlast undiagnosed. Hence, the government is taking initiatives to provide better medical facilities for improving the diagnosis of respiratory problems in people, thereby increasing the demand & supply of oxygen concentrators and soaring their market in the coming years.
Hence, these factors are fueling the Medical Oxygen Concentrator market growth in the forecast period, states MarkNtel Advisors in their research report, "Global Medical Oxygen Concentrator Market Analysis, 2021."
Continuous Flow Oxygen Concentrators Held the Largest Market Share
In 2019, continuous flow oxygen concentrators held the largest market share. The increasing chronic diseases & poor breathing conditions in people led to the growing demand for continuous flow oxygen concentrators. The COVID-19 pandemic has further increased their production & supply, and therefore, it is likely to witness significant growth in the forecast period.
Moreover, the continuous use of oxygen for treatments shall also expand the segment growth as the aging population & bedridden patients, which are substantial, are targeted groups for the oxygen concentrators market, thereby making a positive impact on market growth.
Portable Oxygen Concentrators Exhibits Fastest Growth
By product, the market segments into portable oxygen concentrators and home/stationary oxygen concentrators. Out of these segments, Portable Oxygen Concentrators acquired the highest market share in 2019 and are likely to continue their dominance during the forecast period. The continued growth shall primarily be due to their soaring adoption by commuters owing to their lightweight, compact size, flexibility, and higher oxygen capacity. Moreover, longer battery life, enhanced miniaturization, and integrated membrane technology are a few critical advancements in these concentrators, which are further likely to drive their adoption rate in the coming years.
The overcrowding in the urban area due to the rising population, changing lifestyles, and pollution-causing respiratory issues have overburdened the supply of oxygen concentrators. These are the key factors driving the growth of the medical oxygen concentrator market. Moreover, the snowballing initiatives by the government for oxygen concentrators are also likely to influence the Global Medical Oxygen Concentrator market growth in the forecast period.
According to the MarkNtel Advisors, the leading market players with a considerable market share in the Global Medical Oxygen Concentrator Market are Philips Healthcare, ResMed, Besco Medical Limited, Chart Industries, Inc., GCE Group, Medtronic plc, Invacare Corporation, Teijin Limited, Precision Medical, Inc., AirSep Corporation, OSI - Oxygen Solutions Inc., Nidek Medical Products, Inc., Inogen, Drive DeVilbiss Healthcare, etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
A. The measuring units for the market size/industry size or the market value are USD Million and thousand units.
A. The Global Medical Oxygen Concentrator Market is forecast to grow at a CAGR of 4.2% during 2021-26.
A. Philips Healthcare, ResMed, Besco Medical Limited, Chart Industries, Inc., GCE Group, Medtronic plc, Invacare Corporation, Teijin Limited, Precision Medical, Inc., AirSep Corporation are a few leading players in the Global Medical Oxygen Concentrator Market.
A. Oxygen Concentrator is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. North America continues to grow at a CAGR of 4.2% during 2021-26, thereby offering immense opportunities for market leaders of the Global Medical Oxygen Concentrator market.