Global Medical Oxygen Concentrator Market Research Report: Forecast (2023-2028)

Market Definition

An oxygen concentrator is a medical device that provides oxygen to individuals with breathing problems & other lung disorders. People who suffer from such disorders have their blood oxygen concentration lower than usual levels and, hence, they require the support of these devices for oxygen therapy.

Market Insights

The Global Medical Oxygen Concentrator Market is anticipated to grow at a CAGR of around 5.1% during the forecast period, i.e., 2023-28. The growth of the market would be propelled mainly by the mounting prevalence of respiratory disorders worldwide, the rapidly growing aging population, technological advancements in oxygen concentrators, and the rise in home care settings. In addition, various government initiatives for improving healthcare infrastructure, increasing access to healthcare services, and promoting home-based care are also expected to boost the market in the future. Supportive policies, reimbursement schemes, and insurance coverage for oxygen concentrators have greatly encouraged the adoption of these medical devices.

The growing awareness about the benefits of oxygen therapy and the rising availability of medical oxygen concentrators are playing a crucial role in fueling market expansion. Increased education and awareness campaigns by healthcare organizations, patient advocacy groups, and manufacturers are helping patients & healthcare providers understand the advantages of using medical oxygen concentrators for respiratory conditions like COPD, asthma, sleep apnea, and other lung diseases.

Moreover, continuous advances in technology have improved the efficiency, portability, & performance of medical oxygen concentrators, which are now more compact & lightweight, have a longer battery life, and enhanced monitoring capabilities. Additionally, the growing preference for home healthcare settings due to aspects like cost-effectiveness, convenience, & patient comfort is another crucial contributor to the growth of the medical oxygen concentrator market.

These devices play a notable role in home-based oxygen therapy by enabling patients to receive treatment in the comfort of their own homes. Hence, these factors indicate the presence of lucrative prospects for the leading companies operating in the Global Medical Oxygen Concentrator Market over the coming years.

Market Segmentation

Based on Type:

• Portable
• Stationary

Of both, portable concentrators have gained traction in the Global Medical Oxygen Concentrator Market in recent years. It owes to their enhanced mobility, lightweight nature, compact size, and increased oxygen capacity. These concentrators provide patients with the freedom to move & carry out their daily activities while receiving oxygen therapy. Longer battery life, enhanced miniaturization, and integrated membrane technology are some critical advancements in these concentrators, which have transformed home healthcare settings.

Patients with chronic respiratory conditions who require oxygen therapy can now receive treatment at home without the need for stationary concentrators or bulky oxygen cylinders. Hence, portable concentrators are a convenient & cost-effective solution for long-term oxygen therapy in homecare settings, reducing hospital visits while enhancing patient comfort and, in turn, driving the market.

Based on Technology:

• Continuous Flow
• Pulse Flow

Here, continuous-flow oxygen concentrators (CFOCs) hold a prominent market share. It owes to the constant & reliable oxygen supply that they provide by delivering a continuous stream of oxygen at a fixed flow rate, which makes them suitable for individuals who require a steady flow of oxygen, especially those with chronic respiratory conditions like COPD (Chronic Obstructive Pulmonary Disease). In addition, CFOCs are versatile and can be used in varied healthcare settings, including hospitals, clinics, & home care. They are usually employed in critical care units, surgical suites, & long-term care facilities.

In home care settings, they can be utilized for providing oxygen therapy to patients who require continuous oxygen support. Moreover, CFOCs are compatible with a wide range of respiratory equipment, including oxygen masks, nasal cannulas, & nebulizers, which allows for easy integration into existing healthcare systems and facilitates the administration of oxygen therapy in various clinical settings. Hence, these aspects indicate a strong presence of CFOCs in the Global Medical Oxygen Concentrator Market.

Regional Projection:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Of all regions globally, North America has been dominating the Medical Oxygen Concentrator Market. It owes to its well-developed healthcare infrastructure, including hospitals, clinics, & home healthcare settings, which facilitates the widespread adoption & use of medical oxygen concentrators, coupled with a relatively high prevalence of respiratory disorders in the region, such as COPD, asthma, & sleep apnea, which require oxygen therapy, and, consequently, medical oxygen concentrators. Besides, the aging population in North America is another critical aspect contributing to the growing demand for medical oxygen concentrators in the region. Individuals become more susceptible to respiratory illnesses as they age, and thus the need for oxygen therapy becomes more prevalent.

Moreover, North America is at the forefront of technological advancements & innovations in the healthcare industry, where several companies are massively investing in developing advanced medical oxygen concentrators with improved features, performance, & user-friendliness. Furthermore, the region also has well-established healthcare reimbursement systems, such as Medicare and private insurance coverage, which often cover the cost of medical oxygen concentrators and thus make them more accessible to patients. Hence, these aspects would continue augmenting the growth of the North America Medical Oxygen Concentrator Market over the coming years.

Recent Developments in the Global Medical Oxygen Concentrator Market:

• On 4 January 2023, CAIRE Inc., the leading global manufacturer of oxygen therapy & on-site generation systems, completed the acquisition of St. Paul, Minnesota-based MGC Diagnostics Holdings, Inc. (MGC). This acquisition strengthened CAIRE’s position & focus on diagnostic technologies, further expanding its expertise in serving patients throughout the progression of pulmonary disease.
• In April 2022, Arya BioMed Corp launched their first portable oxygen concentrator, i.e., incredibly light with a strong battery and a quick charging feature.

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