Oxygen Concentrators Market worth over $5bn by 2026
Published Date: August 4, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Oxygen Concentrators Market size is set to surpass USD 5 billion by 2026, according to a new research report by Global Market Insights, Inc.
According to the World Health Organization, over 251 million cases of chronic obstructive pulmonary disorder (COPD) were reported globally in 2016 and accounted for approximately 3.17 million deaths in 2015. Prevalence of COPD is primarily due to increasing smoking and exposure to tobacco smoke that can be active or secondhand smoke. Moreover, environmental factors including air pollution contribute to COPD burden. Thus, increasing need for respiration management in COPD patients and surging disease prevalence will create significant demand for medical oxygen concentrators.
Rising government and organizational initiatives to manage COPD will stimulate market growth
The Global Initiative for Chronic Obstructive Lung Disease aims to increase awareness about diagnosis of COPD and its treatment among population. Further, the Centers for Disease Control and Prevention collaborated with the National Institutes of Health and Federal Agencies to develop COPD National Action Plan pertaining to rising disease burden in the U.S. Such initiatives and awareness programs with healthcare professionals increase treatment access and educate people. With increasing awareness about availability of portable oxygen concentrators, its adoption rate is estimated to robustly grow.
Undisturbed oxygen supply to critical patients provided by fixed oxygen concentrators will drive its demand
Fixed medical oxygen concentrators held a significant revenue share of 47% in 2019 on account of use of fixed oxygen concentrators in hospitals and emergency care centers due to its uninterrupted supply. With its high storage capabilities, these types of concentrators are more likely to be used in large healthcare facilities. Thus, with developing healthcare infrastructure in developing nations, the segment will witness lucrative growth.
Browse key industry insights spread across 120 pages with 151 market data tables & 24 figures & charts from the report, “Oxygen Concentrators Market Size, By Product (Portable Medical Oxygen Concentrators, Fixed Medical Oxygen Concentrators), By Application (Home Care, Non-Home Care), By Technology (Pulse Flow, Continuous Flow), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, Japan, India, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Growing hospital admissions and developing infrastructure will create demand for oxygen concentrators in non-homecare settings
Non-home care application segment valuation was more than USD 560 million in 2019 owing to significant increase in hospitalization rates, repetitive admissions and need for timely interventions among patients with COPD and asthma. Such patients need time-to-time follow-up of disease progression and immediate retrieval in emergency situations. Thus, rise in number of patients with chronic respiratory diseases in nursing homes and care centers will further influence the adoption of oxygen concentrators.
High preference for portable devices with more efficient technology will augment pulse flow technology-based devices
Pulse flow technology segment is poised to witness around -1.8% growth rate through 2026. The segment growth is primarily attributed to preference of this technology as it provides oxygen based on the amount and intensity of breathing with greater efficiency. Additionally, these devices are compact, small, and convenient to handle, that increases customer preference.
Growing tobacco abuse in European countries will impact the market demand
Europe oxygen concentrators market is projected to expand at -5.4% CAGR till 2026 led by growing adoption of smoking and thus, high incidence of COPD among the population. As per the Tobacco Atlas, about 124,800 Germans die due to tobacco-related diseases. With growing mortality, the need for proper respiratory disease management will grow, thereby offsetting demand for medical oxygen concentrators. Also, favorable initiatives for mass awareness on respiratory health will positively influence industry expansion in the region.
Strategic collaborations among industry players will increase the market growth potential
Some of the notable players operating in the market include Koninklijke Phillips N.V., NIDEK Medical Products, Inogen and Invacare Corporation among other players. These business leaders primarily focus on strategic alliances such as acquisitions & mergers, partnerships & collaborations to broaden their product portfolio and capitalize on market opportunities.