Increasing COVID 19 cases, rising government spending on healthcare and developing COPD cases are driving the demand for oxygen concentrators. The Global Oxygen Concentrators Market was valued at USD 1.1 billion in 2020, and it is expected to reach USD 2 billion by 2027, with a CAGR of 9.1%, during the forecast period.
An oxygen concentrator is a medical device that concentrates and purifies oxygen from ambient air. This has gained much importance in Covid-19 pandemic times. This device can be used among the patients in home isolation and for hospitals running out of oxygen. According to a 2015 report by the WHO, concentrators are designed for continuous operation and can produce oxygen 24 hours a day, 7 days a week, for up to 5 years or more. Portable oxygen concentrators market held over 50 % revenue share in 2020. Advantages offered by portable oxygen concentrators are ease of use, portability, and light in weight. Expected entry of novel oxygen concentrators by conspicuous organizations offering versatility with improved innovation will additionally affect the business size. However, rigid administrative and regulations related with manufacturing and marketing guidelines of clinical oxygen concentrators may restrict product growth.
Factors driving the growth of oxygen concentrators include rising occurrence of COVID-19 cases, worldwide expanding older population base, developing COPD commonness around the world, expanding government drives, and increase in medical services spending. Additionally, increase in adoption of smoking and tobacco utilization and pollution across the world further lead to growth in lungs disorders.
Growing initiatives by private and government organizations, and rising awareness for need of purified oxygen to the patients are some of the other drivers of the market. Initiatives include a crowdfunding campaign wherein more than 50 journalists and craftsmen from South Asia and abroad united together under the Artists for India drive to raise assets for oxygen concentrators.
Several governments are taking initiatives to enhance the penetration of oxygen concentrator in the Covid situation. For instance, the central government of India capped the trade margin on oxygen concentrators at 70% to distributor level in order to keep in check the price. Previously, this margin was upto 198% in the country. Hence, such initiatives are expected to propel the market growth.
The major players operating in the oxygen concentrators market include Koninklijke Phillips N.V., NIDEK Medical Products, Inogen, ResMed, Chart Industries, Inc. (AirSep), DeVilbiss Healthcare LLC, O2 Concepts, Teijin Limited, Supera Anesthesia Innovations, and GCE Group, and Invacare Corporation among different players. These market players are embracing different inorganic and organic strategies to expand their presence across the globe.
Key Findings:
• Based on product type, portable oxygen concentrators segment accounted for the largest market share and is expected to maintain its dominance during the forecast period.
• Based on application, home care segment is growing with a high CAGR during the forecast period. Availability of several easy to use and portable oxygen concentrators coupled with an increasing demand due to Covid19 pandemic are the key factors for the growth of the segment in the market.
• Based on the technology, continuous flow accounted for the largest share of the market in 2020. The segment is likely to maintain it’s dominance during the forecast period.
• Based on regions, the Asia Pacific region is anticipated to capture a significant portion of the global oxygen concentrators market during the forecast period. North America held the largest share of the global oxygen concentrators market.
Recent News:
· In November 2020, CAIRE’s FreeStyle Comfort portable oxygen concentrator received an approval for reimbursement in France and Germany. This will further enhance the access to patients in the European Union’s two largest population centers.
· In 2021, Sewa International USA sent about 400 oxygen concentrators along with other emergency medical devices to India. The organisation has raised USD 5 million for India’s COVID crisis.
· In April 2021, India based Exalta launched a water-based oxygen concentrator for commercial as well as domestic use. The company has developed a portable mini ventilator along with an inbuilt oxygen concentrator which provides 1 to 8 liters of oxygen per minute.
Log in / Register