PUNE, India, Oct. 28, 2020 (GLOBE NEWSWIRE) -- info@insightslice.com
The Global Medical Oxygen Concentrators Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global Medical Oxygen Concentrators Market was worth US$ 1.8 billion in 2019. Medical oxygen concentrators act as a life saver for patients whose blood oxygen level is lower than required. The oxygen concentrators use the air in surrounding to minimize the nitrogen level and increase the oxygen concentration. They are a reliable source of sustainable supply of oxygen. The escalating issues related to environment pollution and increased geriatric population worldwide leads to rising demand for medical oxygen concentrators. There is a surge in the registered cases of Chronic Obstructive Pulmonary Disease (COPD), sleep apnea, asthma and other respiratory disorders. According to Centers for Disease Control and Prevention (CDC) 3.6% of adults in United States suffer from chronic bronchitis. Close to 65 million people globally suffer from COPD.
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The medical oxygen concentrators prove to be a breather for patients suffering with such breathing disorders. These products have been in circulation for decades and are getting constantly evolved for example miniaturization of the product and also improved performance. The portable medical oxygen concentrators are enabled for remote monitoring hence, a good fix for the patients. The recent outbreak of COVID-19 has escalated the demand for medical oxygen concentrators worldwide. The demand is expected to stay high until 2022. The only roadblock in the growth path of medical oxygen concentrators is the stringent government regulations and approval system for manufacturing of the devices. The leading market players are investing actively for innovating products. The innovation along with increased healthcare spending are together expected to accelerate the growth of medical oxygen concentrators throughout forecast period.
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Portable medical oxygen concentrators generate high volume sales
There are two broad product categories namely portable and stationary. The demand for stationary product type is prevalent across elderly population who are not very mobile. On the contrary, the portable devices are preferred choice across patients suffering from respiratory disorders such as COPD, asthma and soon. The manufacturers have introduced handy, lightweight, and battery operated devices for patients with high mobility. The volume and value revenue generation of portable medical oxygen concentrators is relatively high and the dominance is expected to continue throughout the forecast period.
Pulse Flow Technology is promising and is expected to grow at a healthy rate
The most widely used technology for manufacturing of medical oxygen concentrators is continuous flow. The technology is prominent across stationary products. The continuous flow technology segment will continue to be a leading revenue generating segment through the forecast period. On the other hand, pulse flow technology is relatively more efficient and used for manufacturing of the portable medical oxygen concentrators. This technology suits the mobile lifestyle of population hence, would be the preferred choice. All this would attract high growth rate for the pulse flow technology in long term.
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Homecare end use segment holds high potential for medical oxygen concentrators
Homecare and Non-homecare are two broad buying categories of medical oxygen concentrators. The homecare segment generates higher demand owing to expanding elderly population and increased mobility of the young and middle-aged patients. Lung and cardiopulmonary disorders has led to the necessity for medical oxygen concentrators. Increased healthcare spending and enhanced standard of living is expected to drive the demand for products globally.
Asia Pacific region holds highest growth potential during long term
North America region has a high concentration of patients suffering from lung and cardiopulmonary disorders. Also, the life expectancy of population across North America has been on a rise. Hence, the population is more prone to disorders. This makes North America region the highest revenue generating globally. The government has authorized the use of portable oxygen concentrators by patients during air travel. The growth of medical oxygen concentrators is expected to be steady in the coming years. Asia Pacific region is very promising in terms of demand for medical oxygen concentrators. The region is open to technologically advanced products. The increased standard of living allows the patients to have an access to the portable devices. Prominent countries across the region would cumulatively be responsible for high growth throughout the forecast period.
Major players active in the global Medical Oxygen Concentrators Market include AirSep Corporation, Drive DeVilbis Healthcare Inc., Invacare Corporation, Inogen,Inc., Nidek Medical, Medtronic plc, Precision Medical, Inc., GCE Group, Teijin Limited, OSI – Oxygen Solutions Inc. Philips Healthcare, ResMed.
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