Rising demand of minimally invasive diagnostic processes is driving the growth in Global Oxygen Concentrators Market in the forecast period, 2022-2026.
According to TechSci Research report, “Global Oxygen Concentrators Market By Type (Portable v/s Stationary) By Technology (Pulse Flow v/s Continuous Flow) By Application (Bronchitis, Pneumonia, COVID-19, Lung Cancer, Others) By End Users (Hospitals & Clinics, Ambulatory Care Centers, Home Care) By Region, Competition Forecast & Opportunities, 2026”, the global oxygen concentrator market is expected to show a robust growth in the forecast period, 2022-2026, on the account of increasing number of COVID-19 positive patients. The disease has been termed as pandemic since March 2020, and even after claiming millions of lives, the control over the virus has not been completed. In fact, new strains of the virus are still rapidly increasing the patient count as well as claiming their lives mostly in the countries like India. One of the major symptoms and effect the patients are suffering is the lack of oxygen they experience after the infection. Oxygen concentrators are utilized to over come the effect of the viral infection. Moreover, respiratory disorders, lung diseases, lung cancer, and pulmonary diseases are also increasing on a worldwide level.
In fact, five years ago, according to the reliable sources of United States government, more than 16 million U.S. citizens (adults) were diagnosed with the severe cases of chronic obtrusive pulmonary disorder (COPD). 9 million were suffering from chronic bronchitis, and 3.5 million struggled with emphysema. As fearful these stats seem, the diseases are still rapidly increasing and affecting the population all over the world. With the poor choices of lifestyle like smoking, excessive alcoholism, and increased industrialization all over the world, the cases of the pulmonary diseases are increasing. Thus, its safe to say that these factors are directly affecting the health as well as the market for oxygen concentrators. Patients suffering from these diseases fail to breathe in oxygen and their body fails to separate out the oxygen from the other gases. The toxic gases are worsening the cases thereby the surge in the demand for the oxygen concentrators is increasing. Furthermore, ResMed, one of the leading participants of the oxygen concentrators market and to meet the rapidly increasing global demand, the company is increasing its masks manufacturing capacities by 10 times and ventilator manufacturing by 2-3 times. The company has a capacity of manufacturing nearly 1 million devices annually.
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The global oxygen concentrator market is segmented by type, technology, application, end user, competitional landscape, and regional analysis. Based on technology, the market is further categorized into pulse flow and continuous flow. Pulse flow oxygen concentrators work on the principle where it provides puffs of oxygen when the patient inhales. Continuous flow provides oxygen regardless of whether the oxygen patient is inhaling or exhaling.
Based on application, the market is further fragmented by bronchitis, pneumonia, COVID-19, lung cancer, and others. COVID-19 is anticipated to hold the largest market share owing to the large number of the patients that is continuously increasing due to the new strain of virus that was recently discovered. Moreover, other lung problems like bronchitis, is also anticipated to hold a significant market share owing to the increased pollution and foul air quality of the country. Based on end user the market is categorized on the basis of hospitals & clinics, ambulatory care centers, home care. Hospitals & Clinics are anticipated to hold the largest market share in the future five years owing to the large sized tanks and need of expert monitoring for the supply t be consistent and continuous. Although, homecare is expected to experience the fastest growth in the market share owing to the pandemic situation the country is struggling with.
Holding major shares of the global oxygen concentrators market, major competitors are Koninklijke Philips N.V., Invacare Corporation, ResMed, Inc., AirSep Corporation, Precision Medical, Inc., DeVilbiss Healthcare LLC, Nidek Medical Products Inc., Inogen Inc., NGK Spark Plug Co., Ltd., GCE Group among others. Market players are actively involved in the technological advancement and currently looking out to increase the manufacturing units to meet the demand from various end users. Countries like India and China are still struggling with the increasing number of the COVID-19 patients and the demand for the oxygen concentrators have multiplied rapidly. Although the imports and exports of the supply units have increased, manufacturing units at multiple points will further support the growth of the market. Partnerships among the market giants would support the market growth further.
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“North America is anticipated to hold the largest share of the global market in the next five years on the account of government and private funding for R&D in oxygen concentrator devices, the increasing number of healthcare providers, the increasing geriatric population, and rising incidences of lung related diseases. Also, the increased number of diseases has drived the maximum number of market layers to operate in the region. New market players can strategize for the significant market players by investing in the research and development of the technologically advanced products,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Oxygen Concentrators Market By Type (Portable v/s Stationary) By Technology (Pulse Flow v/s Continuous Flow) By Application (Bronchitis, Pneumonia, COVID-19, Lung Cancer, Others) By End Users (Hospitals & Clinics, Ambulatory Care Centers, Home Care) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global oxygen concentrators and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global oxygen concentrators market.
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