An oxygen concentrator is a medical device utilized for supplying oxygen to individuals with disorders related to breathing. A physician prescribes a flow or setting to address the patient's respiratory condition. An increasing number of people suffer from various heart, lung, and other respiratory diseases who require supplemental oxygen therapy at home when traveling or while participating in daily activities away from home. Therefore, there is a high demand for these devices. Thus, the medical oxygen concentrators market is predicted to grow with a CAGR of 8.9% during the forecast period.
|Fastest Growing Market||North America|
|Largest Market||Asia pacific|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
The global medical oxygen concentrators market is primarily driven by soaring respiratory diseases such as asthma, COPD, and cystic fibrosis. The major reason for the upsurge in these diseases is the polluted air typically caused by smoking tobacco, toxic particles, fumes, and allergens.
According to the WHO, each year, globally, more than 65 million people suffer from Chronic Obstructive Pulmonary Diseases (COPD), and more than 3 million people die from it. Moreover, Asthma is the most widespread chronic disease among children worldwide. More than 339 million people live with asthma, and over 80% of asthma-related deaths occur in low-and lower-middle-income countries.
The other factors, such as increasing investment and initiatives undertaken by government and non-government organizations, increase overall revenue, and drive market growth. For instance, The Global Initiative for Asthma (GINA) strives to increase awareness of asthma among health professionals, health authorities, and the general public to improve diagnoses, management, and prevention of asthma by stimulating research and providing evidence-based educational resources for worldwide use.
The Centers for Disease Control and Prevention (CDC) also encourages the 36 health departments in the National Asthma Control Program (NACP) to implement school-based asthma interventions on a larger scale. The program has enhanced asthma treatment, management, and control in the U.S. CDC's funded programs have upgraded the quality of asthma care, advanced asthma management in schools, and fostered policies to reduce air pollution.
Asia-Pacific is estimated to be the fast-growing region due to the high prevalence of COPD and the increasing number of asthmatic & allergic rhinitis patients. R&D activities by key market players to develop novel respiratory devices are also expected to facilitate the Asia-Pacific region's growth. Moreover, favorable government reimbursement plans and growing healthcare awareness levels are also key growth contributors across this region.
For instance, organizations such as the Asia-Pacific Association of Allergy, Asthma, and Clinical Immunology (APAAACI), is an association of National / Regional Societies of Allergy and Clinical Immunology in the Asia-Pacific region which are involved in delivering information about clinical development and basic research on allergy, asthma, and clinical immunology to the community.
In the challenging situation of the COVID-19 pandemic, the APAAACI team also participated in providing education and awareness to keep the people up to date about the disease's know-how. Such initiatives are expected to boost the market demand for respiratory drug delivery devices in developing regions, thereby raising the overall market growth.
According to the UN agency, by 2050, the world's population aged sixty years and older is anticipated to be 2 billion, up from 900 million in 2015. The growing base of geriatric population requiring home care setting of medical oxygen concentrators is anticipated to be a key issue driving the market growth. In societies that have accelerated aging, one of all the problems that arise is the increasing prevalence of chronic conditions like cardiovascular disorders and lung diseases due to a weak immune system. Thus, boosting the market growth.
North America dominates the medical oxygen concentrators market as the region is supported by rising healthcare awareness and advanced technologies acceptance. Along with the presence of a well-established healthcare system, high penetration, and the adoption rate of medical oxygen concentrators. Furthermore, the surging prevalence of chronic diseases in the region is also boosting the market growth.
Additionally, the rising geriatric population is further anticipated to propel market growth. Besides, the local presence of key players, high disposable income, and lifestyle changes accelerate the regional market growth.
Based on the product, the global market of medical oxygen concentrators is majorly segmented into portable and stationary. The portable segment accounted for the largest share of the medical oxygen concentrators market. This segment's large share can be attributed to the rising aging population requiring home care settings as they are easy to use and move.
Moreover, these oxygen concentrators work on a plug-in battery, making it more convenient to use, lightweight, and compact, thus providing easy mobility. These factors contribute to the upsurge in demand for portable oxygen concentrators.
The global market of medical oxygen concentrators is segmented into home care settings, hospitals, ambulatory surgical centers, and others by End-User. Home Care Settings accounted for the largest share of the medical oxygen concentrators market. This segment's large share can be attributed to factors such as increased adoption of these devices in old age and chronically ill patients. These devices offer benefits such as customization as per patients' requirements, making it convenient for patients at home, which are anticipated to boost the usage of medical oxygen concentrators by home care settings over the forecast period.
With the rapid spread of the COVID-19 virus across the globe, the need for essential medical devices/equipment is also increasing. The COVID-19 infection is measured based on oxygen levels in the bloodstream and is characterized as normal to severe and even life-threatening. So, the need for oxygen support devices like ventilators, oxygen concentrators, etc., is rising day by day with the increasing number of cases of COVID-19 patients across the globe. Breathlessness is a major issue with the patients suffering from COVID-19, thus requiring an oxygen concentrator device.
As per the American Journal of Tropical Medicine and Hygiene (ASTMH), the symptoms start arising within 7-10 days of illness. The current treatment for severe COVID-19 depends majorly on providing the best possible oxygen supportive care. Patients infected with the COVID-19 virus may suffer from mild to severe symptoms.
With hospitals being overcrowded and the lack of ventilators' availability in underprivileged settings is a challenge, oxygen concentrators are proving to be helpful in such situations. As most cases are patients with mild symptoms who don't require ventilator support, breathing therapy by oxygen concentrator helps stabilize the health of the patient. Thus, it is contributing to the medical oxygen concentrators market growth.