Oxygen Concentrators Market - Forecasts from 2022 to 2027

Oxygen Concentrators Market - Forecasts from 2022 to 2027

The global oxygen concentrators market is projected to grow at a CAGR of 10.61% during the forecast period to reach US$5.696 billion by 2027, from US$2.812 billion in 2020. Patients suffering from lung problems or lung diseases use oxygen concentrators to ensure a smoother flow of oxygen in the body. Aged people having aged-linked problems also use oxygen concentrators. Further, oxygen concentrators are used in hospitals during and after surgery when the patients’ body becomes weak and is unable to breathe in enough air. The prime reason which is driving the market growth during the forecasted period is predicted to be increasing cases of lung problems and lung diseases that will require the patient to take external help. Technological enhancement in the industry is predicted to open new market opportunities, hence driving significant growth.

Rising cases of lung problems and disease require the patient to take external help to breathe and hence increase the adoption of oxygen concentrators.

One of the prime reasons driving the market growth of oxygen concentrators is increasing instances of lung problems and diseases, which require the patient to take external/ artificial help. A report by World Health Organization (WHO) states that lung cancer is the leading cause of lung-linked deaths and takes away lives of more than 1.8 million people, worldwide, annually. Data from the American Cancer Society shows that fresh cases of lung cancers in the region are increasing at a significant rate with over 2.21 million new cases of lung cancer discovered in 2020. These cases further increased to over 2.35 million in 2021. Rising pollution coupled with increasing smoking and tobacco consumption has increased the chances of lung diseases, especially lung cancer. It is anticipated that the rise in diseases cases will surge the demand for oxygen concentrators during the forecasted period.

Portable oxygen concentrators will grow at the fastest rate during the forecasted period.

The global oxygen concentrator market is divided, based on type, as portable and fixed concentrators. during the forecasted period, portable concentrators are projected to increase at the fastest rate to attain a large share of the market. Portable oxygen concentrators are enhanced and compact, low-weight, easy-to-carry, oxygen-producing equipment which is gaining preference among patients suffering from lung problems. Owing to their compact size and low weight, portable oxygen concentrators are convenient to carry and give the user independence to move around, by carrying these concentrators in a backpack or through a trolley. Its compact structure requires less space, making it transportable. Further, portable concentrators have the capability to generate oxygen equal to the fixed concentrators, hence not sacrificing the quality.

The growing proportion of the aging population in the overall population demography is expected to increase the market demand for oxygen concentrators.

Another key factor that is anticipated to provide robust demand in the oxygen concentrator market is the growing proportion of the aged population in the overall demography. The World Bank Database shows that the aged population, preciously, people aged 65 and above, has increased from 523.579 million in 2010 to 722.133 million in 2020, accounting for around 9% of total demography. However, the United Nations predicts that this proportion will increase to 15% to around 1.5 billion people by 2050. It is expected that the increased aged population will surge the demand for oxygen concentrators and hence the market has a promising growth prospect.

Fixed concentrators are widely used in hospitals and ambulatory care centers; however, portable oxygen concentrators are calculated to dominate homecare settings.

The global oxygen concentrator market is segmented, based on the end-user industry, into hospital, ambulatory care centers, and home care settings. Fixed oxygen concentrators are widely used in hospitals and ambulatory care centers. In a hospital, fixed oxygen concentrators are placed alongside the bed of the patient, and are also used at the time of and after surgeries.

However, in a home care setting, portable oxygen concentrators are more preferred since they provide patient mobility. Furthermore, the rising medical prices for a patient coupled with the innovation in the industry and launch of portable concentrators has enabled the patients to cut short unnecessary hospital costs of bed and other accessories, by adopting a homecare setting with the help of portable concentrators.

Covid Insights

The coronavirus pandemic rocketed the market of oxygen concentrators, booming the market size. The coronavirus is a respiratory virus that affects the breathing capability of the infected person who then requires external and/or artificial support to breathe. The outbreak of the virus skyrocketed the demand for oxygen concentrators for the infected persons.

Key Development

April 2021: Exaltra, an Indian startup, launched the country’s innovative mini oxygen concentrator, amid covid, aiming to help India deal with oxygen-linked shortage during the second wave outbreak in March-April 2021. This mini-concentrator was priced ranging between US$269.63 to US$539.25 and was made available for purchase by the healthcare organization, clinics, and people in-home care facilities.
April 2021: Precision Medical Inc. launched a new portable oxygen concentrator having a unique and one-of-a-kind touch facility along with an LCD screen. This oxygen concentrator is claimed to have larger battery life and has an easy battery changing facility. Furthermore, it has a dual curve design to wear or carry easily from either side.Market Segmentation:

By Type

Portable
Fixed

By Technology

Pulse Flow Technology
Continuous Flow Technology

By End-User Industry

Hospitals
Ambulatory Care Centers
Home Care

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
South Korea
India
Thailand
Taiwan
Indonesia
Others