According to a new report published by Allied Market Research, titled, " Oxygen Concentrators Market by Product, Technology, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030,"
The global oxygen concentrators market was valued at $3.30 billion in 2020, and is estimated to reach $6.06 billion by 2030, growing at a CAGR of 5.90% from 2021 to 2030.
An oxygen concentrator is a device that concentrates oxygen from a gas supply (generally ambient air) by selectively removing nitrogen to supply an oxygen-enriched product gas stream. An oxygen concentrator takes in air and removes nitrogen from it, leaving an oxygen enriched gas for use by people requiring medical oxygen due to low oxygen levels in their blood.
Population living in poor quality neighborhoods and homes, which lack adequate provision for sanitation, water, garbage removal, and drainage, are specifically susceptible to respiratory disorders such as COPD and asthma. Use of kerosene lights and portable stoves for heating and cooking result in inhalation of particulates. This can cause prolong respiratory diseases such as COPD and asthma among population of underdeveloped regions such as Asia- Pacific and LAMEA. Further, women and children are specifically prone to COPD and asthma as they deal with many indoor tasks. Hence, such factors felicitate demand for home care or portable oxygen concentrators and further boost the market growth.
Women generally spend longer time indoors compared to men and hence are at higher level of risk of developing respiratory disorders. In developed as well as developing regions, people who smoke indoors endanger their family members along with themselves. Thus, rise in indoor pollution cause chronic and respiratory diseases, which is expected to supplement demand for oxygen concentrators.
In addition, geriatric population is considered as one of the highest contributors in the oxygen concentrators market as elderly population is highly susceptible to chronic disorders such as cancer, asthma, diabetes, and heart attack. Furthermore, rise in prevalence of infectious disease, such as COVID-19, boosts the market growth. According to the WHO in 2020, there has been a significant rise in deaths worldwide, owing to coronavirus. Till 29th June 2021, more than 4 million deaths have been noted with more than 180 million infected cases across the globe.
Thus, to combat such pandemic, oxygen concentrators are widely used for critical patients. Conversely, unmet medical needs in emerging nations are expected to provide lucrative opportunities for the market growth.
On the basis of technology, the global oxygen concentrators market is divided into pulse flow and continuous flow. The continuous flow segment was the major revenue contributor in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in burden of COVID-19, increase in target population, and launch of cost-effective oxygen concentrators that propel the market growth. Moreover, rise in number of chronic diseases is also anticipated to drive the oxygen concentrators market growth.
By product, the global oxygen concentrators market is bifurcated into portable and fixed. The portable segment dominated the market in 2020, and is anticipated to continue this trend during the forecast period.
The portable segment is expected to grow with a high pace as most people prefer to have such cylinders at home for emergencies, especially in the present pandemic situation.
Depending on end user, the global oxygen concentrators market is segregated into a hospital, home healthcare, and ambulatory surgical centers & physician offices. The ambulatory surgical centers & physician offices segment led the market in 2020, and is anticipated to maintain its lead during the forecast period. Rise in focus on technological advancements using portable oxygen concentrators for ambulatory surgical centers & physician offices creates huge opportunities for the market.
North America was the largest shareholder in the global oxygen concentrators market in 2020, owing to increase in prevalence of COVID-19 cases and surge in geriatric population in this region followed by Europe. According to the U.S. Centers for Disease Control and Prevention, the U.S. needs more than seven billion respirators in the long run to combat worst-case spread of a severe respiratory outbreak such as COVID-19, which can be fulfilled by medical devices such as oxygen cylinders. This is the major factor driving the growth of the global oxygen concentrators market in North America. However, Asia-Pacific is anticipated to register highest CAGR during the forecast period, owing to rapidly increasing prevalence of chronic diseases, infectious diseases, and cardiovascular diseases as well as surge in need for oxygen cylinders in this region due to higher population, development in health care infrastructure, and rise in number of hospital equipped with advanced medical facilities.
Key Findings Of The Study
- By technology, the continuous flow segment was the highest contributor to the market in 2020.
- By product, the portable segment was the highest contributor to the market in 2020.
- By end user, the ambulatory surgical centers & physician offices segment is projected to grow at a significant CAGR of 5.60% from 2021 to 2030.
- By region, North America garnered largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.