by The Medical Oxygen Concentrators Market is estimated to be valued at US$ 3,300.00 million in 2022 and is expected to exhibit a CAGR of 5.90% over the forecast period of 2021-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Medical Oxygen Concentrators market involves the production and distribution of medical devices that concentrate oxygen from the surrounding air to deliver it to individuals with respiratory conditions. These devices are vital for patients suffering from various respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and cystic fibrosis. Medical oxygen concentrators are cost-effective and provide a portable solution for patients requiring long-term oxygen therapy. The market is also driven by technological advancements, such as the development of innovative and compact devices, which enhance patient convenience and compliance.
Market Dynamics:
The Medical Oxygen Concentrators market is driven by several factors. The increasing prevalence of respiratory diseases worldwide is a major driver for the market. According to the World Health Organization, over 235 million people suffer from asthma globally, and COPD is projected to become the third leading cause of death worldwide by 2030. Additionally, technological advancements and the development of portable and lightweight oxygen concentrators are driving market growth. These devices offer greater mobility and convenience for patients, which is particularly beneficial for those with active lifestyles. Moreover, the growing geriatric population, increasing healthcare expenditure, and rising awareness about the advantages of oxygen concentrators are further propelling market growth.
Segment Analysis:
The medical oxygen concentrators market can be segmented into two main types: portable oxygen concentrators and stationary oxygen concentrators. The dominating sub-segment in this market is the portable oxygen concentrators. This is mainly due to the increasing demand for portable and lightweight medical devices that allow patients to have better mobility and carry out their daily activities without any hindrance. Portable oxygen concentrators offer convenience and flexibility to patients who require supplemental oxygen therapy. They are compact, lightweight, and can be easily carried around by the patients, enabling them to travel and engage in various activities. Moreover, technological advancements have led to the development of more efficient and user-friendly portable oxygen concentrators, further driving the dominance of this segment in the market.
PEST Analysis:
Political: The political factors influencing the medical oxygen concentrators market include government regulations and policies related to healthcare and medical devices. These regulations ensure the safety, efficacy, and quality of medical devices, including oxygen concentrators.
Economic: The economic factors impacting the market include healthcare expenditure and reimbursement policies. Increasing healthcare expenditure, especially in developing countries, and favorable reimbursement policies for medical devices contribute to the growth of the medical oxygen concentrators market.
Social: The social factors include the prevalence of respiratory disorders, aging population, and increasing awareness about the benefits of oxygen therapy. The rising prevalence of chronic respiratory diseases such as COPD and asthma drives the demand for medical oxygen concentrators.
Technological: Technological advancements such as the development of portable and user-friendly oxygen concentrators, improved battery life, and wireless connectivity features drive the growth of the medical oxygen concentrators market.
Key Takeaways:
The global Medical Oxygen Concentrators Market Share is expected to witness high growth, exhibiting a CAGR of 5.90% over the forecast period (2021-2030). This growth is primarily driven by the increasing prevalence of respiratory disorders, the growing aging population, and the rising demand for portable and lightweight medical devices. The market size for 2020 was US$ 3,300.00 million.
In terms of regional analysis, North America is the fastest growing and dominating region in the medical oxygen concentrators market. This can be attributed to the well-established healthcare infrastructure, high healthcare expenditure, and the presence of key market players in the region.
Key players operating in the medical oxygen concentrators market include Inogen Inc., Invacare Corporation, OxygenToGo, LLC, Koninklijke Philips N.V., ResMed Inc., Drive DeVilbiss Healthcare LLC, Precision Medical, Inc., Besco Medical Co. Ltd., O2 Concepts, LLC, and GCE Group. These players focus on product innovations, partnerships, and acquisitions to maintain their market position and gain a competitive edge.
*Note:
1) Source: Coherent Market Insights, Public sources, Desk research
2) We have leveraged AI tools to mine information and compile it
