Oxygen concentrator is a medical equipment, which compresses the air around the patient to deliver it to him/her in a purer form. The supply of oxygen is continuous and unlike an oxygen tank, can never run out as long as the battery is powered or the compressor plugged into an electrical outlet. There are two types of oxygen delivery in oxygen concentrators: continuous flow delivery and pulse dose delivery.
The global medical oxygen concentrators market is estimated to account for US$ 1,683.3 Mn in terms of value and is expected to reach US$ 3,087.8 Mn by the end of 2027.
Global Medical Oxygen Concentrators Market: Drivers
Advantages of portable oxygen concentrators are expected to propel growth of the global medical oxygen concentrators market over the forecast period. Portable oxygen concentrators can be easily carried out everywhere. Portable oxygen concentrators are lightweight and do not require continuous electric supply. Hence, these can be easily used while doing other daily activities. Both pulse and continuous flow technologies are being used in portable oxygen concentrators, which has widened its usage.
Global Medical Oxygen Concentrators Market: Opportunities
Increasing number of surgeries is expected to offer lucrative growth opportunities for players in the global medical oxygen concentrators market. For instance, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, admissions for emergency surgery increased between 2016-2017 and 2017-2018 by 2.9% in public hospitals and by 5.1% in private hospitals in Australia.
Global Medical Oxygen Concentrators Market: Restraints
High cost of portable oxygen concentrators is expected to limit growth of the global medical oxygen concentrators market. Portable oxygen concentrators are small and lightweight, hence are easy to carry. A primary portable oxygen concentrator ranges between US$ 2,665 and US$ 3,243. Hence, high cost of portable oxygen concentrator is a major factor likely to hamper growth of the global medical oxygen concentrators market.
The global medical oxygen concentrators market was valued at US$ 1,683.3 Mn in 2019 and is forecast to reach a value of US$ 3,087.8 Mn by 2027 at a CAGR of 9.1% between 2020 and 2027. Major factor driving the growth of global medical oxygen concentrators market during the forecast period include high prevalence of respiratory diseases, and ongoing COVID-19 pandemic.
Portable devices held dominant position in the global medical oxygen concentrators market in 2019, accounting for 64.9% share in terms of value, followed by stationary devices, respectively. Portable devices can be taken from one place to another and have advantages such as low weight, portability, and are cheaper.
Establishment of industry focused associations such as Compressed Gas Association, Medical Gas Association, and Gases and Welding Distributors Association is expected to aid in growth of the global medical oxygen concentrators market. Such associations help in laying out strategies that would ultimately help the market thrive and flourish.
In Europe, medical gas systems including medical oxygen concentrators need to be CE Certified and Labelled in accordance with Council Directive 93/42 EEC Concerning Medical Devices (Class IIB); 2006/42 EC Machinery Directive; 97/23/EEC Pressure Equipment Directive (PED) and 2006/95/EC, Low Voltage Electrical Equipment Directive (LVD).
Global Medical Oxygen Concentrators Market: Competitive Landscape
Major players operating in the global medical oxygen concentrators market include, Chart Industries, Inc., 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.
Global Medical Oxygen Concentrators Market: Key Developments
October 2019: OxygenToGo, LLC, a Wyoming, U.S.-based provider of portable oxygen concentrators and services for oxygen-dependent travelers, started an office near Heathrow Airport in London to expand its offerings in the United Kingdom and Europe