A medical oxygen concentrator market is forecast to grow at a compound annual growth rate (CAGR) of more than 125 during the forecast period from 2021-2030.
As a healthcare device, a medical oxygen concentrator provides oxygen to patients suffering from respiratory disorders. In medical oxygen concentrators, sieve beds and filters separate nitrogen from oxygen to eliminate nitrogen constituents in the air. After the air has been purified and the nitrogen element removed, it is ready to be delivered to the dedicated patients via a nasal cannula or an oxygen mask. In addition to filtering the air they capture from the surroundings; the concentrators ensure that the oxygen delivered to patients is not contaminated. Although they are a lifesaver for patients suffering from respiratory ailments, they are designed only for patients with less complexity. However, 99% oxygen content is crucial in severe respiratory conditions, exceeding an oxygen concentrator's limit, rendering it ineffective.
Factors Affecting
Impact Analysis of COVID-19
Nearly every other industry across the globe has been affected by the Coronavirus outbreak, except pharmaceuticals and healthcare. Not only has the pandemic driven the medical oxygen concentrator, but it has also affected its overall design. Oxygen concentrators are known to provide oxygen to people with blood oxygen levels below 90%. Around the world, these devices are contributing to saving lives in a growing number of minor cases. It has resulted in a drastic increase in the demand for such devices over the past year. Further, the varied priorities and less attention paid to the overall medical structure of the various countries are fueling the global medical oxygen concentrator market as the government is running short of equipment to meet public demand.
Regional Analysis
In the global medical oxygen concentrator market, North America accounted for the largest market share. With an aging population and COVID-related aging trend, medical oxygen concentrators have seen a substantial increase in demand in the region. Additionally, the region is the worst affected region in the world for obstructive pulmonary disease. Thus, North America is forecast to witness a higher demand for medical oxygen concentrators, driving the global market for medical oxygen concentrators.
Leading Competitors
The leading prominent competitors in the medical oxygen concentrator market are:
Scope of the Report
The global medical oxygen concentrators market segmentation includes Product Type, Technology, Application, End-User, and Region.
Segmentation based on Product Type
Segmentation based on Application
Segmentation based on End-User
Segmentation based on Region