Logo
Rising Respiratory Disorders to make the oxygen concentrator market grow over 6% CAGR: Actual Market Research
May, 31
2021

305 view

Rising Respiratory Disorders to make the oxygen concentrator market grow over 6% CAGR: Actual Market Research

 

pr-image.png

The global market for medical oxygen concentrators is primarily driven by the rising prevalence of respiratory disorders, such as asthma, lung cancer, cystic fibrosis, emphysema, mesothelioma, pulmonary hypertension, and tuberculosis, and chronic obstructive pulmonary diseases. This is further being supported by the increasing geriatric population and rapid technological advancements in the miniaturization of oxygen concentrators. The market is also driven by the rapid outbreak of the Covid-19 pandemic on the global level. Patients with COVID-19 who have an oxygen concentration lower than 90% should be provided with oxygen therapy to avoid further health deterioration. The research report titled Global Medical Oxygen Concentrators Market Outlook, 2026 by Actual Market Research categorizes the market to forecast the revenues and analyze the trends in each of the following segments: based on product type, based on technology, based on end users, based on region, countries & major companies.
Since respiratory diseases can be easily carried conveniently, they are gaining widespread preference across the healthcare sector. Also, patients already suffering from pulmonary disorders require these medical devices to maintain an adequate concentration of oxygen. This, coupled with the rising demand for portable oxygen sources from intensive care units, is providing an impetus to the market growth. The market in the year 2015 was valued at USD 1.59 Billion. Some of the other factors contributing to the market growth include the launch of POCs with improved battery life and miniaturized membrane technologies, extensive research, and development activities, and the continual developments in the healthcare infrastructure. The market is expected to grow over an anticipated CAGR of 6%.
According to the WHO, around 300 Million people are suffering from asthma, which can be cited as an important growth factor for the oxygen concentrators, particularly the oxygen cylinder segment which held a market share of over 47% in 2020. Additionally, the introduction of novel oxygen concentrators by prominent companies offering portability with enhanced technology will further impact and influence the growth of the portable oxygen concentrators market. The portable cylinder segment is expected to have an anticipated CAGR of 9.56%, through the forecasted period.
In contrast to the general perception, nonhome care accounted for 46% of the market share in 2015, declining gradually. Over the past several years, there have been some tremendous breakthroughs in the area of long-term oxygen therapy from home. The growing elderly population base prone to several cardiopulmonary diseases further impels the demand for homecare medical oxygen concentrators.
North America dominates the oxygen therapy equipment market and has a major share of revenue and is expected to maintain its position in the forecast period. Increasing end-users and increasing awareness of the benefits of oxygen therapy in hospitals are factors driving the growth of the target market. The Asia Pacific is anticipated to be the most lucrative market during the forecast period. Key factors fuelling regional market growth include the rapidly increasing geriatric population and prevalence of lung disorders.