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Inherent of Covid 19- Asia to demand Oxygen Concentrators at 7.90% CAGR: Actual Market Research
May, 31
2021

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Inherent of Covid 19- Asia to demand Oxygen Concentrators at 7.90% CAGR: Actual Market Research

 

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Many health experts believe that the strain of coronavirus likely originated in bats or pangolins, with the first transmission to humans was in Wuhan, China. Since then, the virus has mostly spread through person-to-person contact. As of June 2021, the highest numbers of deaths are recorded in India, Iran, Indonesia, and Turkey, each with more than 45,000 deaths and more than 500,000 deaths combined. The research report titled Asia-Pacific 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, technology, end users, countries & major companies.

Being the third biggest contributor in the global market, Asia-Pacific accounted for USD 0.32 Billion in 2015. Most cases of COVID-19 are not serious. However, it can cause symptoms that become severe, leading to death in some cases. The outbreak of COVID-19 has been sudden in the Asian countries, many of them failing to take precautionary measures beforehand. This made it difficult to estimate how often the disease becomes severe or the exact rate of mortality. As Covid cases are going up and oxygen cylinders are in short supply across several states, the concentrator is among the most sought-after devices for oxygen therapy, especially among patients in home isolation and for hospitals running out of oxygen. Through the forecasted period, the market is expected to have a growth rate of 7.90%, expected to be one of the fastest-growing regions.

With governments imposing lockdowns which resulted in severe economic backdrops in the region, many lost their source of income. Combined with the traits of being price-sensitive, the region is influenced by the cost-effectiveness of fixed medical oxygen concentrators in comparison to portable ones. The oxygen cylinder segment showed an incline in the market share, unlike the global trend reached 53.61% in 2020, however is expected to decline through the forecasted period. Due to a huge mismatch between supply and demand, the oxygen concentrator is being sold in the black market at three or four times more than its original price. The portable cylinder segment is expected to grow with an anticipated CAGR of 10.39%.

With the increasing government initiatives and efforts, oxygen concentrators are now being made affordable even in the rural regions have been a boom in increasing the market size. Granting funds for hospitals & health care centers by governments across the regions had been a support for the growth of the nonhome care segment, allowing it to reach a value of USD 0.20 Billion in the year 2020. As the countries faced a shortage of beds in hospitals and other isolation centers during the peak period of Covid, people turned towards the home care facilities, which is expected to grow even after when the Covid pandemic is getting under control. The market of the home care segment is expected to grow with a high CAGR of 9.78% through the forecasted period, majorly due to the increasing aging elite population. Momentous growth of the home healthcare sector due to its cost-effectiveness and reduced chances of suffering from nosocomial infections is also to drive the segment.

Asia Pacific medical oxygen concentrators market was led by China, the origin of Covid-19 and is followed closely by India. Apart from Covid, a growing number of people suffering from respiratory diseases coupled with technological advancements in the device will drive Asia Pacific medical oxygen concentrator market. The increasing geriatric population base and growing adoption of unhealthy habits such as cigarette smoking are the common factors responsible for the market growth over the coming years. High pollution levels in China & India will accelerate the incidence rate of respiratory disease in the coming future, thereby fuelling the industry growth. Not only does India depend on China for concentrators, even the few Indian companies that make concentrators depend on China for their raw materials.