COVID-19 Impact on Medical Oxygen Concentrators Market Size, Competitive Outlook, Future Trends, Growth Insights and Global Industry Analysis By 2024
Medical Oxygen Concentrators Market Size, Trends and Growth Analysis by Product (Portable Oxygen Concentrators and Stationary Oxygen Concentrators), Technology (Continuous Flow, Pulse Dose), Indication (Chronic Obstructive Pulmonary Disease, Asthma, Sleep Apnea), End User and Region – Forecast till 2024
Medical Oxygen Concentrators Market Landscape
Global Medical Oxygen Concentrators Market stocks have outpaced other rivals since the Coronavirus-driven market selloff bottomed out in March, reflecting the advantages of strong exports globally. Market Research Future accumulated some essential facts on the medical oxygen concentrators market had published a report stating that 7.8% is the CAGR will be the future pace of growth. At this pace, the market is probable to outdo revenue of USD 1,755.8 million gains in the year 2018. The new revenue is expected to gain in the years 2019 to 2024 (forecasted period).
The global medical oxygen concentrators market might witness an upsurge owing to the spread of COVID-19. The expansion of containment efforts is leading to elevated demand and lower production. Therefore, prices are expected to remain elevated in the short term, thereby resulting in improved top-line growth of market vendors in the coming years. MRFR further defines the market’s growth story through factors such as growing focus on the expansion of product portfolios as well as technological advances. These are anticipated to boost the growth of the medical oxygen concentrators market in the forecast period.
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The upward competition from the local vendors is compelling global vendors of medical oxygen concentrators to surge their R&D efforts to develop advanced, innovative products and strengthen their product portfolios. In the case of point, Invacare is one of the top vendors in the US with a brawny geographic presence worldwide. The company offers an broad range of portable as well as stationary medical oxygen concentrators, including Invacare 5 Oxygen Concentrator, Platinum XL 5-Liter Oxygen Concentrator, Invacare Platinum 10 Oxygen Concentrator, and more. Therefore, the budding focus on the expansion of product portfolios by vendors is expected to stimulate the development of the medical oxygen concentrators market in the forecast period.
Furthermore, the global portable oxygen concentrators market is also being primarily driven by more factors such as upward demand for lightweight and mobile oxygen supply for patients. Globally, the demand for portable oxygen concentrators is preferred for its mobility and long battery life. Many patients require a continuous supply of oxygen at the time of illness or diagnosis, where portable oxygen concentrators serve the best need. Due to this, the popularity of portable oxygen concentrators is escalating over the years, and the medical oxygen concentrators market is stocking up positively.
In fact, the technological advancements in portable oxygen concentrators are also fuelling the growth in the global portable oxygen concentrators market. Portable oxygen concentrators are approved through the Federal Aviation Administration (FAA) that has resulted in the emerging demand for portable oxygen concentrators in the aviation industry.
Medical Oxygen Concentrators Market Segment Review
The global portable oxygen concentrators market has been studied under the segments of product, technology, indication, end-user.
By the segment of the product, medical oxygen concentrators market includes portable oxygen concentrators and stationary oxygen concentrators. The portable oxygen concentrators segment commanded the market in the year 2018 and is expected to continue the govern in the forecast period owing to growing adoption by travelers attributed to its compact size, lightweight, higher oxygen capacity, and better mobility.
By the segment of technology, the medical oxygen concentrators market has included continuous flow and pulse dose.
By the segment of indication, the medical oxygen concentrators market has included asthma, chronic obstructive pulmonary disease, sleep apnea, and others.
By the segment of end-user, the medical oxygen concentrators market has included hospitals and clinics, travel, homecare, and others.
Medical Oxygen Concentrators Market Regional Framework
North America’s medical oxygen concentrators market grabbed USD 650 million in revenue size in the year 2019 on account of increasing spending and disposable income of the expanding geriatric population pool, U.S. population, and changing lifestyle. Apart from this, the occurrence of COVID-19 has affected more than four million people in the country, and the number of cases is escalating at a substantial rate, thus affecting the supply of medical oxygen concentrators in the country.
In terms of medical oxygen concentrators market revenue, the Asia Pacific, excluding Japan, the portable oxygen concentrators market is projected to record a noteworthy CAGR in the forecast period. Improving economic conditions is stimulating the growth of the portable oxygen concentrators market in APEJ.
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Medical Oxygen Concentrators Market Competitive Outlook
Some of the leading players operating in the global medical oxygen concentrators market include Philips Healthcare, AirSep Corporation, Invacare Corporation, Medtronic plc, Drive DeVilbiss Healthcare, ResMed, Nidek Medical Products, Inc., Chart Industries, Inc., GCE Group, Precision Medical, Inc., Besco Medical Limited, O2 Concepts, LLC and Teijin Limited.
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