Medical Oxygen Concentrators Market Size Worth USD 4.8 Billion by 2026 at 5.0% CAGR – Report by Market Research Future (MRFR)

New York, US, July 08, 2021 (GLOBE NEWSWIRE) —

Medical Oxygen Concentrators Market Overview:

According to a comprehensive research report by Market Research Future (MRFR), “Medical Oxygen Concentrators Market Information by Technology, End User, Product and Indication, and Region – Forecast till 2026”, the market is projected to reach USD 4.8 Billion by 2026 witnessing a CAGR of 5%.

Market Scope:

Oxygen Concentrators are medical devices that by selectively eliminating nitrogen essences the oxygen from a gas source to provide an oxygen-enriched product gas spurt. Oxygen concentrators circulate air through molecular filter beds to concentrate room oxygen to healing levels for administration to the patient. Patients who are only minor to moderately ill and have an oxygen saturation level ranging from 90-94 should rely on an oxygen concentrator. They can use it easily in a home setting. As clean air is scarce of oxygen, individuals with oxygen levels as low as 85 can opt for medical oxygen concentrators. Patients with oxygen saturation reducing below 80-85 may require a superior oxygen flow and switch to liquid medical oxygen or cylinder supply.

Market Drivers:

Medical oxygen Concentrators devices are likely to offer sustainable and cost-effective oxygen to health facilities with dependable power supplies. The rising frequency of chronic obstructive pulmonary disease (COPD), swelling global number of patients needing continuing oxygen therapy (LTOT) due to asthma, and sleep apnea are estimated to contribute to expanding the global market.

The escalating demand for portable oxygen concentrators, progress in healthcare expenditure, and the incidence of beneficial government initiatives are the important factors propelling the Medical Oxygen Concentrators Market Growth.

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Competitive Landscape:

The Promising Contenders in the Medical Oxygen Concentrators Market are:

• Besco Medical Limited
• O2 Concepts, LLC
• Chart Industries, Inc.
• Philips Healthcare
• Teijin Limited
• OSI – Oxygen Solutions Inc
• Invacare Corporation
• AirSep Corporation
• Drive DeVilbiss Healthcare
• ResMed
• Medtronic plc
• Nidek Medical Products, Inc.
• Precision Medical, Inc.
• GCE Group
• Inogen

Market Restraints:

The Medical Oxygen Concentrators Market is estimated to be restricted by stringent regulatory measures during the forecast period.

COVID 19 Analysis:

With the spread of COVID-19 infection steadily rising last year, the charge of medical oxygen had increased by at a superlative degree of 700% to 800% in the initial months of the first wave, which reduced as more market players started to contribute to the shortage. At the summit of the second wave, ICU beds in several major hospitals around the world were mostly full, with many searching to find medical oxygen concentrators for the patients being treated, creating a huge challenge.

As the oxygen saturation levels of a COVID patient had to be maintained above 95, as lesser than that was regarded as dangerous. This pushed up overall demand for oxygen concentrators and oxygen cylinders, and the manufacturers have cashed in on the burgeoning need for the device.  As there is a potential third wave approaching, manufacturers are making sure they are well prepared to meet the demand.

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Market Segmentation:

By Product, the segment of portable oxygen concentrators commanded lead share and is expected to endure in its standing over the forecast period due to growing implementation by patients. 

On the basis of Technology, the continuous flow segment is estimated to show promising growth in the forecast period.

Based on Indication, the COPD segment is estimated to develop more favorably in the coming period.

The hospital segment is estimated to show the maximum growth owing surge in patient volumes by the end user.

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Regional Insights:

The Americas regional market for Medical Oxygen Concentrators held a substantial market portion of the global market due to the reputable home healthcare services, incidence of significant market players, the increasing load of breathing diseases, and promising reimbursement strategies in the US and Canada. The European regional market is anticipated to be the next principal value contributor in the global medical oxygen concentrators market due to the increasing geriatric population attached to asthma, pulmonary hypertension, COPD, and fibrosis. The Asia-Pacific medical oxygen concentrators market is anticipated to signify the quickest growth potential due to advancing demand for portable concentrators, growing healthcare spending, and mounting awareness about oxygen concentrators. Recently, Honeywell stated that it joined India’s Council of Scientific and Industrial Research, Indian Institute of Petroleum (CSIR–IIP) and the leading Defence Research Development Organisation (DRDO) to provide molecular sieve adsorbents to quicken setting up of medical oxygen factories in the country. This shadows India’s choice to set up the divisions after the second wave of the COVID-19 contagion hit the nation hard in April-May. Honeywell has untied an entire production line in Italy to prioritize delivery to India.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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