SELBYVILLE, Del., Aug. 6, 2020 /PRNewswire/ -- According to the latest report "Medical Oxygen Concentrators Market by Product (Portable Oxygen Concentrators, Fixed Oxygen Concentrators), Application (Home Care, Non-homecare), Technology (Continuous Flow, Pulse Flow), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of medical oxygen concentrators will cross $5 billion by 2026. Rising prevalence of chronic obstructive pulmonary disorder (COPD) and asthma will accelerate market growth.
The COVID-19 pandemic has affected a significant number of people across the globe. Coronavirus infection mostly affects the respiratory tract and patients may face difficulty in breathing. Thus, the World Health Organization (WHO) has recommended oxygen therapy for all patients in severe and critical condition. As an oxygen concentrator is a rich source of pure oxygen and has the benefit of portability, its adoption rate will expand in the upcoming period.
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Technological advancements in oxygen concentrators to provide more effective and convenient oxygen therapy will drive its demand in the near future. Factors such as the need for smaller, noise-free, light-weight, durable and cost-effective devices have driven innovation in these devices. In November 2019, Caire company introduced a portable oxygen concentrator deployed with autoSAT technology, FreeStyle Comfort. The technology helps patients through an enhanced supply of oxygen bolus in line with their breathing rate. Moreover, better ergonomics assist patients with convenience and will thereby impel the demand for innovative concentrators.
Portable medical oxygen concentrators market is estimated to show a growth of -7.6% through 2026. Portable oxygen concentrators offer a wide range of advantages to its users including continuous oxygen supply with advanced technology, use at homecare settings and undisrupted use during traveling. Most of these devices are also cleared by the Federal Aviation Administration, which allows the carrying of oxygen concentrators during flight travel.
Pulse flow technology segment in the medical oxygen concentrators market valued at more than USD 804 million in 2019. This technology automatically increases or decreases the oxygen supply with a patient's breathing rate. Oxygen concentrators that are equipped with pulse flow technology are better suited for patients that follow a busy lifestyle involving frequent traveling. Growing preference for this technology coupled with a changing lifestyle of the population will assist in market expansion.
The non-homecare application segment held over 34% market share in 2019 due to a growing geriatric population prone to various respiratory and cardiac conditions. Moreover, increasing prevalence of respiratory tract infections leading to higher hospital admissions will further influence the segment growth.
The North America medical oxygen concentrators market accounted for around 39.5% revenue share in 2019 owing to significant awareness, a larger elderly patient pool and better spending capacity. Also, the presence of established industry players offering novel devices influences its availability and adoption in the region. Furthermore, the rapidly increasing number of COVID-19 patients, especially in the U.S. will augment North American market value.
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Prominent players operating in the market include Philips Respironics, Teijin Limited, Inogen, Invacare and Inova Labs (ResMed) among other players. These players are expanding their footprint by adopting several strategies such as product launch, acquisitions, and marketing campaigns to encash business growth opportunities. For instance, in January 2019, ResMed announced the availability of Mobi, a portable oxygen concentrator across the U.S. The product availability will enhance company's revenue stream by catering to a large COPD patient base in the country.
Table of Contents (ToC) of the report:
Chapter 3. Medical Oxygen Concentrators Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026 (USD Million)
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls and challenges
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By application
3.4.3. By technology
3.5. COVID-19 impact analysis
3.5.1. Impact analysis of COVID-19 on 10 major markets
3.5.2. Impact of COVID-19 on industry segments, by 10 major markets
22.214.171.124. Portable Medical Oxygen Concentrators
126.96.36.199. Fixed Medical Oxygen Concentrators
3.5.3. Impact of COVID-19 on industry value chain
188.8.131.52. Research and development
3.5.4. Impact of COVID-19 on industry competition
184.108.40.206. Distribution network
220.127.116.11. Product portfolio
18.104.22.168. Business growth
3.6. Regulatory landscape
3.7. Technology landscape
3.8. Porter's analysis
3.9. Competitive landscape, 2019
3.9.1. Competitive market share analysis, 2019
3.10. PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Global Oxygen Concentrators Market value to reach USD 5 Bn by 2026: GMI
North America medical oxygen concentrators market accounted for around 39.5% revenue share in 2019 owing to significant awareness, larger elderly patient pool and better spending capacity.
SOURCE Global Market Insights, Inc.