The global market is anticipated to reach a market value of USD 4.63 billion in 2027 from USD 2.50 billion in 2020. It is projected to attain a CAGR of over 10.8% during the forecast period.
Increasing healthcare importance and infected incidences has caused a spike in the demand under oxygen concentrator market. Holding a largely old population and growing concerns of increasing respiratory cases have proved to be beneficial for the market growth. Lack of environmental concerns and increasing pollution has caused major respiratory issues among the general public, which indirectly creates an overlying demand for oxygen concentrators. Adding to which, the high prevalence of smoking population and the increased consumption of tobacco has caused this marketable situation for oxygen concentrators. Credence Research is offering holistic information and absolute accuracy on the report titled “Global Oxygen Concentrators Market”.
Key Market Drivers and Restraints
Factors that have high impact on the market growth of industrial electric vehicles will be covered her. Also, covers factors that may challenge or act as opportunity for market will be discussed in order to identify the revenue generation.
COVID-19 Impact on Market
Due to the outbreak of the pandemic, the entire world was forced to go on a shutdown, causing all the labor-intensive activities to come to a saturation point. But, COVID-19 being a respiratory disease affecting the lungs of a human body, the dependence on oxygen concentrators is now more than ever. Due to the government regulations to save the people from the pandemic, Oxygen concentrators can be used in moderate COVID-19 cases, when the patient experiences drop in oxygen levels. Due to increasing COVID-19 cases and need for a hospital care, mild or moderate cases can be well-managed by the use of machines like oxygen concentrators, especially at a time when securing hospital access is difficult and overcrowded. However, factors like the shortage of labor and raw materials resulted in several problems in the manufacture of the equipment. Thus, all of this created a huge gap in demand-supply chain, impacting the revenues of market players. International trade restrictions were imposed and factories started shutting down, therefore production was at stake in the oxygen concentrator market.
North America to Dominate the global market
On geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research is providing in-depth insight on prominent regions of global market. North America dominated with over 38.1% share in 2020.
Global Market is led by the Stationary Oxygen Concentrator & Cylinders
Portable Oxygen Concentrator & Cylinders, Oxygen Concentrator & Cylinders and Stationary Oxygen Concentrator & Cylinders are the some products of global market. In 2020, portable category accounted for the largest share in global market owing. However, in comparison to the portable ones, the stationary ones do not hold impressive numbers. These prove to be most beneficial for the elder people who cannot move around at ease. Hence, its consumption in nations with an elder population is taking a rise. But oxygen cylinders are anticipated to see beneficial margins in the upcoming years as the oxygen provided by these cylinders are more pure and act most efficient for patients who are critical.
Continuous Flow continue to dominate the global market in terms of Technology
Considering segmentation on the basis of technology, continuous flow technology market size has an edge over the market size of that of pulse flow. With increasing chronic respiratory instances, the requirement for the continuous flow concentrators has shown a steep increase. Rising usage of continuous flow concentrators in times of critical circumstances in the medicine field has showed an affirmative impact.
Now, due to the outbreak of the pandemic, there is an increase in the emergency operations and admissions causing constant demand for continuous oxygen supply to make sure there is enough of oxygen supply. At dire situations, there is an underlying need for continuous oxygen supply and that the segment is predicted to foresee exponential growth.
Frequently asked questions about global industry
- What was the value of global market in 2020?
Ans: The global market size has a value of USD 2.50 Billion in 2020.
- What will be the size of the global market in 2027?
Ans: The global market is anticipated to attain a value of USD 4.63 Billion by 2027, growing at a CAGR of 10.8% between 2021 to 2027.
- What are the key factors driving the global market growth?
Ans: Increasing prevalence of respiratory support, older population, high investment in the department of research and development, dependence on home healthcare, growing incidence of COVID-19 cases, and the inevitable technological advancements are driving the growth of oxygen concentrators market.
- Which region will make notable contributions in the global market?
Ans: North America is holding supremacy over other regions owing to the reasons like growing spending by the U.S. population, expanding elder population, and changing lifestyle. In addition to that, outbreak of COVID-19 has affected vastly causing the demand to inflate even more than ever.
- Who are the major companies operating in the global market?
Ans: Various key players leading the global market includes Koninklijke Philips N.V., Chart Industries, Inc. (AirSep), DeVilbiss Healthcare LLC, Supera Anesthesia Innovations, Invacare Corporation, Nidek Medical, Teijin Limited, Inogen, O2 Concepts, and GCE Group.
