August 23, 2022 14:22 ET | Source: Facts & Factors Facts & Factors

NEW YORK, USA, Aug. 23, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors has published a new research report titled “Oxygen Concentrator Market Size, Share, Growth Analysis Report By Delivery System (Pulse Flow and Continuous Flow), By Application (Chronic Obstructive Pulmonary Disease (COPD), Asthma, Respiratory Distress Syndrome and Others), By End User (Hospital, Homecare Settings, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Oxygen Concentrator Market size & share in terms of revenue was worth of USD 1,629.30 million in 2021 and it is expected to surpass around USD 2,542.70 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 7.70% during the forecast period 2022 to 2028.”

What is Oxygen Concentrator? How big is the Oxygen Concentrator Industry?

An oxygen concentrator market is a medical device that gives people with respiratory illnesses access oxygen. The concentrator separates nitrogen and oxygen from ambient air, discards the nitrogen, and gives patients access to 95% pure oxygen via a mask. POCs are easier for patients to carry because they are smaller than fixed oxygen concentrators. In addition to patients, mountaineers and tourists utilize POCs in locations with insufficient oxygen.

Moreover, medical professionals frequently employ oxygen concentrators for therapeutic and diagnostic purposes. Medical oxygen gas systems like oxygen concentrators and compressed oxygen gas cylinders are widely used in home care settings. Older patients who have mobility issues and need a consistent oxygen supply typically choose these systems.

To maintain proper oxygen levels, some prevalent chronic medical conditions, such as chronic obstructive pulmonary disease (COPD), emphysema, and chronic bronchitis, which are common long-term repercussions of smoking, require oxygen therapy or supplemental oxygen. Additionally, various oxygen delivery devices are employed to provide patients with a controlled amount of oxygen. Medical oxygen gas, which is high purity oxygen made specifically for use in the human body during clinical treatments, is another option.

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A growing elderly population is anticipated to be the main driver of market growth during the forecast period. Aging causes the diaphragm to weaken, which makes it more challenging to breathe fully and lowers the body's oxygen level. For instance, according to the World Health Organization, there will be 910 million elderly people in Europe by 2021, up from 894 million in 2019. There will be 19 million people in Europe who are 85 years of age or older by 2020, and 40 million by 2050.

Due to the high capital costs involved in CO2 capture, it is anticipated that the global market for medical oxygen concentrators will expand slowly. Both the system or product and the demand for oxygen are very high. One of the many expensive process cycles used in manufacturing is CO2 capture. Additionally, it is predicted that the low acceptance of stationary and single-user equipment will limit market growth. This is caused by the size of the oxygen systems.

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Oxygen Concentrator Market: COVID-19 Impact Analysis

Directly affecting supply and demand, causing disruptions in distribution networks, and having an economic impact on businesses and financial markets are the three primary ways in which COVID-19 can have an effect on the economy. Because of widespread lockdowns, the movement of medications from one site to another is difficult for many countries, including China, India, Saudi Arabia, the United Arab Emirates, and Egypt, as well as other countries.

As a result of the COVID-19 pandemic, there has been an increase in demand for medical oxygen concentrators. In its most basic form, COVID-19 is a respiratory disorder that has an effect on the lungs and, in challenging circumstances, reduces the amount of oxygen in the air. The most distinguishing feature of COVID-19 is the presence of bilateral pneumonia, which results in an increased requirement for supplemental oxygen. In order to increase the amount of oxygen present, several pieces of equipment, such as oxygen concentrators and liquid oxygen concentrators, are utilised. Instead of oxygen tanks, oxygen concentrators are used for oxygen therapy when liquid oxygen is in short supply. This is due to the fact that oxygen tanks can operate continuously. The fact that there are more cases, however, results in a severe imbalance between supply and demand.

The global oxygen concentrator market is segmented into a delivery system, application, and end user. The market is divided into pulse and continuous, depending on the delivery system. In 2021, the continuous delivery system category had a major share. The market is divided into sections based on application, including COPD, asthma, respiratory distress syndrome, and others. In 2021, the asthma category dominated the global market. End user separates it into hospitals, home healthcare, and other categories. In 2021, the home care market for medical oxygen concentrators and oxygen cylinders was the largest in revenue.

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The report contains qualitative and quantitative research on the global oxygen concentrator market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.

Some of the main competitors dominating the global oxygen concentrator market include - 

Key Insights from Primary Research:

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In 2021, the largest revenue share was held by North America. One of the area's major market expansion drivers is the region's aging population. This is due to the weakened immune systems and limited ability for oxygen intake and the population is more susceptible to a variety of respiratory illnesses. Additionally, government programs like the Federal Aviation Administration's (FAA) authorization to use oxygen concentrator market during air travel and the rising incidence of severe chronic obstructive pulmonary disease by unhealthy lifestyles boost the regional market.

Moreover, Asia Pacific is the most profitable market during the projection period. The frequency of lung illnesses and the fast-growing geriatric population are major drivers of regional market expansion. By 2050, it is predicted that one in four residents in the area will be older than 60. The region's advanced economies have seen major living and health standards rise. Increases in healthcare costs, life expectancy, and public knowledge of new technologies are a few factors anticipated to support regional market expansion throughout the projection period.

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The global oxygen concentrator market is segmented as follows:

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