DUBLIN--(BUSINESS WIRE )--The "Global Oxygen Concentrator Market Overview, 2020-26" report has been added to ResearchAndMarkets.com's offering.

Originally recorded at a value of USD 1.59 Billion in 2015, the market growth can be attributed to increasing instances of respiratory diseases and pulmonary disorders.

Moreover, COVID-19 pandemic has its role in the market growth over the forthcoming period. One of the major symptoms and outcomes of being infected with the coronavirus is that the patient is not able to breathe in properly. The oxygen concentrator provides for such a condition thereby creating a sudden boost in the market. The global oxygen concentrator market is expected to grow over an impressive CAGR of over 6% through the forecasted period.

An oxygen cylinder is a device that is used to supply oxygen to patients suffering from respiratory disorders that cause the patient to not be able to consume oxygen on their own. They are a tank of liquid oxygen that has a pump that converts the liquid form of the oxygen into gaseous form and is implanted to the patient to inhale the oxygen. The oxygen cylinder segment accounted for a market share of over 47% in 2020. Advantages such as ease of use, portability, and reduced weight increase patient preference rate are anticipated to drive the portable oxygen concentrator segment shares with an anticipated CAGR of 9.56% in the upcoming five years.

The government aid toward the reimbursement to the patients and the hospitals and clinics providing the oxygen concentrators had allowed the nonhome care segment to accumulate a market share of 46% in 2015. On the other hand, the home care segment holding over half of the market share is expected to grow at a rate of 8.44% through the forecasted period.

The oxygen concentrators market is driven by the increasing prevalence of respiratory disorders, rapid growth in the geriatric population, high prevalence of tobacco smoking, and technological advancements. Of this, the continuous flow medical oxygen concentrator segment size was over USD 1.78 billion in 2020.

However, the availability of low-cost alternatives by local manufacturers, stringent regulatory guidelines causing delays in product approvals, and Medicare reimbursement rate cuts for oxygen therapy are restraining the growth of the market to a certain extent. However, the pulse flow technology is expected to grow over an anticipated CAGR of 11.12%.

Market players are actively involved in technological advancement and currently looking out to increase the manufacturing units to meet the demand from various end-users. Countries like India and China are still struggling with the increasing number of COVID-19 patients and the demand for oxygen concentrators has multiplied rapidly.

Although the imports and exports of the supply units have increased, manufacturing units at multiple points will further support the growth of the market. Partnerships among the market giants would support the market growth further.

Some of the prominent players operating in the medical oxygen concentrators market include Teijin Limited, Nidek Medical Products, Inogen, ResMed, and Invacare Corporation among other players.

3. Global Medical Oxygen Concentrators Market Outlook

4. North America Medical Oxygen Concentrators Market Outlook

4.3. US Medical Oxygen Concentrators Market Size by Value

4.4. Canada Medical Oxygen Concentrators Market Size by Value

4.5. Mexico Medical Oxygen Concentrators Market Size by Value

5. Europe Medical Oxygen Concentrators Market Outlook

6. Asia-Pacific Medical Oxygen Concentrators Market Outlook

7. Latin America Medical Oxygen Concentrators Market Outlook

8. Middle East & Africa Medical Oxygen Concentrators Market Outlook

10.1. Increasing Technological Advancements for the Miniaturization of the Oxygen Concentrators

10.2. Increasing Innovation as a need of hour

10.4. Use of Renewable Source for Power

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900