OXYGEN CONCENTRATORS MARKET ANALYSIS

Market Challenges And Opportunities

Global Oxygen Concentrators Market– Drivers

• Increasing organic strategies such as regulatory authority milestone: Increasing organic strategies, such as regulatory authority milestones, are expected to propel the growth of the global oxygen concentrators market over the forecast period. For instance, on January 10, 2023, Inogen, Inc., one of the medical technology company offering innovative respiratory products for use in the homecare setting, announced that it had passed regulatory milestones in the U.S. and Europe to support its line of portable oxygen concentrator solutions. Inogen acquired approval under the European Medical Device Regulation (EU MDR) from its notified authority, the British Standards Institution (BSI), in December 2022, allowing it to sell and market the Inogen One G4 and the improved Inogen One G5 portable oxygen concentrators in the EU.
• Increasing prevalence of chronic respiratory diseases: The increasing prevalence of chronic respiratory diseases is expected to increase the demand for oxygen concentrators, thereby driving the global oxygen concentrators market’s growth. For instance, on April 25, 2023, the Institute of Health Metrics and Evaluation published data according to which the prevalence of chronic respiratory diseases in 2019 was 454.6 Billion cases globally. While the prevalence of chronic respiratory diseases has increased by 39.8% from 1990 to 2019. Hence, this is expected to fuel the oxygen concentrators markets growth over the forecast period.

Global Oxygen Concentrators Market: Restraint

• Recall of Oxygen Concentrator: The recall of oxygen concentrators is expected to hinder market growth over the forecast period. For instance, in October 2020, Invacare Corporation, a manufacturer and distributor of home and long-term care medical products, announced the recall of the Invacare PerfectO2 V Oxygen Concentrator, intended for patients with respiratory disorders requiring supplemental oxygen. The reason for the recall was breakdown of the sound abatement washer and metal-on-metal wear inside the pressure equalization (P.E.) valve assembly in the concentrator, which may lead to failure that can result in self-extinguishing fires or cap explosions.

Market Opportunities:

• Key players are focusing on developing advanced oxygen concentrators that are safe and cost-effective which is expected to drive market growth over the forecast period.

Restraints & Challenges:

• Product recalls of oxygen concentrators