Global Oxygen Concentrators Market, By Modality [Portable and Stationary), By Technology (Pulse Flow and Continuous flow), By End User (Hospital, Home Care and Ambulatory Surgical Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 2.18 Billion in 2023 and is expected to exhibit a CAGR of 9.4% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting growth strategies such as acquisition, which will drive the global oxygen concentrators market. For instance, on February 24, 2023, React Health, a developer, manufacturer, and distributor of medical devices for the treatment of sleep-disordered breathing and oxygen therapy, announced that they have completed the acquisition of Invacare’s respiratory line.
Global Oxygen Concentrators Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things from one place to another.
COVID-19 had a positive impact on the global oxygen concentrators market. Increasing demand for oxygen concentrators in COVID-19 is expected to drive the growth of the global oxygen concentrators market. For instance, in August 2021, UNICEF, a Humanitarian aid organization responsible for providing a humanitarian and developmental aid to children worldwide, published data according to which global supply chains and the procurement of essential medical goods are under unheard-of pressure as a result of the COVID-19 epidemic. This contains oxygen concentrators, which can help newborn children and COVID-19 patients around the world. People who have COVID-19 and other respiratory illnesses, such as severe pneumonia, can greatly benefit from the therapeutic medical gas oxygen. The use of oxygen concentrators helps treat hypoxemia, a major predictor of mortality, as well as pediatric pneumonia, one of the leading causes of death in children under the age of five. Additionally, emergency obstetric (childbirth) care, anesthesia, and surgery all make use of oxygen.
Global Oxygen Concentrators Market: Key Developments
- In October 2020, CAIRE Inc., one of the global oxygen therapy manufacturers, announced that it had signed an exclusive agreement with ZOLL Medical Corporation, one of the leaders in developing medical devices and software solutions that advance emergency care, to distribute the SAROS 4000 Oxygen System, designed specifically for military use, outside the United States.
- On July 21, 2023, The Oxygen Alliance, an organization that aims to support and grow all organizations to sustainably perform maintenance for hospitals, governments, MOHs, etc., announced that Drive DeVilbiss, one of the leading manufacturers and distributors of durable medical products, is developing a new 10L oxygen concentrator.
- In November 2021, NGK Spark Plug, a Japanese auto parts manufacturer, announced the acquisition of MGC Diagnostics Holdings, a U.S. medical device manufacturer. Through its oxygen concentrator-making U.S. subsidiary, Caire, NGK Spark Plug will purchase the company.
- In July 2022, OMRON Healthcare, one of the leading medical device companies, introduced medical molecular sieve oxygen concentrator. It works on PSA (pressure swing adsorption) technology that helps in separating nitrogen, oxygen and other elements. A 360-degree, mute wear-resistant universal caster wheel makes it easier to move around, the company claims.
Browse 33 Market Data Tables and 24 Figures spread through 178 Pages and in-depth TOC on “Global Oxygen Concentrators Market”- Forecast to 2030, Global Oxygen Concentrators Market, By Modality [Portable and Stationary), By Technology (Pulse Flow and Continuous flow), By End User (Hospital, Home Care and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/oxygen-concentrators-market-198
Key Takeaways of the Global Oxygen Concentrators Market:
- The global oxygen concentrators market is expected to exhibit a CAGR of 9.4% during the forecast period.
- Among modality, the portable segment is expected to hold a dominant position in the global oxygen concentrators market during the forecast period, and this is attributed to the US FDA’s approval for portable oxygen concentrators. For instance, in March 2021, the US FDA approved the X-plo2r, a portable oxygen concentrator manufactured by Belluscura, one of the leading UK medical device companies focused on developing oxygen enrichment technology spanning broad industries and therapies. The US FDA has issued 510(k) clearance and marketing authorization to the X-plo2r portable oxygen concentrator from Belluscura PLC and Separation Design Group.
- Among region, North America is expected to be the dominant region in the global oxygen concentrators market, owing to the key players focus on organic strategies to start new product launches. For instance, on April 13, 2023, OxyGo, one of the leaders in the portable oxygen concentrator market, announced the launch of the OxyHome 5L Stationary Concentrator. The OxyHome 5L Stationary Concentrator is an oxygen concentrators that is easy to use, and its small footprint means that it can fit comfortably in any home environment.
- Major players operating in the global oxygen concentrators market are Inogen Inc., Invacare Corporation, OxygenToGo, LLC, Koninklijke Philips N.V., ResMed Inc., Drive DeVilbiss Healthcare LLC, Precision Medical, Inc., Besco Medical Co. Ltd., O2 Concepts, LLC, and GCE Group.
