Oxygen Concentrators Global Market Opportunities And Strategies To 2031: COVID-19 Implications And Growth

This report describes and evaluates the global oxygen concentrators market. It covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031.

The global oxygen concentrators market reached a value of nearly $1,957.2 million in 2021, having increased at a compound annual growth rate (CAGR) of 4.5% since 2016. The market is expected to grow from $1,957.2 million in 2021 to $2,627.3 million in 2026 at a rate of 6.1%. The market is then expected to grow at a CAGR of 6.6% from 2026 and reach $3,622.6 million in 2031.

Growth in the historic period resulted from emerging markets growth, low interest rate environment, increased prevalence of respiratory diseases, increased elderly population, rising pollution levels, COVID-19 pandemic and escalating numbers of smokers in developing nations. Factors that negatively affected growth in the historic period were safety challenges, changing regulations and low healthcare access.

Going forward, increasing elderly population, increasing focus on home healthcare, increasing healthcare access, and technological advancements will drive market growth. Factors that could hinder the growth of the oxygen concentrators market in the future include equipment’s requirements and insufficient public health insurance coverage.

The oxygen concentrators market is segmented by type into portable and stationary. The portable oxygen concentrators was the largest segment of the oxygen concentrators market by type, accounting for 67.2% of the total market in 2021. The portable market is expected to be the fastest-growing segment going forward at a CAGR of 7.0% during 2021-2026 period.

The oxygen concentrators market is segmented by technology into pulse dose and continuous flow. The continuous flow technology was the largest segment of the oxygen concentrators market by technology, accounting for 85.0% of the total market in 2021. The pulse doe technology segment is expected to be the fastest-growing segment in oxygen concentrators market is segmented by technology, going forward at a CAGR of 7.0% during 2021-2026 period.

The oxygen concentrators market is segmented by application into chronic obstructive pulmonary disease (COPD), lung cancer, pneumonia, and other applications. The chronic obstructive pulmonary disease (COPD) application was the largest segment of the oxygen concentrators market by application, accounting for 42.7% of the total market in 2021. The lung cancer application segment is expected to be the fastest-growing segment in oxygen concentrators market is segmented by application, going forward at a CAGR of 6.8% during 2021-2026 period.

The oxygen concentrators market is segmented by end-user into hospitals, home care, and others end user. The home care end-user was the largest segment of the oxygen concentrators market by end-user, accounting for 56.5% of the total market in 2021. The hospitals end-user segment is expected to be the fastest-growing segment in oxygen concentrators market is segmented by end-user, going forward at a CAGR of 56.5% during 2021-2026 period.

North America was the largest region in the oxygen concentrators market, accounting for 35.3% of the global market in 2021. It was followed by Asia Pacific, Western Europe and the other regions. Going forward, the fastest growing regions in the oxygen concentrators market will be Asia Pacific and the Eastern Europe, where growth will be at CAGRs of 7.1% and 7.0% respectively from 2021-2026.

The unprecedented outbreak of coronavirus has caused a surge in demand for essential medical devices such as oxygen concentrators for the treatment of COVID-19. With governments across the world advising people to stay indoors and practice social distancing, to reduce the spread of the pandemic, individuals are hoarding these types of medication. This has created a sudden rise in demand for oxygen concentrator devices. Oxygen concentrators manufacturing companies should closely monitor the situation and increase the supply of these devices. In the wake of the pandemic, companies should focus on modifying their supply chain activities to maximize the output to keep up with the rising demand for these devices.

The global oxygen concentrators market is moderately consolidated, with a small number of global players dominating the market. The top ten competitors in the market made up to 31.54% of the total market in 2021. Major players in the market include Inogen, Inc., Koninklijke Philips N.V., Teijin Limited, Invacare Corporation, and CAIRE Inc.

The top growth potential in the oxygen concentrators market by type will arise in the portable oxygen concentrators market, which will gain $526.8 million of global annual sales by 2026. The top growth potential in the oxygen concentrators market by technology will arise in continuous flow technology market, which will gain $552.3 million of global annual sales by 2026. The top growth potential in the oxygen concentrators market by application will arise in chronic obstructive pulmonary disease (COPD) market, which will gain $335.0 million of global annual sales by 2026. The top growth potential in the oxygen concentrators market by end-user will arise in home care market, which will gain $361.8 million of global annual sales by 2026. The oxygen concentrators market size will gain the most in the USA at $176.9 million.

Market-trend-based strategies for the oxygen concentrators market include development of smart oxygen concentrators, portable oxygen concentrators, rise in partnerships & acquisitions, technological advancements, new payment plans, and increasing number of patent filings.

Player-adopted strategies in the oxygen concentrators industry include strategic partnerships and agreements with integrated healthcare services providers, innovative product launches with customer centric purchasing plans, new facility establishments, and development of unique technology-driven products with greater clinical performance and operational efficiency.

To take advantage of the opportunities, the publisher reccomends the oxygen concentrators companies to focus on smart oxygen concentrators, focus on portable oxygen concentrators, focus on technological advancements, expand in emerging markets, scale up through merger, acquisition and partnership activity, scale up in countries offering incentives, offer new payment plans, focus on securing long-term supply contracts with healthcare institutions, participate in trade shows and events, focus on exclusive partnerships with governments, conduct awareness programs, targeting local retailers, focus on post purchase services, target older population and focus on home healthcare.