The emergence of advanced medical devices has progressed the attempt to provide precise patient monitoring and care services in modern healthcare facilities. A stronghold position is being captured by the oxygen concentrators, which is deliberately utilized in several surgical and non-surgical treatments across the world. The oxygen concentrator market is growing larger with newer approaches towards oxygen therapy initiated by the development and production of associated equipment worldwide. The trend of all-purpose portable and extremely low-weight oxygen concentrators with robust capacity has transformed the everyday life of patients as an essential companion enabling transportation freedom. The introduction of Inogen’s One G5™ oxygen concentrator is a major push forth to the niche market growth. Also, the acquisition of VBOX by 3B Medical remains as a major thrust to the progressive prospect of the global oxygen concentrator market. This acquisition is attained to cultivate prominent technological breakthroughs and proposes significant advancement in oxygen therapy and design lighter and efficient oxygen concentrators. The global oxygen concentrator market gained a huge revenue of $1.7 billion in the year 2018 stimulated by novel product launches as well as high industrial and residential demand. During the forecast period of 2019-2025, this demand is anticipated to grow at a considerable CAGR of 7%.
As an alternative solution to the cryogenic oxygen tanks, the revolutionary fixed and portable light-weight oxygen concentrators, the application of oxygen therapy has outstretched to homecare and non-homecare facilities. However, the demand for oxygen concentrators generated by the non-homecare facilities such as healthcare organizations, pharmaceutical industries, water treatment utilities, and glass manufacturing industries is elevating gradually. This demand is projected to increase at a CAGR of 5.8% through 2025, opening up huge scope for the global oxygen concentrator market growth.
As North America remains a prominent region in healthcare advancement, it also embraces newer developments in associated medical tools and equipment to promote effective medication. The global oxygen concentrator market leverages a huge regional share from North America, which contributed 42% to the overall revenue in the year 2018. This is facilitated by the prominence of oxygen therapy actuated by a continuous increase in several respiratory disorders, hike in adventurous underwater sports, and so on. The Diving Equipment and Marketing Association (DEMA) highlights that around 2.7 million to 3.5 million active scuba divers in the United States. This is reflective of the related decompression sickness triggered by depressurization involved in deep-sea scuba diving. As a result of which these patients are recommended hyperbaric oxygen therapy to heal underwater sports-related injuries and ailments. Furthermore, as the number of cancer patients increases in the U.S. undergoing radiation therapy, these people also necessitate oxygen therapy to reduce the side effects of cancer treatment. According to the American Cancer Society, nearly 1,762,450 people will be diagnosed with cancer in the U.S. in the year 2019. Resultantly, there will be a high demand for oxygen therapy in the forthcoming years, which will eventually uplift the oxygen concentrator market growth.
Oxygen Therapy For Medical Treatment:
The innovation of modern oxygen concentrators has aided the development of medical science in treating several dreadful diseases in the past few decades. Oxygen therapy remains one of the prominent procedures in healthcare facilities, which relies largely on oxygen concentrators and efficiently provides medical oxygen by selecting from the natural environment. The growth in the incidences of pulmonary diseases across the world has majorly fueled the emergence and production of proficient oxygen concentrators, significantly pushing forth the niche market growth. As per the estimation of the American Cancer Society, lung cancer will be affecting nearly 228,150 people in the United States in 2019. This marks a serious implication on the necessity for portable oxygen concentrators in the case of advanced pulmonary cancer for clinical and home care applications.
Globally, nearly 251 million incidences of chronic obstructive pulmonary disease were recorded in the year 2016.
-World Health Organization (WHO)
Additionally, the prevalence of decompression sickness, chronic obstructive pulmonary disease (COPD), cystic fibrosis, and emphysema also requires oxygen therapy as a progressive treatment. Consequently, this increases the life expectancy of such patients, thereby incrementing the global oxygen concentrator market demands over the forthcoming years.
Surgical Treatment And Post-Surgical Trauma:
Oxygen concentrators have gained huge demand with the rise in surgical procedures throughout the world. Not only oxygen concentrators have acquired an imperative role during the performance of vital surgery, but it has also penetrated post-surgical medication. Growing awareness about the benefits such as faster wound healing minimized post-surgical trauma, and reduced infection risk of supplemental oxygen therapy has influenced the demand for oxygen concentrators in recent times. Additionally, accompanied physical therapy necessitates portable oxygen concentrators, thereby aiding and speeding health recovery procedures. Resultantly, increasing reliance on surgeries as a crucial medical treatment procedure will boost the oxygen concentrator market in the future years.
Growing Veterinary Oxygen Concentrators Usage:
The establishment and faster development of veterinary healthcare organizations across the world is dependent on a wide range of medical equipment and systems for aiding and safeguarding animal life. As the progressive veterinary industry grows, it generates demand-pull inflation on the oxygen concentrator market. This growth outlook is strengthened with the increasing need for vet oxygen treatment due to impaired oxygen delivery initiated by health conditions such as pneumonia, bruised lungs, anemia, heart failure, and others. Furthermore, with the advancement in the engineered medical systems, distinctive veterinary oxygen concentrators are available in the global market. For instance, Vetland Medical’s e2 Electronic Oxygen Concentrator and Nuvo Lite Mark 5 by DRE Veterinary opens up new boundaries for the oxygen concentrator market to propel and leverage huge demand across the world.
Pioneering Market Companies And Significant Development:
Innovation propelled by various market players is elevating the oxygen concentrator business output across the globe. Massive R&D activities and colossal investment further administer this, eventually acquiring huge customer support. The major players in the global oxygen concentrator market include Drive DeVilbiss Healthcare, Inc., Philips Healthcare, Invacare Corporation, Nidek Medical, Inogen, Inc., AirSep Corporation, and ResMed, and others.
Invacare Corporation provides a large scale solution for healthcare services through advanced clinical and home-based medical systems, technologies, equipment, and many others. With a diverse product catalog pushing forth oxygen therapy, Invacare is also credited for distributing portable as well as stationary concentrators. Some of these products include Invacare Perfecto2 V Oxygen Concentrator, Invacare Platinum 10 Oxygen Concentrator, Invacare Platinum Mobile Oxygen Concentrator, Invacare XPO2 Portable Oxygen Concentrator, and many others. Similarly, another niche market proprietor, Inogen, Inc., has recently developed a revolutionary portable oxygen concentrator -Inogen One G5™- which is claimed to provide effective long-term oxygen therapy to the patients. With dual battery backup aiding the delivery of oxygen without any constraint, this innovation is likely to upheave the oxygen concentrator market demand over due course of time.
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