Share of the Medical Oxygen Concentrators Market: An Upward Trajectory
The global medical oxygen concentrators market has experienced an unprecedented boost in recent years, thanks to the challenges posed by the COVID-19 pandemic. As the pandemic unfolded, the demand for medical oxygen concentrators surged beyond the available supply, revealing opportunities for market expansion. Fairfield Market Research analysts predict that this trend will continue through the forecast period of 2022 to 2026 as healthcare systems undergo significant transformations.
Pandemic-Induced Demand Surge
The COVID-19 pandemic highlighted the critical role of oxygen supply in healthcare. The varying demand for oxygen in different regions was closely tied to the capacity of healthcare systems and the number of hospital beds, particularly in intensive care units (ICUs). While large-scale industrial gas plants traditionally supplied concentrated oxygen, geographies with lower volume demands turned to technologies like pressure swing adsorption (PSA) and volume swing adsorption (VSA) to create medical oxygen at scale. Low- and middle-income countries (LMICs) faced considerable challenges in bridging the supply-demand gap.
LMICs: A Growing Opportunity
Tectonic shifts in LMICs indicate a rising need for oxygen services over time. The growing demand for oxygen therapy, driven by demographic and epidemiological shifts, is expected to bolster the global medical oxygen concentrators market. With a significant proportion of the global population aging in LMICs by 2050 and domestic resource allocation for healthcare on the rise, the allocation of limited budgets becomes a concern for oxygen access.
Fragility of Global Oxygen Supply Systems
The fragility of global oxygen supply systems was exposed during the COVID-19 pandemic. LMICs, in particular, faced challenges in meeting the escalating demand for medical oxygen due to limited manufacturing capacity. Efforts to address this shortfall, including funding initiatives like the Access to COVID Tools Accelerator (ACT-Accelerator), underscore the importance of a robust and reliable supply of medical oxygen.
Continuous Flow Concentrators on the Rise
The prevalence of respiratory conditions like chronic obstructive pulmonary disease (COPD) and asthma has led to an increased need for continuous oxygen supply. This has driven the demand for continuous flow oxygen concentrators, which are better suited for patients requiring oxygen throughout the day and night.
Home Care Settings See Increased Demand
As healthcare systems faced unprecedented burdens during the pandemic, many COVID-19 patients with mild symptoms turned to home care settings. This surge in demand for low-cost portable oxygen concentrators at home reflects a growing trend. Portable medical oxygen concentrators are increasingly seen as essential devices, similar to defibrillators, that may soon be available in social and commercial spaces.
Asia Pacific Takes the Lead
Asia Pacific, including populous economies such as China and India, has witnessed a rise in respiratory ailments due to factors like pollution, respiratory infections, and tobacco smoking. The region’s urgent need for medical oxygen concentrators presents a substantial revenue generation opportunity for market leaders.
Key Market Players
Key players in the global medical oxygen concentrators market include Longfian Scitech Co., Ltd., Koninklijke Philips N.V., ResMed, Air Water Inc., BOC Healthcare (The Linde Group), Chart Industries, Teijin Limited, NIDEK Medical Products, Inogen, and Invacare Corporation.
The global medical oxygen concentrators market is poised for continuous growth, driven by the lessons learned from the COVID-19 pandemic and the increasing importance of oxygen therapy in healthcare. As healthcare systems evolve and demand continues to rise, the market is expected to flourish in the coming years.
Global Industry Analysis (2018 – 2021) – Growth Trends and Market Forecast (2022 – 2029) https://www.fairfieldmarketresearch.com/report/medical-oxygen-concentrators-market
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