Medical Oxygen Concentrators Market Analysis, Market Size, InDepth Insights, Growth and Forecast 2031
The 2020 outbreak of COVID-19 resulted in a significant opportunity for the global medical oxygen concentrators market. As the pandemic waves exacerbated the situation, the demand for medical oxygen concentrators surged beyond supply capabilities. This lopsided demand and supply scenario caused concerns about healthcare infrastructure but also highlighted a significant market opportunity. The increasing need for critically ill patients with acute respiratory syndrome has kept the global medical oxygen concentrators market in a bullish state over the past two years. Analysts at Fairfield Market Research predict that this trend will continue between 2022 and 2026 as healthcare systems undergo a comprehensive overhaul.
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Understanding Base Oxygen Needs and Supply Dynamics
The pandemic revealed that the base oxygen needs in a region depend on the health system's capacity and the number of hospital beds, particularly intensive care units (ICU) versus nonICU beds. Typically, large-scale industrial gas plants supply concentrated oxygen in gaseous or liquid form to various healthcare settings. However, in regions with lower volume demands, air separation technologies such as pressure swing adsorption (PSA) or volume swing adsorption (VSA) are used to create medical oxygen at scale. Low- and middle-income countries (LMICs) particularly struggle to bridge the supply-demand gap.
Broad Transitions in LMICs Indicate Market Potential
Tectonic shifts in LMICs suggest an increasing need for oxygen services over time. The growing demand for oxygen therapy is expected to boost the global medical oxygen concentrators market. Demographic and epidemiological shifts are causing a rise in noncommunicable diseases (NCDs) among children. Predictions indicate that by 2050, most of the population over the age of 60 will reside in LMICs. Additionally, it is forecasted that by the end of the century, Africa will be home to 50% of the world's child population. Funding for health systems is gradually shifting to domestic resources, as countries move
towards self-reliance. This shift raises concerns about oxygen access as nations will prioritize the allocation of their limited budgets.
Pandemic Exposes Fragility of Global Oxygen Supply Systems
Data from China indicates that while a majority of COVID-19 patients have mild (40%) or moderate (40%) illness, about 15% experience severe illness requiring oxygen therapy, and roughly 5% are critically ill, necessitating emergency ICU treatment. According to the PATH COVID-19 Oxygen Needs Tracker, as of January 2021, LMICs collectively required 14,57,721 cylinders of 7 m³ capacity. In India, the demand surged from 40,000 annually to 30,000-40,000 per month during the second COVID-19 wave. However, the number of manufacturers remains inadequate to meet this exploding demand pattern.
The spike in demand for medical oxygen had to be met from a constrained pre-pandemic supply, with the shortfall most evident in Africa. The Access to COVID Tools Accelerator (ACT-Accelerator) estimates a need for US$ 1.6 billion in funding over the next 12 months to meet short-term oxygen demand in the most challenged nations. The rise of single-payer health systems has resulted in broader scale-up of oxygen, which is crucial for treating various indications. This broader application justifies further investment in the global medical oxygen concentrator market from both epidemiologic and economic perspectives.
Continuous Oxygen Supply Drives Demand for Continuous Flow Concentrators
The rising prevalence of respiratory conditions such as chronic obstructive pulmonary disease (COPD) and asthma has led to an increased number of critical care cases requiring continuous oxygen supply. The demand in critical care units of hospitals is on the rise. Continuous flow units are better suited for patients with sleep apnea or other conditions requiring oxygen typically at night. As a result, continuous flow dose delivery concentrators will continue to gain preference over pulse mode delivery concentrators.
Home Care Settings See Demand Spike Amid
COVID-19 Pandemic
The unprecedented burden on healthcare service providers due to the growing number of COVID-19 patients has led many with mild symptoms to be treated in home care settings rather than hospitals. This trend has boosted the demand for low-cost portable oxygen concentrators for home care. Furthermore, there are strong indications that portable medical oxygen concentrators will become as commonplace as defibrillators in social and commercial spaces.
Asia Pacific Leads Market as Respiratory Ailments Rise
Asia Pacific, especially highly populous countries like China and India, has been significantly impacted by pollution, respiratory infections, and tobacco smoking. In 2017, nearly 75% of all deaths were linked to chronic respiratory conditions. This data underscores the critical need for medical oxygen concentrators in the region and presents a massive revenue generation opportunity for key market players globally.
Key Players in the Global Medical Oxygen Concentrators Market
Prominent companies 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. These companies are driving innovation and growth in the market, contributing to improved healthcare outcomes worldwide.