Medical Oxygen Concentrators & Oxygen Cylinders Market 2020 Industry Scenario on Key Vendors 2027
The global medical oxygen concentrators & oxygen cylinders market size is expected to reach USD 3.7 billion by 2026, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.2% over the forecast period. Technological improvements in oxygen concentrators, such as lesser weight, greater efficiency, high oxygen output, are anticipated to raise demand for portable concentrators, thereby aiding the growth of the market. These concentrators allow patients to adopt an active lifestyle. They can easily carry out their day-to-day activities while using these medical devices. Hence, manufacturers are trying to miniaturize these medical devices as smaller sizes are always preferred by patients.
In addition, the increasing prevalence of chronic obstructive pulmonary disease (COPD) and other lung disorders is another key factor driving the market. Prevalence of COPD and other lung disorders is high in tobacco smokers and people exposed to airborne pollutants. COPD is a leading cause of mortality and morbidity worldwide. According to the European Respiratory Society, in 2019, COPD emerged as the fourth major cause of mortality and morbidity and is expected to become the third leading cause of mortality and morbidity in the next ten years, if the prevalence grows at the same rate. According to the Global Burden of Disease Study, in 2016, the prevalence of COPD was 251 million globally.
COPD is a leading cause of death in the U.S., however many people are still ignorant about it, thus many cases remain undiagnosed. Hence, governments in various countries have undertaken initiatives to educate people about the early symptoms and ways of managing the condition. For instance, the National Heart, Lung, and Blood Institute (NHLBI) in the U.S. initiated the COPD Learn More Breathe Better Program-a national health education program that aims to create awareness about lung health in the country. The rising number of government initiatives and awareness campaigns by various organizations to educate patients about COPD is expected to drive the market for medical oxygen concentrators and cylinders over the forecast period.
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Medical Oxygen Concentrators & Oxygen Cylinders Market Report Highlights
• Portable concentrators emerged as the leading product segment in 2019 with a revenue share of 35.2%
• By technology, continuous flow accounted for the largest revenue share in 2019. The pulse flow segment is projected to expand at the fastest CAGR during the forecast period
• Based on end-user, home care emerged as the leading segment in 2019 owing to the growing usage of home-based therapy
• North America accounted for the largest market share based on revenue in 2019. The increasing prevalence of COPD, the growing geriatric population, and technology advancements are driving the usage of these medical devices amongst people in the U.S.
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