Global Oxygen Concentrators Market, By Product Type (Fixed, Portable), End User (Hospitals, Home Care Settings), and Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Insights, Opportunity Analysis, and Industry Forecast till 2024

Until recently, oxygen cylinders were the gold standard method for oxygen delivery to patients with chronic respiratory disorders or hypoxia. In the last few years, oxygen concentrators have emerged as a convenient alternative to oxygen cylinders which are difficult to use and transfer from one place to another. Advancements in technology of oxygen concentrators has further supported preference for this device, compared to oxygen cylinders. Increasing inclination of patients towards home therapy has led to rising demand for home-use oxygen concentrators. Furthermore, with the continuous and pulse mode of oxygen supply, users can set their preferences and have the desired oxygen supply.

As the device uses ambient air for the supply of oxygen, it is cost effective and safer to use than pressurized oxygen cylinders. The oxygen concentrators market has emerged from nothing to millions in revenue in just few years. Patients can use static oxygen concentrators, portable oxygen concentrators, or refill the cylinders using static oxygen concentrators for ambulatory use. Convenience of use is one of the key factors driving demand for oxygen concentrators for treatment and care of individuals with respiratory disorders. Moreover, novel wearable devices, which can monitor the patient’s oxygen levels as and when required, and deliver required amount of oxygen are likely to favor growth of the market.

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Increasing Product Competitiveness
Market players are competing based on pricing and features, which is now extended to technology. More compact and lightweight oxygen concentrators are being launched in the market. Furthermore, devices with different oxygen supplying capacities are also introduced to target specific demands of users. Devices specific for pediatric patients are now available, which have low flow-rate, making them ideal for hospital environments and home-use. Additionally, devices with pulse as well as continuous flow mode are now available to eliminate the need to purchase two separate devices. Furthermore, oxygen concentrators are now digitally connected to monitor and ensure efficient functioning of the system. USB and cloud-based network connection are a few advancements in the technology. Such product developments and innovations would be favorable for consistent growth of the global oxygen concentrators market.

Digital transformation to underpin the growth of oxygen concentrators market
The global healthcare sector is undergoing a wave of transformation, with digitization being the core focus area of product manufacturers and service providers. Healthcare IT products and systems are in high demand in emerging nations such as India, China, Brazil, Indonesia, and also Israel, as part of the ongoing upgrade of healthcare infrastructure in these countries.

Considering the future dynamics in the healthcare industry, manufacturers of oxygen concentrators are also trying to integrate IT with the devices. This is expected to propel growth of oxygen concentrators market in these regions. Oxlife Independence by O2 Concepts LLC is connected on cloud network for the manufacturer/service provider to monitor functioning of the device and provide any upgrade to the system software. This technology aids in ensuring optimal performance of the battery operated oxygen concentrators. Oxlife Independence is the world’s first smart oxygen concentrator.

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COPD incidence acting as the growth propeller for the oxygen concentrators market
Aging population and heightened risk to respiratory disorders would favor growth of oxygen concentrators market in future. Chronic obstructive respiratory disorders (COPD) is the major target or user population of oxygen concentrators market. According to the World Health Organization (WHO), chronic obstructive pulmonary disease (COPD) is estimated to cause 3 million deaths globally in 2015.

• Around 1.2 million people in the U.K. were diagnosed with COPD, accounting for nearly 2% of the country’s population (British Lung foundation, 2016). A large part of the population remains undiagnosed.
• COPD affects 30 million population in the U.S., which accounts for nearly 6.3% of the total U.S. population (COPD Foundation, 2013)
• COPD is more common in the people above 40 years of age
• COPD prevalence in Asia Pacific region was found to be 6.2% in 2015 (Study published in Asia Pacific Family Medicine journal)

Only a few percentage of these patients are prescribed oxygen concentrators implying the huge potential for the market players. Creating more awareness, especially in emerging economies would augment the demand for oxygen concentrators. A collaborative approach among the companies, government and insurance companies would benefit the industry and help save a lot to the patients and insurance reimbursement providers.

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