Medical Oxygen Concentrators Market Is Directly Impacted By COVID-19 Outbreak, Which Is A Resultant Of A Significant Shortage Of Ventilators Globally
The global medical oxygen concentrators & oxygen cylinders market is projected to witness lucrative market growth over the forecast period. The increasing incidence of respiratory diseases requiring continuous oxygen supply coupled with technological improvements in medical oxygen concentrators is the major factors anticipated to drive the market growth of medical oxygen concentrators & oxygen cylinders. In addition, the rising initiatives undertaken by government and non-government bodies to increasing awareness regarding lung disorders and ways to manage them by using oxygen therapy devices will fuel the market growth over the forecast period.
Increasing prevalence of respiratory disorders such as emphysema, chronic bronchitis, asthma, perinatal hypoxia, and neonatal oxygen deprivation is expected to increase the adoption of supplementary oxygen products such as cylinders and concentrators over the forecast period. These oxygen concentrators allow patients to adopt an active lifestyle. They can easily carry out their day-to-day activities while using concentrators. Hence, manufacturers are trying to miniaturize portable oxygen concentrators and introducing new technologies in concentrators that aim to improve the quality of care.
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A sudden outbreak of novel coronavirus (COVID-19) is significantly influencing the demand for supplemental oxygen devices worldwide. With the rise in the number of hospitalization due to COVID-19, many healthcare infrastructures are finding it difficult to treat critically ill patients due to a significant shortage of ventilators, as the severe cases of COVID-19 require some form of artificial respiratory support. To overcome this shortage, engineers and scientists have developed novel devices to mimic the basic functionality of ventilators, using existing devices such as oxygen concentrators, anesthesia machines, PAP devices, manual resuscitators, and few others. Furthermore, the U.S. FDA has also allowed the usage of these devices under the Emergency Use Authorization, which will significantly increase the demand for oxygen concentrators in the coming quarters.
There is also an increase in demand for supplemental oxygen devices by patients suffering from COVID-19 with acute conditions in homecare settings due to overburdened healthcare infrastructure. This heightened demand anticipated providing an opportunity to the market participants, including Philips Respironics, Invacare Corporation, Inogen, Inc., and others that offer a wide range of portable oxygen concentrators, and in-house oxygen equipment.
The demand for oxygen concentrators and piped/canned oxygen witnessed a significant rise in the first quarter of 2020, owing to the increasing incidence of COVID-19 patients worldwide. This rise in demand is expected to grow in the second quarter of 2020. Post quarter two, the demand for oxygen concentrators and oxygen cylinders are expected to contract. Preventive measures taken by governments such as quarantines, lockdowns, and increasing COVID-19 testing worldwide are some of the factors anticipated to reduce the incidence of daily new cases of COVID-19 post second quarter.
The global medical oxygen concentrators & oxygen cylinders market is segmented into portable medical oxygen concentrators, stationary medical oxygen concentrators, and oxygen cylinders. The portable medical oxygen concentrators segment is expected to hold a leading share in the market. The ongoing technological advancements to design efficient and smaller portable oxygen concentrators coupled with the increasing demand for home medical equipment are some major factors driving the growth of this market. Moreover, the growing cases of COVID-19 all across the globe has increased the demand for supplemental oxygen therapy products such as wall-mounted and repurpose home oxygen equipment across the world.
North America is likely to dominate the global medical oxygen concentrators & oxygen cylinders market in 2019. An increase in the incidence of COPD and a strong presence of key players in the region are also driving the market in this region. Furthermore, government initiatives such as the authorized use of portable oxygen concentrators during air travel by the Federal Aviation Administration (FAA) and increasing prevalence of severe Chronic Obstructive Pulmonary Disorder (COPD) due to unhealthy lifestyle are the factors contributing to its leading share. Moreover, bulk orders placed the U.S. government for respiratory assistive devices due to the increasing number of patients suffering from COVID-19 in the country is further expected to drive the demand for oxygen concentrators and oxygen cylinders.
Some of the key companies operating in the global medical oxygen concentrators & oxygen cylinders market are Invacare Corporation; Philips Respironics; Inogen Inc.; CAIRE Inc., Linde Plc; Drive DeVilbiss Healthcare, Inc.; ResMed; O2 concepts LLC; Nidek Medical Products, Inc; Precision Medical, Inc.; GCE Healthcare; Cramer Decker Medical, Inc.; and OxyGo, LLC.
The companies are focusing on increasing their manufacturing capacities to boost the demand for oxygen concentrators and piped oxygen cylinders in the near-term. For instance, in March 2020, CAAIRE, Inc. extended production shifts, and is expanding its production lines to address this increased demand for oxygen equipment in its manufacturing facilities in Buffalo, New York; Ball Ground, Georgia; and Chengdu, China.
Furthermore, ResMed, which is one of the key participants of the oxygen concentrators market, is poised to witness significant growth in the next 2-3 quarters due to their large portfolio of respiratory devices. To meet the rapidly increasing global demand, the company is increasing its masks manufacturing capacities by 10 times and ventilator manufacturing by 2-3 times. The company has a capacity of manufacturing nearly 1 million devices annually, which will certainly help the company to play a significant role to curb this situation.
In-depth report on global medical oxygen concentrators market by Grand View Research:
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