The concentrator O2 devices market is on the cusp of a breakthrough, and Future Market Insights predicts that sales of concentrator O2 devices will reach US$ 1,900 Million by 2023 end. As the world becomes more health-conscious, the demand for these devices, which provide lifesaving oxygen to those in need, is only going to skyrocket.
With a projected CAGR of 6.3%, the global demand for Concentrator O2 Devices is expected to reach a staggering US$ 3,500 Million in 2033. This presents a golden opportunity for businesses in the field to flourish and make a significant impact on the lives of those who rely on these devices for survival. The future looks bright for the Concentrator O2 Devices market, and the sky's the limit for those who seize the moment.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 1,900 Million |
| Projected Market Value in 2033 | US$ 3,500 Million |
| Growth Rate (2023 to 2033) | 6.3% CAGR |
The concentrator O2 devices market is growing rapidly due to several drivers. Some of the most notable drivers of growth in this market include:
North America has been a prominent market for concentrator O2 devices and is expected to continue to be so in the coming years. The region has a high prevalence of chronic respiratory diseases, and high healthcare spending, which are contributing to the growth of the market.
One of the eminent factors contributing to the growth of the market in North America is the increasing number of patients with chronic respiratory diseases, such as COPD, asthma, and lung cancer. These conditions require long-term oxygen therapy, and the use of concentrator O2 devices has become an essential part of the treatment process. As a result, the demand for concentrator O2 devices has increased, fuelling the growth of the market in North America.
The high healthcare spending in North America is also contributing to the growth of the Concentrator O2 Devices market. The region has a well-established healthcare infrastructure and a high degree of healthcare access, which allows patients to receive high-quality medical treatment and use the latest medical devices, including concentrator O2 devices. This is driving the growth of the market in North America.
The most lucrative type segment in the concentrator O2 devices market is stationary concentrator O2 devices. This is due to several factors such as their high oxygen output, longer battery life, and ease of use. Stationary concentrator O2 devices are typically used by patients who require long-term oxygen therapy and have a higher oxygen requirement, making them ideal for home use. Stationary concentrator O2 devices are highly reliable, durable, and have a low maintenance cost, which makes them a popular choice among patients and healthcare providers.
Amidst the COVID-19 pandemic, majority of countries have put forth public health measures to flatten the curve and are prepared for economical strain. In order to combat the alarming situation, healthcare leaders are placing greater emphasis on increasing critical care capacity at an unprecedented rate.
Expanding healthcare infrastructure capacity is crucial to saving humankind, as an over-burdened healthcare system leads to a substantial spike in mortality rates and can be a headwind to achieving normalcy.
Further, the COVID-19 pandemic has put immense pressure on the global supply chain, with the healthcare industry at the forefront. As a response to the widening demand-supply gap, governments are centralizing the availability of critical items, amongst which concentrator O2 (10L, 230V, 50 Hz + acc.) devices are gaining huge prominence in the healthcare sector.
The COVID-19 - originated from Wuhan, China - is a respiratory tract infection. This implies that patients suffering from severe acute respiratory infection (SARI) are already within the radar of the virus. Oxygen therapies such as concentrator O2 devices are efficient in addressing both, the primary illness and the cascading secondary issues in connection with the COVID-19 immune reaction.
While a majority of the people having COVID-19 show only mild or uncomplicated symptoms, studies reveal that about 14% show severe symptoms and require hospitalization and oxygen support.
As this pandemic continues to affect across continents, the healthcare industry is aggressively focusing on R&D projects to develop clinical diagnostic equipment and antivirus drugs to curb the impact of the COVID-19 on humankind as well as the global economic order. Such trends are boding well for the concentrator O2 market, which will experience a stellar growth rate in the coming years.
Portable concentrator O2 devices are the latest innovation in pulsed oxygen delivery. Step-change improvements and greater emphasis on a patient-centric model are driving the adoption of these portable medical devices. These portable medical devices offer the benefits of lightweight, and compact size. As space is a key aspect in healthcare settings, the reduced footprint of portable oxygen concentrators allows healthcare delivery for a greater number of patients in a certain area.
The COVID-19 pandemic, which is caused due to the coronavirus (SARS-CoV-2), continues to spread. More than 200 countries have reported incidents of the COVID-19.
The growth in caseloads has surged to more than a million cases and 54, 000 mortalities, as of now. A few regions have a finite number of cases, other regions with initial community transmission have a few hundred, and those with out-of-control pervasive transmission are witnessing exponential growth in the number of cases.
The situation is evolving rapidly, and is unlikely to stop within a few weeks. This could probably pose a huge burden on the critical care facilities in hospitals, few of which might be short of sufficient staff or resources to tackle this emergency.
Not to mention, the healthcare system of Italy is touted among the best in the world, yet, the COVID-19 situation in the country appears to be going out hands. As most of the intensive care units (ICU) beds are reserved for patients severely infected with COVID-19, that major of beds are allocated only to patients having a reasonable chance of survival.
Several medical professionals are considering home-based care as an immediate solution to address the expanding patient pool. Portable concentrator O2 devices fit well in the solution, as they allow easy relocation of patients with better safety, and enhance the quality of care irrespective of the healthcare surroundings.
Portable concentrator O2 devices are gaining huge traction and have the potential to behave as a single oxygen therapy device versus an ambulatory system and a stationary system (they eliminate the need for external oxygen tanks, and additional equipment). Given the rate at which the number of cases is rising in tandem with overwhelmed healthcare facilities, the trend of home care services will be a major driver in the concentrator O2 market.
Direct Relief - a non-profit organization - has pledged to an emergency funding of US$ 2 Mn to contribute to the battle against the novel COVID-19 in the USA as the national healthcare professionals anticipate its potential threat.
The funds are being channelized toward boosting the inventories of critical care and preventive equipment and supplies, deliver emergency financial aid to non-profit healthcare service providers, and to support public health works organized by the state and local public health facilities.
Influenced by the experience of and demands from the Chinese healthcare centers that have now treated loads of patients with COVID-19, Direct Relief has ordered a starting purchase of 500 portable concentrator O2 devices to make sure that supplementary oxygen is present for patients who might require it throughout the recovery from COVID-19.
The Supply Chain Inter-Agency Coordination Cell (SCICC), alerted by the disrupted global supply chain, has formed a supply task force to simplify the purchasing of critical care patient monitoring products including, concentrator O2 (10L, 230V, 50 Hz + acc.) devices, facing worldwide scarcity.
Acquisition of concentrator O2 equipment is centralized, and transactions are managed by a small group of inter-organizational purchasers working globally to satiate the ever-increasing national demand. Orders for supply of concentrator O2 equipment are consolidated at a national level via COVID-19 coordination mechanisms, which differ with country.
The World Health Organization has developed COVID-19 Essential Supplies Forecasting Tool (ESFT) to assist governments, associates, and other shareholders to anticipate potential requirements for critical supplies to alleviate the ongoing COVID-19 pandemic. Even though the tool provides users with a projection of the number of cases, it is not an epidemiological calculator.
The chief aim of this calculator is to foresee critical supplies such as concentrator O2 equipment, personal protective equipment (PPE), consumable medical supplies, essential drugs for supportive care, and biomedical equipment for case management.
The COVID-19 ESFT device is expected to support the Health Workforce tools (Adaptt and the Workforce Estimator) complimentarily. Both the tools utilize the same basis ranges of clinical attack rate and categorize healthcare personnel by ILO ISCO codes, yet their results are deliberately distinct owing to their main focus.
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