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08, April, New York, USA – The growing advancement in oxygen concentrators technology, and rising demand amidst the covid-19 pandemic will drive tremendous growth for oxygen concentrators market during the 2021-2028 period. The oxygen concentrator devices provide ambient air through concentration of oxygen-enriched product gas steam. The system helps remove nitrogen from the air, and provides essential life support from patients suffering from life-threatening conditions. The low levels of oxygen in supply, and increased need to cater to ventilator system remain major drivers amidst the worldwide pandemic. The increased in corona virus variants, and limited demonstrated efficacy of current vaccine to deal with emerging variants also remains the notable driver of future growth in the medical oxygen concentrators market. The market will reach a promising valuation of over 7 billion by 2024 end, as demand skyrockets growth prospect with a promising CAGR of over 9% during the 2021-2028 period.
According to the World Health Organization (WHO), the total global population of coronavirus patients has reached 132,730,691 cases by 8 April, 2021. Furthermore, the crisis has resulted in over 2,880,726 deaths. Furthermore, on average, about 3% of the population is estimated to need emergency treatments including ventilation support. the large number of emerging coronavirus cases, emerging new strains of the virus, and growing demand for medical oxygen supply remain key drivers of growth in the medical oxygen concentrators market.
According to growing studies, the supply of ventilator equipment remains in short supply globally. For example, in the United States, the number of total ventilators stand somewhere around 60,000 to 100,000 in 2021. Furthermore, countries like Germany had ordered over 25,000 new ventilators from companies like Drager. The company responded with increase in production capacities. However, it reported challenges in production as safety testing, and availability of components continued to plague supply chains. Countries like the US require close to a million ventilators to cater to its growing sick population. However, despite the growing concerns, the demand for ventilators continues to remain out of bounds for many healthcare providers.
Patients with Co-Morbidities Remain at High-risk from Coronavirus
According to the WHO estimates, there are over 300 million asthma patiens worldwide. Furthermore, these patients are at increased risk due to coronavirus, as the pandemic has forced the resources of global healthcare sector to tackle the pandemic. Several governments around the world are taking initiatives to tackle disease management for illnesses like Asthma, and chronic diseases, which are on the rise. However, despite their best attempts, the battle to upstage coronavirus pandemic will be long-lived, as people on the ground continue to suffer from job losses, and endangerment to lives. The chronic diseases like diabetes, cancer, cardiovascular diseases also remain a potent factor for limiting patient care, as they remain the leading causes of fatalities worldwide. The growing demand for chronic care, increased shortages in oxygen supply, and growing demand for effective ventilation for tackling diseases like Asthma will remain major opportunities for growth for players in the medical oxygen concentrators market.
According to the World Health Organization (WHO), about 300 million people suffer from asthma worldwide. Thus, to cater to their requirement for effective and timely oxygen therapy, the demand for medical oxygen concentrators will upsurge. Also, several governments are undertaking initiatives to improve the access to disease management. The Chronic Respiratory Disease Awareness Program by the Abu Dhabi Department of Health aims to improve management and early detection rate of asthma. Such awareness initiatives coupled with innovation in devices leading to better customer-suited products will boost the medical oxygen concentrators market revenue. However, stringent regulatory landscape associated with manufacturing and marketing standards of medical oxygen concentrators may limit product approvals of product manufacturers.
Limitations in Vaccination Drives to Create More Demand for Emergency Services
The vaccine supplies and its shortages are making for another bleak economic outlook for the global population. According to the WHO, the disparity in vaccine supply among developed and emerging nations continues to remain a challenge for growth of the global economy, and remains a daunting prospect for people globally. For example, despite the attempts of global alliances like GAVI, the vaccine shortage will likely not be able to meet demands globally well into 2024. Furthermore, the growing demand to tackle new variants of the coronavirus will also delay the demand, which is currently plagued from shortages in supply. Additionally, poor infrastructure in the developed world, and stringent requirements for some of vaccines will make it essential to provide several emergency services well into 2024 for the global population.
North America Will Dominate Growth During the Forecast Period
The north America region will likely remain key opportunity for growth during the 2021-2028 period. The region home to a large number of medical equipment manfacturers, growing M&A activity in the region, and growing investment in innovation from the pharmaceutical sector will help it register highest revenues during the forecast period. Furthermore, among other regions, China remains a bright spot for growth, as large manufacturing activity, growing demand for ventilators from the region, and increased emphasis on innovation will drive fastest CAGR-driven growth in the Asia Pacific region during the forecast period. Furthermore, the Europe will also emerge as a key region for growth, as increased production of indigenous ventilators in the region, and growing demand to tackle new strains of coronavirus strains will promise major opportunities for growth in the medical oxygen concentrators market.
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