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.
In 2019, North America accounted for the largest revenue share of 32.4%. Growing geriatric population in the region is one of the significant factors contributing to market growth. According to the data published by the UN, in 2014, it was estimated that over 70 million people in North America were above 60 years of age. This demographic is prone to various respiratory disorders due to weaker immunity system and low oxygen intake capacity. 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 due to unhealthy lifestyles are contributing to the regional market growth.
Asia Pacific is anticipated to be the most lucrative market during the forecast period. Key factors fueling regional market growth include rapidly increasing geriatric population and prevalence of lung disorders. It is estimated that one in every four people in the region will be over 60 years of age by 2050. Living and health standards have increased significantly in the more developed economies of the region. Increase in life expectancy, healthcare expenditure, and awareness regarding available technologies are some of the factors expected to contribute to regional market growth over the forecast period.
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