Europe Medical Oxygen Concentrators Market size surpassed USD 1.3 billion in 2020 and is predicted to expand at a CAGR of -2.7% from 2021 to 2027.
A medical oxygen concentrator is a device used for delivering oxygen to patients with respiratory disorders. The device has sieve beds and special filters that removes nitrogen from the air and deliver pure oxygen to the patients.
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Increasing prevalence of respiratory disorders and chronic obstructive pulmonary disease (COPD) are augmenting the market growth. In Europe, the direct cost of COPD is approximately 6% of the total health spending, that is more than USD 45 billion annually. The major factor leading to the development of COPD is tobacco smoking. The total health cost of tobacco in Europe is more than USD 640 billion annually. According to the European Community Respiratory Health Survey, 39% smoking individuals are attributed to risk factor for COPD. Hence, growing adoption of tobacco, and smoking coupled with increasing respiratory diseases will boost the demand for oxygen concentrators market in forthcoming years.
Growing government initiatives to regulate and manage respiratory disorders will augment Europe medical oxygen concentrators market growth. For instance, the European Respiratory Society is involved in spreading awareness related to airway diseases, paediatric respiratory disease, and respiratory infections. Such initiatives will augment European medical oxygen concentrators business growth in the foreseeable future. In addition, speedy reimbursement approval of medical oxygen concentrator in European region are also augmenting the market growth. For instance, in November 2020, CAIRE’s award-winning FreeStyle Comfort portable oxygen concentrator received approval for reimbursement for healthcare systems in Germany and France. Such factors will prove beneficial for market growth in the coming years.
Increasing number of COVID-19 cases have positively impacted the medical oxygen concentrators market. Increasing use of medical oxygen concentrators in various applications of COVID-19 will drive the market growth. The oxygen concentrators are helpful in offering oxygen therapy and relieve breathing difficulty thereby accelerating body's healing process. Thus, demand for oxygen concentrators is expected to grow during COVID-19. Additionally, industry players operating in Europe are continuously involved in supply of oxygen concentrators to other regions. For instance, the European Union is continuously involved in assisting India and has sent around 1,500 oxygen concentrators. Thus, the aforementioned factors will drive the Europe medical oxygen concentrators market size.
Portable medical oxygen concentrators segment accounted for over USD 990 million in 2020. The portable medical oxygen concentrators are more convenient and easier to use. Also, these concentrators are designed with light weight as well as compact design that enables the patients to carry the devices during travelling. Thus, increasing adoption of medical oxygen concentrators with rising number of air travellers will boost the segment growth.
The home care segment accounted for significant market size in 2020 and has grown exponentially during the COVID-19 pandemic. Home care medical oxygen concentrators are more comfortable to the patients and enable to recover faster while at home setting. Also, growing geriatric population base in Europe are prone to cardiopulmonary diseases that further creates need for oxygen therapy. Thus, increasing customer base coupled with awareness for home oxygen concentrators will drive the market growth in the region.
Continuous flow segment held considerable market share in 2020. Increasing number of critically ill patients and rising number of COVID-19 patients are augmenting the demand for continuous flow oxygen concentrators market. The continuous flow medical oxygen concentrators provide same flow of oxygen as naturally and is thereby widely being used to treat critically ill patients. Continuous flow oxygen concentrators are used while sleeping as many pulse flow devices have difficulty in shallower breath. Thus, the aforementioned benefits will boost the segment demand.
Germany medical oxygen concentrators market held 15.8% share in 2020. Growing adoption of unhealthy habits such as tobacco smoking coupled with increasing prevalence of COPD are major factors propelling medical oxygen concentrators market growth in Germany. Growing number of smokers, unhealthy food intake, and lack of exercise lead to increased risk of chronic diseases. Such trends will influence the need for artificial oxygen therapy, thereby creating demand for medical oxygen concentrators in the country.
Some of the notable players involved in the Europe medical oxygen concentrators industry include GCE Healthcare, Inogen, Invacare Corporation and ResMed among the other market players. These key players are undertaking various strategic initiatives to expand their geographic presence and product reach. For instance, in July 2020, GCE Healthcare introduced three new series of stationary oxygen concentrators (SOC) M50, OC-E 80 and EC-E100. These oxygen concentrators are used for the patients requiring long term oxygen support. This would help company in expanding their product and customer portfolio.