North America Medical Oxygen Concentrators Market size exceeded USD 1.4 billion in 2020 and is anticipated to witness 1.5% CAGR from 2021 to 2027.
Rising prevalence of infectious diseases coupled with increasing number of critically ill patients requiring oxygen will impel the market growth. Growing prevalence of chronic obstructive pulmonary disease (COPD) coupled with other lungs diseases will drive the industry expansion. Further, increasing healthcare expenditure in the U.S. is projected to create the demand for effective treatment of respiratory diseases.
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Sudden surge in COVID-19 cases has boosted the demand for oxygen concentrators. Oxygen therapy is a core part of the treatment of patients with severe COVID-19. Several players in the industry and various government bodies in the U.S. have ramped up their production of oxygen concentrators to meet the patient demand. Thus, rising demand for intensive critical units coupled with presence of large patient pool requiring oxygen therapy will stimulate the market demand.
Portable medical oxygen concentrators segment is set to register CAGR of -4% during the forecast period. Increasing number of air travellers coupled with favourable regulatory guidelines will fuel the segment growth. High demand for lightweight concentrators that are easily used at different places such as airplanes, offices, and while doing routine activities will further contribute to the segment revenue.
Home care segment dominated around 72% market share in 2020, due to growing prevalence of several respiratory diseases along with availability of home care therapies. Respiratory diseases including COPD is majorly diagnosed in geriatric population hence, home oxygen concentrators are prescribed for betterment of breathing in these patients.
Continuous flow segment revenue was over USD 750 million in 2020. Continuous flow oxygen concentrators deliver oxygen from three to five LPM. The patients with in-home care and minimal physical activity require continuous flow oxygen concentrators. Moreover, people suffering from sleep apnea prefer supplementary oxygen to maintain oxygen level in body while sleeping.
U.S. medical oxygen concentrators market accounted for more than USD 1.2 billion revenue in 2020. Growing COVID-19 cases globally has increased the demand for oxygen concentrators in North America.
Moreover, changing lifestyle habits such as tobacco consumption, smoking, and increased pollution is leading to increasing prevalence of respiratory disorders. According to the Centers for Disease Control and Prevention (CDC), nearly 40 million adults are addicted to tobacco consumption that form high risk for various lung disorders.
Prominent players operating in the market include Invacare Corporation, Philips Healthcare, Inogen, Inc., O2 Concepts and DeVilbiss Healthcare, among others. These companies are adopting various strategies to generate greater market share through augmentation of portfolio with novel applications.