The outbreak of COVID-19 in 2020 had a profound impact on the global healthcare industry, particularly on the demand for medical oxygen concentrators. The pandemic waves worsened the situation, leading to an unprecedented surge in demand for medical oxygen concentrators that surpassed available supply options. The resulting lopsided demand and supply situation revealed the fragility of global oxygen supply systems while also presenting a significant opportunity for the medical oxygen concentrators market.
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Healthcare systems worldwide faced critical challenges during the pandemic as the need for medical oxygen concentrators intensified. Patients with acute respiratory syndrome, especially those in critical care, required continuous oxygen support. This situation led to a bullish sentiment in the global medical oxygen concentrators market, and this trend is expected to continue between the forecast years of 2022 and 2026.
Low- and middle-income countries (LMICs) faced particular struggles in meeting the escalating demand for medical oxygen concentrators. Large-scale industrial gas plants usually supply concentrated oxygen to healthcare settings, but in regions with lower volume demands, air separation technologies like pressure swing adsorption (PSA) or volume swing adsorption (VSA) are used to produce medical oxygen at scale. Unfortunately, many LMICs lack the resources to fill the supply-demand gap effectively.
However, this challenging scenario has also highlighted potential growth prospects for the medical oxygen concentrators market in LMICs. Demographic and epidemiological shifts are causing noncommunicable diseases (NCDs) to rise among children, while aging populations are expected to increase in LMICs by 2050. The shift towards domestic funding for health systems in LMICs poses a concern for oxygen access, but it also emphasizes the need for efficient medical oxygen concentrators.
The COVID-19 pandemic exposed the fragility of global oxygen supply systems. Despite the majority of COVID-19 patients experiencing mild or moderate illness, a significant percentage required oxygen therapy, and some were critically ill. The spike in demand for medical oxygen had to be met from a constrained pre-pandemic supply, leading to shortfalls in various regions, especially in Africa.
To address the urgent oxygen demand in LMICs, significant investments, estimated at US$ 1.6 billion, are required over the next 12 months. Single-payer health systems have contributed to a broader scale-up of oxygen use, making it an imperative treatment for various indications. As oxygen is vital in treating multiple conditions, further investments in the global medical oxygen concentrator market are justified from both an epidemiological and an economic perspective.
The growing need for continuous oxygen supply has led to an increasing demand for continuous flow oxygen concentrators, particularly in critical care units of hospitals. Continuous flow units are better suited for patients with sleep apnea or other conditions where continuous oxygen supply is essential, making them more preferred over pulse mode delivery concentrators.
The demand spike amid the COVID-19 pandemic has also led to robust supply requirements in home care settings. With overwhelming healthcare providers and a lack of critical care support, many patients with mild symptoms have turned to home care settings, boosting the demand for low-cost portable oxygen concentrators.
Asia Pacific, especially countries like China and India, leads the global medical oxygen concentrators market. The region's high population and prevalence of respiratory ailments, caused by pollution, respiratory infections, and tobacco smoking, have made medical oxygen concentrators a crucial necessity, presenting a massive revenue generation opportunity for key market players.
Some of the key players in the global medical oxygen concentrators market include Longfian Scitech Co., Ltd., Koninklijke Philips N.V., ResMed, Air Water Inc., BOC Healthcare (The Linde Group), Chart Industries, Teijin Limited, NIDEK Medical Products, Inogen, and Invacare Corporation. These companies play a vital role in driving innovation and advancements in this essential industry.
The 2020 COVID-19 outbreak indeed gave the global medical oxygen concentrators market a boost beyond imagination. As healthcare systems continue to undergo transformation, the market is expected to witness significant expansion in the coming years. The focus on meeting oxygen demands efficiently and bridging supply gaps will be crucial in shaping the future of the medical oxygen concentrators market.
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