Oxygen Generator Market growing at a CAGR of 5.1%
The global oxygen generator market size was valued at US$ 1,619.8 million in 2021, which is predicted to be valued at US$ 2,545 million by 2030. The market is forecast to witness this tremendous jump by registering a CAGR of 5.1% during the forecast period from 2022 to 2030, according to a report published by Astute Analytica.
According to the thorough analysis by Astute Analytica, the market is forecast to witness exponential growth opportunities due to growing healthcare expenditure and rising industrialization. Furthermore, increasing awareness about the home applications of oxygen generators will also benefit the market.
The demand for small PSA oxygen generators will continue to increase due to low operation costs. Moreover, the fact that it consumes less power will surge its demand in the coming years. Moreover, the report says that the home use of oxygen generators will also gain traction due to rising awareness about its environmental benefits. Home-use oxygen generators offer a continuous flow of oxygen to the environment.
What is Oxygen Generator?
Oxygen generators are the devices used to separate oxygen from the air and save it in the pressure tanks. The process is done to provide the required amount of gas for the industrial processes in real-time. These generators find applications in dozens of industrial applications. Apart from that, the healthcare industry also uses these tanks to cater to the healthcare demands of the patients.
The Healthcare industry is expected to contribute to the industry growth
Key factors driving the growth of the oxygen generator industry include growing environmental awareness. In addition, favorable government measures to control the COVID-19 pandemic has also been beneficial for the market. Governments across the globe are focusing on developing efficient services for the people suffering from respiratory disorders and COVID-19.
The sudden wake of the COVID-19 pandemic resulted in a drastic shortage of oxygen generators. Thus, it will benefit the market as governments are focusing on combating this problem. According to estimates by the Centers for Disease Control and Prevention, nearly 873,000 were admitted to the emergency departments in the United States due to the prevalence of COPD. The growing prevalence of chronic diseases will also trigger the demand for oxygen generators in the coming years.
Market Overview
According to the report, North America is expected to emerge as the largest market for oxygen generators due to the rising healthcare expenditure in the region. According to data from the Centers for Medicare & Medicaid Services, U.S. health care spending has witnessed a significant jump in the last few years. Healthcare spending in the US has increased by 9.7 percent, which accounts for $4.1 trillion in 2020, as compared to a 4.3 percent increase recorded in 2019.
Segment Analysis
In terms of form, the portable oxygen generator segment is expected to witness an exponential jump in terms of revenue. Portable oxygen generators are easy to carry and hold. In addition, travelers generally adopt portable generators as they are convenient for mobility because of their lightweight. Thus, portable oxygen generators are expected to rise in popularity in the coming years.
In terms of technology, oxygen generators are categorized into pulse flow and continuous flow. The pulse flow oxygen generators are forecast to lay hold of the largest share. It is because pulse flow generators are considered an ideal option for curing respiratory conditions. These generators are also considered suitable for applications that do not need a high LPM.
Based on Type, these generators are categorized into small PSA oxygen generators and large PSA oxygen generators. The report says that the demand for small PSA oxygen generators will remain high as it costs less and is highly efficient in terms of operations. In addition to that, they consume less power and no additional gas is required to operate the technology. Apart from that, the high PSA oxygen generators segment is projected to register the highest CAGR.
Based on Applications, oxygen generators are categorized into home oxygen and industrial oxygen, in which home oxygen is expected to hold the highest market share. Home-use oxygen generators sector is growing tremendously due to the rising cases of respiratory disorders. Undoubtedly, the prevalence of breathing disorders is increasing regularly, and the reasons are numerous. Thus, having a home oxygen concentrator has become crucial for regular use and even for emergency aid. The device converts the environment of the room by enabling pure oxygen. This is highly necessary for therapeutic purposes.