Driven by the ongoing COVID-19 pandemic, the medical oxygen concentrators market is speculated to register considerable progress by 2027. Additionally, increasing government initiatives to build a stable healthcare system in key regions is set to drive industry uptake through the forecast period.

The COVID-19 pandemic put a massive strain on the global supply chain, particularly impacting access to essential medical goods. Increasing number of hospitalizations requiring immediate oxygen support created an unprecedented burden on the healthcare system. Subsequently, the widespread scarcity of medical oxygen concentrators prompted governments to increase healthcare spending to strengthen the existing medical infrastructure, which has fueled market growth during the pandemic.

The medical oxygen concentrators market has been segregated on the basis of technology, product, application, and region. In terms of product, the market has further been categorized into fixed medical oxygen concentrators and portable medical oxygen concentrators.

The fixed medical oxygen concentrators sub-segment is set to grow at around 0.8% CAGR over the forecast period owing to rising prevalence of chronic respiratory diseases worldwide. In addition, continuous development of technologically advanced devices and high product demand for effective treatment of diseases in hospitals are slated to boost segmental expansion over 2021-2027.

From the application point of view, the medical oxygen concentrators market has been bifurcated into non-homecare and home care. The home care sub-segment accounted for a substantial market share of over 55% in 2020 and is projected to witness optimistic growth over the study timeline. The expanding geriatric population across the globe, along with rising need for oxygen therapy in home settings, is likely to propel market growth. Furthermore, increasing preference for portable devices in home care is estimated to accelerate segmental adoption through the review period.

With respect to technology, the medical oxygen concentrators market has been classified into pulse flow and continuous flow. The continuous flow sub-segment is anticipated to reach a notable valuation by 2027, progressing at a CAGR of approximately 2.5% over the analysis timeframe. Surging demand for continuous flow oxygen concentrators in critical care, along with mounting occurrences of COVID-19 and pneumonia, is likely to foster market development.

On the regional front, the Latin America medical oxygen concentrators market is expected to grow at a CAGR of more than 4.1% through the projected timeline on account of the evolving healthcare infrastructure in the region, coupled with favorable government initiatives and funding to enable the adoption of technologically advanced devices in healthcare facilities. Moreover, widespread expansion of businesses by key market players to broaden product accessibility in LATAM is likely to augment regional industry expansion in the coming time period.