The oxygen concentrators market in Europe is expected to grow from USD 1.13 billion in 2022 to USD 1.68 billion by 2027, progressing at a CAGR of 8.27% from 2022 to 2027.
The rising prevalence of chronic diseases in the European region is one of the major factors propelling the European oxygen concentrators market growth. The demand levels for oxygen concentrators are growing significantly in Europe due to the growing patient population suffering from COPD and respiratory diseases. According to a study conducted by the European Respiratory Journal, an estimated 4.9 million people in Europe will have COPD by 2040. In this study, 39 countries in Europe are included. Oxygen concentrators help manage lung problems such as breathing difficulty and cough. Such problems usually come with changes in lifestyle, such as increasing consumption of alcohol, cigarette, and other types. As per the European Lung Foundation and European Respiratory Society, nearly one in eight deaths in Europe is due to respiratory diseases.
The increasing geriatric population across the European region is fueling the growth rate of the European oxygen concentrators market. People who are aged diagnose with several health issues along with breathing problems due to the slow down of bodily functions as the organs get older. Therefore, older populations are using oxygen therapy to regain their energy levels and become more active.
The growing adoption of technological developments to manufacture advanced oxygen concentrators and an increasing number of product launches are expected to boost the European market growth. Furthermore, the growing use of portable oxygen concentrators in various healthcare settings fuels regional market growth. The availability of portable oxygen concentrators has made travel with oxygen easier. These devices can be recharged, plugged into the wall, and carried on airplanes. Along with this, the increasing government product approvals, research, and development are other factors that help the market growth.
Conversely, the high costs of portable oxygen concentrators are the primary factor hampering regional market growth. Less availability of oxygen concentration in hospitals, strict government rules, and reimbursement policies are the other factors hamper the market growth. In addition, the oxygen concentrator needs electrical power and some backup, which challenges the market growth. Finally, using unclean and contaminated equipment resulting in skin irritation impedes market growth.
This research report on the Europe oxygen concentrators market has been segmented and sub-segmented into the following categories.
By End User:
Geographically, the European region held the second-largest share of the global market in 2021. The European region is expected to showcase a promising CAGR during the forecast period. The growth of the European market is majorly driven by the rising awareness among people of oxygen concentrators and increasing healthcare expenditure. Due to the Covid-19 pandemic, the governments of Europe have increased their investments in manufacturing oxygen concentrators as these devices are of great help in the treatment procedures of COVID-19 patients. The presence of numerous manufacturing companies of oxygen concentrators in the European region promotes the market’s growth rate in Europe.
Among all countries in Europe, Germany dominated the market in 2021. During the forecast period, the German market is expected to continue holding the leading share of the European market owing to the increasing availability of rental oxygen concentrators in Germany. Due to this, many people have started showing interest in using the oxygen concentrator, which is expected to result in regional market growth during the forecast period.
The France market is expected to showcase promising growth during the forecast period. The increasing availability of reimbursement policies for oxygen concentrators in France is expected to boost market growth in France. In addition, the increasing number of manufacturers of oxygen concentrators and the rising supply and demand of the devices are expected to boost the market’s growth rate in France.
The UK market is anticipated to showcase a notable CAGR during the forecast period. The increasing availability of oxygen concentrators online by trusted providers primarily drives the UK market growth.
KEY MARKET PLAYERS:
Devilbiss Healthcare, O2 Concepts, Koninklijke Philips N.V., Chart Industries, Inc., Invacare Corporation, Inogen Inc., Nidek Medical, GCE Group, Caire Inc. and Precision Medical are some of the major players in the European oxygen concentrators market.
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