What is the Impact of the Novel Coronavirus on the Medical Oxygen Concentrators & Oxygen Cylinders Market?

Growing healthcare expenditure, better medical facilities, and rapid technological advancements have helped increase the life expectancy of people globally. However, geriatric population is more susceptible to cardiovascular disorders and lung diseases owing to a weak immune system. Elderly people have a less pulmonary reserve and reduced cough strength due to anatomic changes and muscle loss. Hence, they are at a high risk of developing lung disorders and various breathing problems. According to the National Institutes of Health Census Bureau, in 2016, around 8.5% of the people worldwide, i.e., around 617 million people were aged 65 and above. Moreover, this number is expected to reach 1.6 billion by 2050.

Increasing prevalence of COPD and other lung disorders is another key factor boosting the market growth. According to the U.S. government, in 2017, over 16 million U.S. adults were diagnosed with COPD, around 9 million with chronic bronchitis, and 3.5 million with emphysema. In addition, COPD is the cause of over 7 million emergency department visits each year in the U.S.The long-term use of supplemental oxygen has improved the survival rate of patients with COPD. Hence, rising prevalence of COPD and other lung diseases and dependence of COPD patients on oxygen therapy products are among the key factors boosting the demand for oxygen concentrators and cylinders.

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Furthermore, several campaigns and programs have been launched by many government and non-government organizations to educate citizens about COPD and ways to manage it. For instance, the National Heart, Lung, and Blood Institute (NHLBI) and the WHO formed the Global Initiative for Chronic Obstructive Lung Disease (GOLD) with an objective to increase awareness about COPD and help people in management of the disease. Moreover, the American Lung Association promotes awareness about COPD.

Furthermore, the oxygen concentrators market is directly impacted by the COVID-19 outbreak, which is a resultant of a significant shortage of ventilators globally. To overcome this shortage, biomedical engineers and scientists have developed makeshift devices to mimic the basic functionality of ventilators using existing devices, such as oxygen concentrators, anesthesia machines, PAP devices, and manual resuscitators. Furthermore, the U.S. FDA has allowed the usage of these concentrators under the Emergency Use Authorization scheme, which will significantly increase the demand for oxygen concentrators in the coming quarters.

As most of the critical cases of COVID-19 require some form of artificial ventilation, demand for wall-mounted oxygen concentrators, and piped/canned oxygen is witnessing a significant rise. The same is evident in the recent movements undertaken by market participants. For instance, Linde, one of the largest medical gas companies, is rapidly increasing its oxygen production. The company is also working closely with providers across the globe to anticipate the demand and ramp up the deliveries.