Oxygen Concentrator Rental Market Size, Share, Growth, and Industry Analysis by Type (Portable Oxygen Concentrator, Static Oxygen Concentrator ‎), by Application (Home, Hospital, Traveling, Others), and Regional Insights and Forecast to 2032

Updated On: 10 June 2024

OXYGEN CONCENTRATOR RENTAL MARKET REPORT OVERVIEW

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The global oxygen concentrator rental market size was expanded rapidly in 2022 and will grow substantially by 2029, exhibiting a prodigious CAGR during the forecast period.

Oxygen concentrator rental service delivers patients with the opportunity to rent an oxygen concentrator for a specified period instead of obtaining one entire. Oxygen concentrators are healing devices that pull in air from the atmosphere, eliminate nitrogen, and supply disinfected oxygen-rich air to the operator. These devices are vital for persons who require supplemental oxygen due to circumstances that spoil lung function such as COPD, asthma and other breathing illnesses. Rental facilities offer suppleness for temporary or continuing needs letting users to choose the period of the rental period according to their necessities. The rented oxygen concentrator is conveyed to the patient’s home, and the service worker make sure it is set up appropriately and the patient knows how to use it. Throughout the rental period, the service worker offers provision and maintenance as required. Rental services often provide access to the modern models and technologies without the full investment, allowing patients to benefit from advanced features and improved portability.

Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

OXYGEN CONCENTRATOR RENTAL MARKET SEGMENTATION

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By Type Analysis

According to type, the market can be segmented into portable oxygen concentrator, static oxygen concentrator

Portable oxygen concentrator will capture the maximum market share through forecast period.  

• Portable oxygen concentrator: Portable oxygen concentrators are lightweight, dense, and planned for mobility. They can be carried around effortlessly making them ideal for lively consumers who require oxygen therapy while traveling, walking, or engaging in everyday activities outdoor.

• Static oxygen concentrator: Static oxygen concentrator are greater units designed to be still and used mainly within the home. They are suitable for patients demanding constant oxygen therapy.

By Application Analysis

According to application, the market can be segmented into home, hospital, traveling, others

Oxygen concentrator rental market players cover segment as home will dominate the market share during forecast period.

• Home: The concentration is on confirming ease, accessibility, and constant oxygen supply with fixed concentrators being frequently used.

• Hospital: Hospitals may rent oxygen concentrators to accomplish temporary upsurges in demand or for precise patient needs utilizing both movable and fixed models depending on the condition.

• Traveling: For patients who need oxygen treatment while traveling. Portable oxygen concentrators are necessary.

• Others: It includes uses in situations such as nursing homes, restoration centres, and for crisis awareness.

DRIVING FACTORS

"Increasing Prevalence Of Respiratory Disorders To Boost The Market Growth"

The augmented incidence of respiratory disorders such as prolonged obstructive pulmonary disease, asthma, and lung infections ascribed in part to aging populations, increased pollution contact, and changing lifestyles drives up demand for medical oxygen concentrators. These devices help to manage respiratory problems by giving supplemental oxygen. 

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the oxygen concentrator rental market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Advancements in portable, lightweight concentrators have expanded user accessibility and convenience.

RESTRAINING FACTOR

"Maintenance and Hygiene Concerns To Hamper The Market Growth"

Rental items involve severe maintenance and cleanliness practices to inhibit contaminations, which can be a challenge for providers. Technical difficulties will reduce the industry revenue.

OXYGEN CONCENTRATOR RENTAL MARKET REGIONAL INSIGHTS

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"North America to Dominate the Region Due To Innovative Healthcare Infrastructure"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa. 

North America is further expected to witness growth in the oxygen concentrator rental market share. The region is dominating the market due to innovative healthcare infrastructure and a sturdy focus on healthcare innovation. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• Praxair Technology (U.S.)
• Vitality Medical (U.S.)
• Oxygen Concentrator Store (U.S.)
• Inogen (U.S.)
• Bellevue Healthcare (U.S.)

INDUSTRIAL DEVELOPMENT

March 2024:  Inogen a medical technology company offering innovative respiratory products for use in the homecare setting.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.