Oxygen Concentrator Market is estimated to grow at a CAGR of approximately 9% during the forecast period to reach approximately USD 1.58 billion by 2024. Patients who require supplemental oxygen for pulmonary disorders such as bronchitis, emphysema, lung cancer, and acute pneumonia use oxygen concentrators. Oxygen concentrators can be used effectively at home as well as in clinical settings to meet the user’s oxygen requirements. The popularity and high demand for oxygen concentrators, owing to their ease of use, is driving market growth. As a result, many market participants are focusing on incorporating significant changes in product design to accommodate patients’ routines.
The growing prevalence of respiratory disorders, rapid growth in the geriatric population, high prevalence of tobacco smoking, preference for home-based oxygen therapy, and technological advancements are driving the oxygen concentrators market. However, the availability of low-cost alternatives by local manufacturers, stringent regulatory guidelines causing product approval delays, and Medicare reimbursement rate cuts for home oxygen therapy are all limiting the market’s growth.
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Global Oxygen Concentrator Market: Top Key Players
ResMed Inc.
Teleflex Incorporated
GE Healthcare
Medtronic plc
CareFusion Corporation
Smiths Medical
Philips Respironics, Inc.
Fisher & Paykel Healthcare Corporation Limited
Draegerwerk AG & Co. KGaA
Global Oxygen Concentrator Market: By Types
Portable
Fixed Medical
Global Oxygen Concentrator Market: By Applications
Home
Non Homecare
Geographically, the detailed analysis of consumption, revenue, and market share and growth rate of the following regions:
United States, Canada, Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden, Poland, Belgium, China, Japan, South Korea, Australia, India, Taiwan, Indonesia, Thailand, Philippines, Malaysia, Brazil, Mexico, Argentina, Columbia, Chile, Saudi Arabia, UAE, Egypt, Nigeria, South Africa and Rest of the World.
In 2020, the COVID-19 outbreak will have a positive impact on the homecare oxygen concentrators industry. These oxygen concentrators were increasingly used during the pandemic to provide additional oxygen to patients receiving treatment at home or suffering from COVID-19-related respiratory conditions. Furthermore, the introduction of effective treatment and preventive vaccines resulted in a decrease in infection rates around the world. This has resulted in a decrease in demand for homecare oxygen concentrators in 2021 compared to 2020. However, the market is expected to grow significantly during the forecast period due to the rising prevalence of several other respiratory diseases.
The Study’s Objectives:
- Defining, describing, segmenting, and forecasting the global oxygen concentrators market by type, technology, end user, and region.
- To forecast the size of the oxygen concentrators market in five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa.
- To provide comprehensive information on the major factors influencing the growth of the oxygen concentrators market (drivers, restraints, opportunities, and industry-specific challenges)
- To investigate micromarkets1 in terms of individual growth trends, prospects, and contributions to the overall market
- To analyse market opportunities for stakeholders and to provide details on competitive leadership mapping for market leaders.
- To profile and thoroughly analyse key players in the oxygen concentrators market.
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FAQs:
- What is the driving factor for the growth of this market?
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- What is the major application area of this market?
- Who are the manufacturers of this market across the globe?
- Which geographical location is dominant in this market?
- Which are the top industry players in this market?
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