Medical Oxygen Concentrators Market Research, Business Opportunities, Trends and Competitive Landscape by 2030
Medical
Oxygen Concentrators Market Overview by Product, Technology, Indication, End
User and Region - Forecast till 2030. Medical oxygen concentrators
market size was valued at USD 1.15 billion in 2021 and is projected to grow
from USD 1.37 billion in 2022 to USD 4.80 billion by 2030, exhibiting a
compound annual growth rate (CAGR) of 5.90% during the forecast period (2022 - 2030).
Demand for oxygen therapies had been rising in the last couple of decades as
numerous studies have pointed out that patients who undergo oxygen therapy live
longer and lead more active lives. Medical oxygen concentrators market has
therefore been expanding as oxygen concentrators have come to be increasingly
used in not only hospitals and clinics but at homes by patients who require
outpatient treatments or patients who wish to travel and continue to lead
normal lives with considerable mobility in spite of the need for continuous
requirement of oxygen supply.
Oxygen
concentrators are less portable than the other options. An oxygen concentrator
is a device that takes oxygen from the room, concentrates it for therapeutic
use, and removes other naturally occurring gases. The benefits of concentrators
are that they are less expensive and don’t require filling like tanks. Portable
versions are available. However, most models are too large to be truly
portable.
Competitive Landscape:
Some of the
companies that are making considerable contribution to the medical oxygen
concentrators market include Philips Healthcare, Invacare Corporation, AirSep
Corporation, Drive DeVilbiss Healthcare, Medtronic plc, ResMed, Chart
Industries, Inc., Nidek Medical Products, Inc., Precision Medical, Inc., GCE
Group, Besco Medical Limited, O2 Concepts, LLC, Inogen, Teijin Limited, OSI -
Oxygen Solutions Inc.
Segmentation
The global medical oxygen concentrators
market has been segmented into product, technology, indication, end user, and
region.
By product, the market has been segmented
into portable oxygen concentrators and stationary oxygen concentrators.
On the basis of technology, the market has
been divided into the continuous flow and pulse dose.
Based on indication, the market has been
categorized into chronic
obstructive pulmonary disease, asthma, sleep apnea, and others.
By end user, the market has been classified into
homecare, travel, hospitals and clinics, and others. Home oxygen concentrators
facilitate convenience and make it easier and safer for the patient to complete
their day-to-day activities, which is supporting the dominance of the homecare
segment during the next six years.
Regional Analysis:
Geographically,
the North America held a substantial share in the medical
oxygen concentrators market research report in 2018 which can be attributed
to the presence of established home healthcare care services, active
participation of key market players, increasing incidence of respiratory
diseases, and favorable reimbursement scenario in the U.S. and Canada.
Expanding
geriatric population in Europe coupled with rising prevalence of asthma,
pulmonary hypertension, COPD, and fibrosis, would lead the region to be
the second largest value contributor to the medical oxygen concentrators market.
Increasing
healthcare expenditure, improvement in healthcare infrastructure and expanding
awareness about need for oxygen concentrators will augment Asia-Pacific medical
oxygen concentrators market growth. The region is anticipated to register the
fastest market CAGR over 2018-2024 owing to increasing demand for portable
concentrators.
The medical
oxygen concentrators market in the Middle East & Africa would witness the
modest market growth rate from 2018 to 2024. The Middle East would spearhead the
market attributed to the rising prevalence of sleep apnea.
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