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| Medical Oxygen Concentrators Market |
A) Market Overview:
The global Medical Oxygen Concentrators Market is estimated to be valued at US$ 3,300.00 million in 2020 and is
expected to reach a value of US$ (incorporate given market value for 2022)
Bn/Mn by 2022 with a CAGR of 5.90%
over the forecast period (2021-2030). Medical oxygen concentrators are devices
that provide concentrated oxygen to patients with respiratory conditions such
as chronic obstructive pulmonary disease (COPD), asthma, and pneumonia. They
are portable and can be used at home or in a healthcare setting. The advantages
of medical oxygen concentrators include cost-effectiveness, convenience, and
independence for patients who require long-term oxygen therapy. The increasing
prevalence of respiratory diseases, the growing geriatric population, and the
rising demand for home-based healthcare are driving the demand for medical
oxygen concentrators in the global market.
B) Market Key Trends:
One key trend in the medical oxygen concentrators market is the growing
adoption of portable oxygen concentrators. These devices provide patients with
the flexibility to move around and perform daily activities while receiving
oxygen therapy. Portable oxygen concentrators are lightweight, compact, and
easy to carry, making them suitable for use both indoors and outdoors. They
eliminate the need for bulky oxygen cylinders and allow patients to maintain an
active lifestyle. Moreover, advancements in technology have led to the
development of portable oxygen concentrators with longer battery life and
improved oxygen delivery. The increasing preference for home-based healthcare
and the rising demand for convenience among patients are expected to drive the
growth of the portable oxygen concentrators segment in the global market.
Segment Analysis:
The medical oxygen concentrators market can be segmented based on product type,
end-user, and region. In terms of product type, the market can be divided into
portable oxygen concentrators and stationary oxygen concentrators. The portable
segment is dominating the market due to the increasing demand for mobility and
convenience among patients. Portable oxygen concentrators offer benefits such
as ease of use, lightweight, and the ability to operate on batteries, which
allow patients to carry them while traveling or performing daily activities.
This segment is expected to witness significant growth during the forecast
period.
Key Takeaways:
The global Medical
Oxygen Concentrators Market Share is expected to witness high growth,
exhibiting a CAGR of 5.90% over the forecast period of 2021-2030. This growth
can be attributed to the increasing prevalence of respiratory diseases, such as
chronic obstructive pulmonary disease (COPD) and asthma, which require oxygen
therapy. Additionally, the rising geriatric population, technological
advancements in oxygen concentrators, and the growing demand for home
healthcare services are contributing to market growth.
In terms of regional analysis, North America is the fastest-growing and
dominating region in the medical oxygen concentrators market. This can be
attributed to the high prevalence of respiratory diseases, well-established
healthcare infrastructure, and favorable reimbursement policies in the region.
Moreover, increasing awareness about the benefits of oxygen therapy, the presence
of key market players, and technological advancements are driving the market
growth in North America.
Key players operating in the medical oxygen concentrators market include Inogen
Inc., Invacare Corporation, OxygenToGo, LLC, Koninklijke Philips N.V., ResMed
Inc., Drive DeVilbiss Healthcare LLC, Precision Medical, Inc., Besco Medical
Co. Ltd., O2 Concepts, LLC, and GCE Group. These companies are focusing on
product development, strategic collaborations, and mergers and acquisitions to
strengthen their market position. For instance, in February 2021, Inogen Inc.
acquired New Aera Inc., a manufacturer of oxygen therapy products, to expand
its product portfolio and improve its competitive position in the market.
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