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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