The Oxygen Concentrators by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Oxygen Concentrators, The oxygen concentrators market size has grown strongly in recent years. It will grow from $2.25 billion in 2023 to $2.43 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to emerging markets growth, low interest rate environment, increased prevalence of respiratory diseases, increased elderly population, rising pollution levels, covid-19 pandemic and escalating numbers of smokers in developing nations.
The oxygen concentrators market size is expected to see strong growth in the next few years. It will grow to $3.33 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to increasing elderly population, increasing focus on home healthcare, increasing healthcare access, and technological advancements. Major trends in the forecast period include evelopment of smart oxygen concentrators, portable oxygen concentrators, rise in partnerships & acquisitions, technological advancements, new payment plans, and increasing number of patent filings.
The increase in the prevalence of respiratory disorders across the globe contributes to the growth of the oxygen concentrators market. Globally, asthma and chronic obstructive pulmonary disease (COPD) are the most common chronic respiratory diseases. For instance, in February 2023, according to the report published by the American Lung Association, a US-based voluntary lung health and preventing lung disease, a chronic lung illness, such as asthma or COPD, which also includes emphysema and chronic bronchitis, affects more than 34 million Americans. Additionally, more than 25 million Americans, including more than 4 million children, have breathing difficulties due to asthma. Therefore, the increase in the prevalence of respiratory disorders is driving the growth of the oxygen concentrators market.
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The oxygen concentrators market covered in this report is segmented –
1) By Type: Portable, Stationary
2) By Technology: Pulse Dose, Continuous Flow
3) By Application: Chronic Obstructive Pulmonary Disease (COPD), Lung Cancer, Pneumonia, Other Applications
4) By End User: Hospitals, Home Care, Other End Users
Companies in the oxygen concentrators market are increasingly investing in technologies such as artificial intelligence and low-cost portable devices to improve the functionality of these oxygen concentrators. There has been a growing demand for portable, low-cost concentrators owing to the pandemic. For instance, in March 2021, a team of researchers at MIT’s Electrochemical Energy Lab (EEL) launched a low-cost portable concentrator that can be adopted in places with limited infrastructure and high demand. The companies such as Servotech Power Systems, an India-based manufacturer of LED lights and solar products is manufacturing the noiseless, lightweight, and portable oxygen concentrator equipment that provides a constant flow of oxygen and can be easily adjusted to meet the needs of the patient.
The oxygen concentrators market report table of contents includes:
1. Executive Summary
2. Oxygen Concentrators Market Characteristics
3. Oxygen Concentrators Market Trends And Strategies
4. Oxygen Concentrators Market analysis
5.Oxygen Concentrators Market Size And Growth
6. Oxygen Concentrators Segmentation
7.Oxygen Concentrators Regional And Country Analysis
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27.Oxygen Concentrators Competitive Landscape And Company Profiles
28.Oxygen Concentrators Key Mergers And Acquisitions
29. Oxygen ConcentratorsFuture Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Inogen Inc.
- Koninklijke Philips N.V
- Teijin Limited
- Invacare Corporation
- CAIRE Inc.
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