Oxygen concentrator Market is Projected to Grow at a CAGR of 5.65% by 2030by Ganesh Kumar SEO Specialist
According to ChemAnalyst report, “Oxygen Concentrator Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Regional Demand, 2015-2030”, Oxygen Concentrator market has shown considerable growth in the historic period and is anticipated to achieve a healthy CAGR of 5.65% during the forecast period 2022-2030. Increasing population along with the increasing prevalence of chronic diseases is likely to increase the demand of Oxygen concentrators which will further drive the global Oxygen concentrator market over the next ten years.
Oxygen concentrator is a medical device that concentrates the oxygen from a gas supply by selectively removing nitrogen in order to supply an oxygen-enriched product gas. Methods that are commonly used in the Oxygen Concentrator are pressure swing adsorption and membrane gas separation. An oxygen concentrator starts its function by filtering and concentrating oxygen molecules from the ambient air to provide medical patients with more than 95% pure oxygen. The compressor of the oxygen concentrator sucks air from surrounding and adjusts the pressure at which it is provided.
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High demand of the portable Oxygen Concentrators by Chronic Obstructive Pulmonary Disease (COPD) and asthmatic patients is the major driver of the global Oxygen Concentrators market and is expected to remain the same in the future. Chronic conditions and infections that lead to the lung damage are to blame for the increased demand of Oxygen Concentrators. As the population is increasing, patients of asthma seem to be rising as well. The portable oxygen concentrators are cost effective and can be carried easily and hence are found to be very useful for asthmatic patients. Unexpected rise in the number of chain smokers has fuelled the growth of global portable oxygen concentrators market.
Based on different types, Oxygen Concentrator market is segmented into Portable Medical Oxygen Concentrators, Fixed Medical Oxygen Concentrators. Among which, portable Oxygen Concentrators dominated the global market in 2020 and is expected to maintain its dominance until the forecast period. Increase in the number of air travellers is also propelling the demand of portable Oxygen Concentrators. The Oxygen Concentrator market is categorized on the basis of end-use applications into Homecare and Hospital Care. The Homecare segment dominates the global Oxygen Concentrator market due to the increased demand of homecare oxygen therapies.
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In 2020, due to the outbreak of COVID-19, in the first half of 2020 there was a major surge in the demand of oxygen cylinders and concentrators due to the breathing problems faced by the coronavirus patients. Restrictions and nationwide lockdowns caused by the government in major global economies negatively impacted a number of industries in which medical gases were among the worst.
Region wise, the Asia Pacific region dominated the global Oxygen concentrator market in 2020 as the demand of medical oxygen increased during the Coronavirus Pandemic. Moreover, rapid urbanization and per capita income in major emerging economies like India and China coupled with growing number of patients using oxygen concentrators and cylinders are other factors influencing demand growth in the Asia Pacific region.
According to ChemAnalyst report, “Oxygen Concentrator Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Regional Demand, 2015-2030”, some of the major players operating in Oxygen concentrator market include Invacare Corporation, Koninklijke Phillips N.V., Supera Anesthesia Innovations, Nidek Medical Products, Inogen, ResMed, GCE Holding AB, Linde plc, Teijin Ltd., Invacare Corp., ResMed and Others.
“With the number of initiatives proposed by the government to supply more and more oxygen to the medical patients and those in need is expected to increase the demand of Oxygen concentrators across the globe. The demand of Oxygen during the COVID times hiked at a good pace which propelled the demand of oxygen cylinders and concentrators in 2020 boosting the global Oxygen Concentrator market. The increasing demand for portable oxygen concentrators for asthmatic patients and air travellers is likely to augment the growth of the global Oxygen concentrator market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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Created on Sep 10th 2021 03:28. Viewed 82 times.