Global Oxygen Concentrators Market is likely to grow at CAGR of around 7% and will exceed over USD 5.5 billion by 2024.
Global Oxygen Concentrators Market growth is primarily driven by increasing pulmonary cases, rising level aged population having the problems of CPOD and respiratory, and rising level of smokers which leads to chronic diseases. Factors including rising need for respiratory solution or support to patients, increasing number of programs from the different healthcare organisations for monitoring and diagnosing the patients, and rising demand patient’s quality of life also drive the market for oxygen concentrators through the forecast period.
Global Oxygen Concentrators Market Overview, By Region
North America expected to have larger market share due to rising level of aged population in the region containing the COPD diseases and chronic conditions. The presence of manufacturers including Invacare, SeQual, AirSep, Inogen, Oxus, Philips Respironics and Inova Labs Inc. also drive the market in this region. Asia-Pacific is expected to have higher growth rate due to increasing level of asthma patients throughout the region. Further, rising trend of smoking and intake of alcohol, increasing level of environment pollutions in this region also drive the market.
Global Oxygen Concentrators Market Overview, By Technology
Continuous flow technology had the highest market share in 2016, primarily due to increased chronic and emergency conditions. Increasing respiratory problems and rising demand for the equipment’s which will cure respiratory problems also drive the market for Continuous flow technology through the forecasting period. Development of pressure swing adsorption technology used for the spacecrafts and pulse dose technology drive the market. Increasing demand for mobility in the oxygen providence, need for advance technologies, and rising need for comfort while accessing the oxygen also drive the continuous flow of oxygen concentrators market.
Global Oxygen Concentrators Market Overview, By End-Use
In 2017 home care had the highest market share. The home care helps the patient by providing all his needs, and prevents the infectious contents open out to other people and thus, drive the market for home care through the forecast period. Rising need for the respiratory solution or support to patients who are under home care also drive the market for oxygen concentrators in home care segment.
Global Oxygen Concentrators Market Overview, By Products
Portable market segment had the highest market share in 2016. The high demand for portable oxygen concentrators is due to the factors such as, rising demand for home care, increasing level of elderly population, and rising asthma problems.
Global Oxygen Concentrators Market Overview, By Market Players
Increasing healthcare expenditure by all the regions also drive the market for oxygen concentrators through the forecast period. Some of the companies operating in Oxygen Concentrators Market are Teijin Limited, Chart Industries, O2 Concepts, Philips, NIDEK Medical Product, Inogen, Invacare, Inova Lab, and DeVilbiss Healthcare GmbH.
Global Oxygen Concentrators Market Background
Developing countries such as China, and India are increasing their investments for the healthcare sectors to avoid the risks of chronic diseases. Other private organizations in the developing countries also investing on the healthcare infrastructures. These factors drive the market for Oxygen Concentrators through the forecast period.