Oxygen Concentrators Market Growth Accelerated by Growing Geriatric Population

 

Oxygen concentrators are medical devices used for delivering oxygen therapy to patients suffering from chronic obstructive pulmonary disease (COPD), asthma, cystic fibrosis, and other respiratory disorders. Oxygen concentrators separate oxygen from other gases in ambient air and provide a continuous flow of concentrated oxygen to patients through nasal prongs or masks. With the growing geriatric population worldwide, which is more susceptible to respiratory diseases, the demand for home-based oxygen therapy and oxygen concentrators is increasing rapidly. The Global Oxygen Concentrators Market Size is estimated to be valued at US$ 3.2 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing prevalence of respiratory diseases due to rising pollution levels and smoking rates has led to increased demand for oxygen therapy. As per WHO estimates, more than 335 million people suffer from asthma, while over 3 million deaths are caused by COPD each year globally. Due to COVID-19, cases of viral pneumonia and related respiratory issues have also risen significantly. This has accelerated the need for oxygen concentrator devices for home-based healthcare management. Portable oxygen concentrators are gaining prominence as they offer mobility and personal independence to patients. Technological advancements introducing features such as integrated oxygen sensors, flow adjustments and others have made oxygen concentrators more effective and user-friendly.

Segment Analysis
The global oxygen concentrators market is segmented based on product, application, end-use, and region. Based on product, the market is categorized into portable oxygen concentrators and fixed oxygen concentrators. The portable oxygen concentrators segment is expected to dominate the market during the forecast period. Portable oxygen concentrators are gaining popularity as they offer more flexibility of use and are relatively lightweight as compared to traditional oxygen cylinders or liquid oxygen systems.

Key Takeaways

The global oxygen concentrators market is expected to witness high growth.

Regional analysis: North America accounted for the largest share of the global oxygen concentrators market in 2021. The presence of major players and high healthcare spending are driving market growth in the region. Asia Pacific is expected to witness the highest CAGR during the forecast period owing to rising geriatric population, increasing pollution levels, and growing prevalence of respiratory disorders in developing countries such as India and China.

Key players operating in the oxygen concentrators market are Invacare Corporation, Inogen Inc., Koninklijke Philips N.V, Chart Industries, Drive DeVilbiss International, Resmed, Providence Respiratory Care, AirSep Corporation, and Teijin. Invacare Corporation and Koninklijke Philips N.V are two of the leading players in the oxygen concentrators market.

Get More Insights Here: https://www.newswirestats.com/oxygen-concentrators-market-size-share-and-growth-forecast-2023-2030/

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