Oxygen Concentrators Market Set to Soar Past USD 6.06 Billion by 2030
The global Oxygen Concentrators market size is expected to reach USD 6.06 billion by 2030 and exhibit a CAGR of 5.9% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing prevalence of respiratory diseases, growing geriatric population, rising demand for home healthcare, technological advancements in oxygen concentrator devices, improving healthcare infrastructure, and favorable reimbursement policies fuel the market’s growth.
Westford, USA, Aug. 15, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Oxygen Concentrators market, increasing demand for portable oxygen concentrators, growing adoption of telemedicine and remote monitoring, development of lightweight and user-friendly devices, rising preference for continuous flow oxygen concentrators, integration of smart features and connectivity options, and expanding market presence in emerging economies are the trends that aid in the market’s growth.
Browse in-depth TOC on “Oxygen Concentrators Market”
- Pages – 157
- Tables – 88
- Figures – 76
An oxygen concentrator is a medical device that removes nitrogen from the air to provide an enriched stream of oxygen. It is used to deliver supplemental oxygen to people with low blood oxygen levels. Oxygen concentrators are typically used in the home, but they can also be portable for use outside the home.
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Prominent Players in Oxygen Concentrators Market
- Invacare Corporation
- Philips Respironics
- Inogen, Inc.
- Caire Inc.
- DeVilbiss Healthcare LLC
- OxyGo, LLC
- Medical Depot, Inc.
- Precision Medical, Inc.
- Linde plc.
- Teijin Pharma
- Chart Industries
- Yuyue Medical
- NGK Spark Plug Co., Ltd.
- AVIC Jianghang
- GF Health Products
- AirSep Corporation
- Longfian Scitech
Portable Oxygen Concentrators Demand to Grow Substantially in the Forecast Period
Portable Oxygen Concentrators dominated the global market owing to their high convenience. In addition, there is a rising trend towards home-based healthcare, driven by increasing healthcare costs, an ageing population, and the preference for personalized care. Portable oxygen concentrators align well with this trend, enabling patients to receive oxygen therapy in the comfort of their homes.
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Homecare is the Leading Application Segment
In terms of application, the Homecare segment is the leading segment due to the demand for home-based treatment. In addition, it is often a more cost-effective option compared to hospital-based care. By receiving oxygen therapy at home, patients can avoid frequent hospital visits, reducing healthcare expenses and improving overall affordability.
North America is the leading Market Due to the Healthcare Infrastructures
Region-wise, North America is one of the largest growing markets with a huge emphasis on healthcare infrastructure. The region has a significant burden of respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma, driving the demand for oxygen concentrators. The presence of favorable reimbursement policies and insurance coverage for oxygen concentrators has facilitated access to these devices, contributing to market growth.
A recent report thoroughly analyzes the major players operating within the Oxygen Concentrators market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Oxygen Concentrators.
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Key Developments in Oxygen Concentrators Market
- In March, AirSep Corporation acquired Inogen, Inc. for $1.5 billion.
- Servotech Power Systems unveiled a line of oxygen concentrators meeting medical standards. The company also broadened its network of vital partnerships by joining forces with IIT Jammu and IISER Bhopal.
Key Questions Answered in Oxygen Concentrators Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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