Daily exposure to environmental pollution, increase in population susceptible to indoor air pollutants, and rise in number of active smokers across the world drive the growth of the global oxygen concentrators market. On the other hand, stringent regulatory procedures and high costs of oxygen concentrators restrain the growth to some extent. However, high growth potential in emerging markets and upsurge in geriatric population are expected to create lucrative opportunities in the industry.
The global oxygen concentrators market was valued at $3.30 billion in 2020, and is estimated to reach $6.06 billion by 2030, growing at a CAGR of 5.90% from 2021 to 2030.
Oxygen concentrators and cylinders are used for providing oxygen supplies to the patients. Having said that, the delivery methods are quite different in both the oxygen suppliers. If we have a look at the market in India, Oxygen Cylinders are used more often but there has been but there is a hike observed in the consumption of oxygen concentrators and is gaining popularity amongst the healthcare faculties.
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It has been observed that oxygen cylinders can occupy only a limited amount of oxygen and it runs out when the user inhales it. Once the oxygen supply is over it needs to be replaced or refilled. Cylinder can also keep the delivery of the oxygen continuously.
The growth of the global oxygen concentrators market is attributed to increase in incidence of chronic diseases such as cancer, respiratory diseases, cardiovascular diseases, and others, that bolsters the market of oxygen cylinders. Moreover, the COVID-19 outbreak is the major factor driving the growth of the global oxygen concentrators market.
COVID-19 scenario-
- Oxygen gas treatment has now been thoroughly executed on patients for the therapy of chronic health issues to improve energy levels and sustain superior quality life of the patients.
- Also, special attention is drawn to both the import and local manufacturing of medical oxygen gas to ensure its uninterrupted supply to designated COVID-19 hospitals identified by the local administration. These factors have impacted the global oxygen concentrators market positively.
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Based on product, the portable segment contributed to more than three-fifths of the total market revenue in 2020, and is projected to lead the trail by 2030. The same segment would also exhibit the fastest CAGR of 6.20% during the forecast period.
Surge in usage in homecare and non-homecare segments applications:
Homecare and non-homecare are the major consumers of the medical oxygen concentrators and oxygen cylinders market. Amongst them, the home care segment is the biggest end-users in the market. The reason behind this demand rise is the therapies of healthcare oxygen being on a rise and there has also been an increase in the demand for the pure oxygen and upgrades in the technology.
The key market players analyzed in the global oxygen concentrators market report include Invacare Corporation, DeVilbiss Healthcare LLC, Inogen, Inc., Koninklijke Philips N.V., Chart Industries, Inc. (AirSep), Supera Anesthesia Innovations, GCE Group, Nidek Medical, O2 Concepts, Teijin Limited. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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