The medical oxygen concentrators market is estimated to garner a sizeable revenue by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing prevalence of chronic obstructive pulmonary diseases (COPDs), introduction of new technologies in concentrators to improve quality care and rise in demand for miniaturized oxygen concentrators around the globe. According to the World Health Organization (WHO), 251 million people in the world suffer from COPD. Around 3.17 million deaths are caused by this disease every year. Along with these, increasing elderly population globally, and government initiatives to educate citizens about COPD and its management are expected to offer lucrative opportunities to the market growth in the coming years. Furthermore, the sales of oxygen concentrators have witnessed a boom as a result of COVID-19 outburst. The manufacture and imports of these products are also projected to witness a notable surge in the forthcoming months to combat shortage of oxygen supply in several countries.
The market is segmented by product into portable and fixed medical oxygen concentrators, out of which, the portable segment is anticipated to hold the largest share in the medical oxygen concentrators market on account of rising occurrence of diseases such as asthma, pneumonia and other respiratory disorders, and high adoption of these concentrators in countries with high geriatric population. Additionally, increasing number of air passengers is also assessed to fuel growth of this market segment in the future. As per the data provided by the World Bank, the total number of air passengers are observing a hike since the last 5 years. In 2019, the number was reported to be 4.397 billion. Moreover, on the basis of end users, the segment for homecare settings is projected to witness the largest market share owing to the increasing demand for home healthcare-based oxygen therapies and improvement in standard of living in developed countries. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the medical oxygen concentrators market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of rapid rate of increase in geriatric population, growing usage of advanced technologies in the healthcare sector and escalating emphasis to maintain health standards in the region. Another report by WHO depicts that 9.8% of the total population of South East Asia consisted of people aged 60 years or above. This statistic is calculated to increase up to 13.7% by the end of 2030. Moreover, North America is assessed to occupy the largest market share during the forecast period, which can be credited to the implementation of government initiatives authorizing the usage of portable oxygen concentrators during air travel, high healthcare spending and growing incidences of sedentary lifestyle in the region.
The medical oxygen concentrators market is further classified on the basis of region as follows:
Our in-depth analysis of the medical oxygen concentrators market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing prevalence of chronic obstructive pulmonary diseases (COPDs) and growing demand for miniaturized oxygen concentrators are the major growth drivers for the market.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Stringent government regulations regarding manufacturing of medical oxygen concentrators is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities owing to the rapid rate of increase in geriatric population and growing usage of advanced technologies in the healthcare sector.
The major players in the market are Koninklijke Philips N.V., DeVilbiss Healthcare LLC, Invacare Corporation, AirSep Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, product, end user, and by region.
The homecare segment is anticipated to hold largest market size and is estimated to grow at a modest CAGR over the forecast period and display significant growth opportunities.
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