Oxygen Concentrators Market Growth Driven by Global Economic Trends
Oxygen Concentrators Market – Competitive Landscape
Key players functioning in the global prosthetic liners market consists of Chart Industries, Inc., Inogen Inc., Invacare Corporation, OxygenToGo, LLC, Koninklijke Philips N.V., ResMed Inc., Drive DeVilbiss Healthcare LLC, Precision Medical, Inc., Besco Medical Co. Ltd., O2 Concepts, LLC, and GCE Group.
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An oxygen concentrator is basically a medical device which concentrates oxygen in the air and provides it to a patient urgently in need of supplementary oxygen. Unlike other oxygen delivery devices, oxygen concentrators don’t utilize stored oxygen in its compressed or frozen form. The compressed form of oxygen is very pure and has very low pressure, whereas the frozen form of oxygen has high pressure and, consequently, a very high temperature. Therefore, using an oxygen concentrator increases the temperature of the air being supplied to the patient. Oxygen concentrators are used in oxygen therapy.
Drivers
Heightening prevalence of respiratory diseases such as COPD (Chronic Obstructive Pulmonary Disease), sleep apnea, asthma, and lung cancer as a result of rising air pollution coupled with the emergence of COVID-19 virus is expected to foster growth of the oxygen concentrators market over the forecast period.
Moreover, the growing number of smoking and tobacco consumption combined with the increasing senescent population is expected to propel growth of the oxygen concentrators market during the forecast period.
Analysis of COVID-19 Pandemic
The oxygen concentrators market was able to sustain through the onset of the COVID-19 pandemic on the heels of surplus shift towards the home-based oxygen concentrators over the lockdown period. The demand for oxygen was at all-time high during the peak of the pandemic, which ensured the quintessential supply of oxygen concentrators in the worst-hit regions. Considering the risk of the virus spreading through rented concentrators, consumers have begun to purchase their own oxygen concentrators.
Key Trends
The oxygen concentrators market is projected to grow at a CAGR of XX % during the forecast period owing to the rising occurrences of respiratory disorders coupled with the growing geriatric population. For instance, according to the World Health Organization (WHO), around 461,000 individuals died due to asthma globally in 2019.
In the territorial breakdown, the oxygen concentrators market in the Asia Pacific region is becoming a ‘growth hotspot’ for its participants in the light of high prevalence of respiratory diseases and the gruesome COVID-19 outbreaks.
Another noteworthy geographic region is North America which is rendering the oxygen concentrators market with increased demand for portable oxygen concentrators and growing senescent population.
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• Current and future of global Oxygen Concentrators Market outlook in the developed and emerging markets • The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period. • Regions/countries that are expected to witness the fastest growth rates during the forecast period • The latest developments, market shares, and strategies that are employed by the major market players
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The post Oxygen Concentrators Market 2021 Predominantly Boosted with CAGR of 9.1% by the Rising Global Economy; CMI Revealing Industry Analysis To 2027 appeared first on Gatorledger.
