Oxygen Concentrator Market Size, Company Revenue Share, Key Drivers & Trend Analysis, 2023–2032
Ngày đăng: 18-08-2023 |
Ngày cập nhật: 18-08-2023
The global market size for Oxygen concentrators was valued at USD 2 Billion in the year 2022. It is projected to reach USD 4.34 Billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 9% during the forecast period. The primary driver of this market revenue growth is the increasing prevalence of respiratory disorders worldwide, particularly among the elderly population. This trend is notably evidenced by Chronic Obstructive Pulmonary Disease (COPD) anticipated to surpass heart disease as the third leading cause of global mortality by 2030, according to the World Health Organization (WHO). The rise in respiratory issues is attributed to factors such as escalating air pollution, smoking habits, and evolving lifestyle choices.
Additionally, the expansion of the geriatric demographic and the growing demand for Home Healthcare products are propelling the growth in market revenue. Apart from having an elevated risk of respiratory ailments, the elderly also experience a natural decline in respiratory function. The demand for home-based oxygen concentrators is driven by their cost-effectiveness in comparison to oxygen cylinders, as well as the added benefits of mobility and convenience. Furthermore, advancements in oxygen concentrator technology contribute to the market's revenue surge. Manufacturers consistently innovate by developing portable, lightweight concentrators with enhanced performance. Some modern models even incorporate Bluetooth technology, enabling users to sync their devices with smartphones or tablets for remote monitoring of oxygen levels and vital signs.
Government initiatives and funding dedicated to healthcare infrastructure development are anticipated to further boost market revenue. For example, the Indian government introduced the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) in January 2021, aimed at enhancing healthcare facilities and services across the country. The program includes provisions for procuring oxygen concentrators, which is projected to escalate their demand in India.
Despite these growth drivers, several challenges hinder the revenue expansion of the global oxygen concentrator market in the forthcoming years. The significant initial cost of these devices serves as a major barrier to market growth. This high cost makes it difficult for individuals in low-income nations to afford them. Another obstacle is the lack of awareness about the benefits of oxygen therapy. Many individuals may not consider purchasing an oxygen concentrator due to limited understanding of its critical role in treating respiratory illnesses.
Furthermore, the presence of alternative therapies like ventilators and Continuous Positive Airway Pressure (CPAP) units poses a substantial challenge to the oxygen concentrator market. These alternative treatments are preferred by patients as they offer comparable benefits and are often more cost-effective.
A crucial issue is also the shortage of skilled healthcare professionals who can effectively operate and maintain these devices. The lack of qualified personnel hampers the adoption of oxygen concentrators, as proper training and upkeep are vital for their efficient functioning.
Get a sample of the report @ https://www.reportsanddata.com/download-free-sample/2170
Major Companies and Competitive Landscape:
To know more about the report @ https://www.reportsanddata.com/report-detail/medical-oxygen-concentrators-market
Segments covered in the report:
Segments covered by Application Outlook, End-use Industry, Regional Outlook
By Product Type Outlook
Thank you for taking the time to read our article. The report can be tailored to the needs of the client. Please contact us for more details, and our team will tailor the report to your specific requirements.
Explore Trending Report:
Needle Free Injection Systems Market Growth
Sodium Hyaluronate Eye Drops Market Analysis
First-Aid Patient Simulator Market Forecast
About Us:
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyse consumer behaviour shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Power and Energy, and Chemicals. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
Contact Us:
John W
(Head of Business Development)
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Blogs | Press Release | Industry News | Our competencies
Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports
Browse More Latest Reports @ https://www.reportsanddata.com/report
Browse Latest Blogs: https://www.reportsanddata.com/blogs
Browse Latest Press Release: https://www.reportsanddata.com/press-release
Browse Upcoming Reports: https://www.reportsanddata.com/upcoming-reports
Additionally, the expansion of the geriatric demographic and the growing demand for Home Healthcare products are propelling the growth in market revenue. Apart from having an elevated risk of respiratory ailments, the elderly also experience a natural decline in respiratory function. The demand for home-based oxygen concentrators is driven by their cost-effectiveness in comparison to oxygen cylinders, as well as the added benefits of mobility and convenience. Furthermore, advancements in oxygen concentrator technology contribute to the market's revenue surge. Manufacturers consistently innovate by developing portable, lightweight concentrators with enhanced performance. Some modern models even incorporate Bluetooth technology, enabling users to sync their devices with smartphones or tablets for remote monitoring of oxygen levels and vital signs.
Government initiatives and funding dedicated to healthcare infrastructure development are anticipated to further boost market revenue. For example, the Indian government introduced the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) in January 2021, aimed at enhancing healthcare facilities and services across the country. The program includes provisions for procuring oxygen concentrators, which is projected to escalate their demand in India.
Despite these growth drivers, several challenges hinder the revenue expansion of the global oxygen concentrator market in the forthcoming years. The significant initial cost of these devices serves as a major barrier to market growth. This high cost makes it difficult for individuals in low-income nations to afford them. Another obstacle is the lack of awareness about the benefits of oxygen therapy. Many individuals may not consider purchasing an oxygen concentrator due to limited understanding of its critical role in treating respiratory illnesses.
Furthermore, the presence of alternative therapies like ventilators and Continuous Positive Airway Pressure (CPAP) units poses a substantial challenge to the oxygen concentrator market. These alternative treatments are preferred by patients as they offer comparable benefits and are often more cost-effective.
A crucial issue is also the shortage of skilled healthcare professionals who can effectively operate and maintain these devices. The lack of qualified personnel hampers the adoption of oxygen concentrators, as proper training and upkeep are vital for their efficient functioning.
Get a sample of the report @ https://www.reportsanddata.com/download-free-sample/2170
Major Companies and Competitive Landscape:
- Inogen, Inc.
- Invacare Corporation
- Philips Healthcare
- Drive DeVilbiss Healthcare
- Chart Industries, Inc.
- Teijin Limited
- ResMed Inc.
- O2 Concepts, LLC
- Nidek Medical Products, Inc.
- CAIRE Inc.
- Prevalence of Respiratory Disorders: The frequency of respiratory ailments, particularly among the elderly population, is a major driver. Diseases like Chronic Obstructive Pulmonary Disease (COPD) are expected to become more prevalent, increasing the demand for oxygen concentrators.
- Global Aging Population: As the world's population ages, the risk of respiratory issues increases. Older individuals are more prone to respiratory illnesses, creating a substantial market for home-based oxygen concentrators.
- Environmental Factors: Rising air pollution levels are linked to an uptick in respiratory problems. Poor air quality, smoking habits, and other environmental factors contribute to the demand for oxygen concentrators.
- Changing Lifestyles: Lifestyle choices, such as sedentary habits, poor diet, and stress, can impact respiratory health. As these trends evolve, the need for oxygen concentrators may rise.
- Cost Comparison: The cost-effectiveness of oxygen concentrators compared to alternatives like oxygen cylinders influences market demand, especially in regions with budget constraints.
- Technological Advancements: Ongoing innovations, such as lightweight, portable concentrators with enhanced performance and smart features (e.g., Bluetooth connectivity), attract users and drive market growth.
- Government Healthcare Initiatives: Programs aimed at improving healthcare infrastructure, like the procurement of oxygen concentrators, can significantly boost demand, particularly in countries with such initiatives.
- Awareness and Education: Knowledge about the benefits of oxygen therapy plays a crucial role. Raising awareness about the importance of oxygen concentrators in treating respiratory illnesses can drive market growth.
- Complementary Therapies: The availability and preference for alternative treatments like ventilators and Continuous Positive Airway Pressure (CPAP) units can impact the demand for oxygen concentrators.
- Healthcare Workforce: The availability of qualified healthcare personnel who can operate and maintain oxygen concentrators is essential for their effective utilization. A shortage of such personnel can hinder market growth.
To know more about the report @ https://www.reportsanddata.com/report-detail/medical-oxygen-concentrators-market
Segments covered in the report:
Segments covered by Application Outlook, End-use Industry, Regional Outlook
By Product Type Outlook
- Portables
- Fixed
- Continuous Flow
- Pulse Dose
- By Application Outlook
- Homecare
- Non-homecare
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Thank you for taking the time to read our article. The report can be tailored to the needs of the client. Please contact us for more details, and our team will tailor the report to your specific requirements.
Explore Trending Report:
Needle Free Injection Systems Market Growth
Sodium Hyaluronate Eye Drops Market Analysis
First-Aid Patient Simulator Market Forecast
About Us:
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyse consumer behaviour shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Power and Energy, and Chemicals. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
Contact Us:
John W
(Head of Business Development)
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Blogs | Press Release | Industry News | Our competencies
Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports
Browse More Latest Reports @ https://www.reportsanddata.com/report
Browse Latest Blogs: https://www.reportsanddata.com/blogs
Browse Latest Press Release: https://www.reportsanddata.com/press-release
Browse Upcoming Reports: https://www.reportsanddata.com/upcoming-reports
Thông tin liên hệ
: Reportsanddata
:
:
:
:
