An oxygen concentrator is a medical device that supplies oxygen to those who have trouble breathing. Individuals suffering from breathing disorders with their blood concentration below the usual level require the support of an oxygen concentrator.
According to the MarkNtel Advisors' research report, "Global Medical Oxygen Concentrator Market Analysis, 2023," the market is likely to grow at a CAGR of 4.2% during 2023-28. The high demand for oxygen concentrators is associated with chronic diseases affecting the respiratory system of individuals. In the outbreak of COVID-19, its supply has increased exponentially. Moreover, the requirement for these devices is likely to soar in the forecast period, especially in the medical sector between critical patients.
Impact of COVID-19
The COVID-19 outbreak heavily impacted the oxygen concentrators market due to a significant deficit of ventilators globally. To subdue the shortage, scientists & biomedical engineers developed alternative devices to simulate the basic functionality of ventilators using existing mechanisms, such as oxygen concentrators. Since most COVID-19 cases require ventilation, the demand for oxygen concentrators is witnessing a significant rise. The same is evident in recent advances initiated by various market leaders.
Key questions answered in the study
North America Exhibits Fastest Growth in the Market
North America held the largest share in the Global Medical Oxygen Concentrator Market in 2019 due to the soaring spending & disposable income of people in the US, swelling geriatric population, and changing lifestyles. The region is likely to continue its pace in the forecast period attributing to the COVID-19 outbreak that affected more than 4 million people in the US. Additionally, the active case count is still massive in the country leading to an urgent demand for medical oxygen concentrators in the North American region.
Moreover, and at present, around 16 million Americans suffer from breathing issues due to COPD, states the Center for Disease Control and Prevention. Thus, the overall market growth of the Global Oxygen Concentrators Market is likely to surge in the forecast period owing to the burgeoning need for better diagnosis & management of COPD-affected people, reveals MarkNtel Advisors in their research report, "Global Oxygen Concentrators Market Analysis, 2023."
"Global Medical Oxygen Concentrator Market Analysis, 2023" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Global Medical Oxygen Concentrator Market providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor capabilities on 16 parameters. It will help companies in formulating Go Market Strategies and identifying the blue ocean for its offerings.
According to the MarkNtel Advisors, the leading market players with a considerable market share in the Global Medical Oxygen Concentrator Market are Philips Healthcare, ResMed, Besco Medical Limited, Chart Industries, Inc., GCE Group, Medtronic plc, Invacare Corporation, Teijin Limited, Precision Medical, Inc., AirSep Corporation, OSI - Oxygen Solutions Inc., Nidek Medical Products, Inc., Inogen, Drive DeVilbiss Healthcare, etc.