An oxygen concentrator is a medical device that provides oxygen to individuals with breathing problems & disorders. People who suffer from such disorders have oxygen concentration lower than usual in their blood, and hence, they require the support of an oxygen concentration device.
According to the MarkNtel Advisors’ research report, “Global Medical Oxygen Concentrator Market Analysis, 2021,” the market is likely to grow at a CAGR of around 4.2% between (2021-26). The high requirements of oxygen concentrators are due to the increasing chronic diseases affecting the respiratory system of people. The COVID-19 pandemic brought a significant surge in their supplies. The need for these devices is likely to grow exponentially in the forecast period, especially in the medical sector for critical patients.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy|
|Asia-Pacific: China, India, Japan|
|South America: Brazil, and Argentina|
|Middle East & Africa: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||Philips Healthcare, ResMed, Besco Medical Limited, Chart Industries, Inc., GCE Group, Medtronic plc, Invacare Corporation, Teijin Limited, Precision Medical, Inc., AirSep Corporation, etc|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The COVID-19 pandemic drastically increased the supply of oxygen concentrators due to the soaring cases of people with breathing problems, especially in the elderly population. However, looking at the severity of the pandemic, it is more likely to increase the requirement & supply of oxygen concentrators. The governments are investing heavily, which will boost the demand for the oxygen concentrator market exponentially & globally.