The global medical oxygen concentrators market size is projected to reach at USD 2.88 billion expanding at a CAGR of 7.4%, according to a new study by Grand View Research, Inc. Key factors boosting the market include rising prevalence of Chronic Obstructive Pulmonary Disease (COPD) and other respiratory diseases and increasing geriatric population, which is highly susceptible to chronic diseases. In addition, constant technological advancements in the field is likely to drive the market further.
According to data published by the United Nations, global geriatric population is expected to increase from 962 million in 2017 to 2.1 billion by 2050. Based on product type, the market is classified into portable and stationary oxygen concentrators. The portable product segment is expected to register the highest CAGR over the forecast period on account of increasing target population base, rising cases of COPD, and demand for lightweight and portable concentrators. Advantages offered by these produces, such as smaller size and improved portability, are also likely to augment their demand over stationary devices.
On the basis of application, the market is classified into homecare and non-homecare. Homecare was the dominant segment in 2018 and is anticipated to expand at the fastest CAGR from 2019 to 2025. This is attributed to the factors, such as growing geriatric population and increasing demand for healthcare oxygen therapies. Homecare oxygen concentrators provide independence of use, which allow patients to complete their day-to-day activities with ease, this is also said to boost their demand. Asia Pacific is anticipated to be the fastest-growing regional market at a CAGR of 8.3% from 2019 to 2025.
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Further key findings from the study suggest:
- Portable devices led the global medical oxygen concentrators market in 2018 owing to their advantages over the stationary devices
- Homecare was the dominant application segment in 2018 owing to increased geriatric population, prevalence of COPD, and need for homecare oxygen therapies
- North America led the global market with a revenue of USD 687.9 million in 2018 and is anticipated to maintain its dominance over the forecast period
- This is growth is attributed to the developed homecare and healthcare services and favorable reimbursement policies in the region
- Key companies in the market are Invacare Corp.; Drive DeVilbiss Healthcare, Inc.; Philips Healthcare; Nidek Medical; Covidien Ltd.; AirSep Corporation; Inogen, Inc.; and ResMed
