During the course of the forecast period, the market growth is anticipated to be driven by a rising geriatric population. The diaphragm weakens with age, making it difficult to breathe fully and lowering the body's oxygen level as a result. For instance, the World Health Organization predicts that the number of elderly people in Europe would rise from 894 million in 2019 to 910 million in 2020. By 2020, there will be 19 million persons in Europe who are 85 years or older, and by 2050, there will be 40 million.
The global Medical Oxygen Concentrators Market is estimated to be valued at US$ 1,834 million in 2021 and is expected to exhibit a CAGR of 9.0% during the forecast period (2021-2028).
Prominent Players in the Medical Oxygen Concentrators Industry:
Koninklijke Philips NV
Koninklijke Philips N.V. operates as a health technology company in North America and internationally. Koninklijke Philips N.V. was founded in 1891 and is headquartered in Amsterdam, the Netherlands.
Inogen Inc.
Inogen, Inc., a medical technology company, develops, manufactures, and markets portable oxygen concentrators to patients, physicians and other clinicians, and third-party payors in the United States and internationally. Inogen, Inc. was incorporated in 2001 and is headquartered in Goleta, California.
Invacare Corporation
Invacare Corporation, together with its subsidiaries, designs, manufactures, distributes, and exports medical equipment for use in home health care, retail, and extended care markets worldwide. Invacare Corporation was founded in 1885 and is headquartered in Elyria, Ohio. In June, 2022 Invacare Corporation announced that it has entered into a cooperation agreement with its largest shareholder, Azurite Management LLC (“Azurite”), which currently owns approximately 10.3% of the company.