Oxygen Concentrators Market Size to Reach Close to US$ 2 Billion by 2024

Published On : Apr 04, 2017

The Global Oxygen Concentrators Market was valued at US$ 930.2 million in 2015 and is projected to expand at a CAGR of 7.4% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Products with improved features and benefits would augment the oxygen concentrators market growth in the near future.

Healthcare IT is an emerging field transforming the healthcare sector to a much better patient care industry. Oxygen concentrators can be linked to cloud-systems to aid manufacturers monitor the functioning of the device all the time. O2 Concepts LLC have its oxygen concentrator, Oxlife Independence being monitored via cloud system and receive periodic system updates for optimal battery performance. It is the world’s first smart portable oxygen concentrator, which has both the functions of pulse and continuous oxygen delivery mode.

To know the latest trends and insights prevalent in the oxygen concentrators market, click the link below:

https://www.coherentmarketinsights.com/market-insight/oxygen-concentrators-market-198

Market players are focused on offering 24x7 service for the users of oxygen concentrators, which in turn is driving growth of the market. Oxygen concentrators assure regarding reliability of the product as compared to oxygen tanks that are difficult to procure and manage. Furthermore, an integrated product-service model is expected to fuel growth of the global oxygen concentrators market during the forecast period. Oxygen concentrators are the most convenient and cost-effective oxygen delivery devices in the market, as they do not require refilling like conventional oxygen gas tanks and liquid oxygen cylinders. Furthermore, they are operated on electricity as well as battery, which makes it portable. Moreover, an oxygen concentrator is capable of providing continuous supply of oxygen, as it uses air as a source of oxygen.

Oxygen concentrators are convenient for domestic, as they are portable. convenience. High prevalence of respiratory disorders are propelling demand for oxygen concentrators, in turn driving growth of the market. Moreover, increasing adoption of oxygen concentrators among hospitals in emerging economies of Asia Pacific and Latin America is boosting growth of the market. According to the World Health Organization (WHO), around 235 million world population suffered from asthma in 2012. Long-term asthma can lead to chronic obstructive pulmonary disease (COPD), which is estimated to cause 3 million deaths worldwide in 2015.

Key takeaways of the market:

  • The global oxygen concentrators market is expected to expand at a CAGR of 7.4% during the forecast period (2016–2024), as there exists a major demand especially in Asia Pacific, Latin America, Middle East and Africa markets
  • The portable oxygen concentrators segment dominated the global market in 2016 and would continue to owing to growing demand for lightweight and compact concentrators, which can be used at locations such as offices, airports, shopping malls, and also airplanes.
  • In terms of end users, the home care settings marked a major revenue segment for the global oxygen concentrators market in 2016. This is majorly due to growing home healthcare market and the better technological functions and safety of the oxygen concentrators compared to oxygen tanks.
  • Asia Pacific is identified to be the most lucrative region for oxygen concentrators, owing to large patient base among whom awareness about such devices and demand for home healthcare is increasing rapidly.
  • Some of the major players involved in global oxygen concentrators market are Koninklijke Philips N.V., O2 Concepts, LLC, Oxygen to Go, LLC, Inogen, Invacare Corporation, AirSep Corporation, DeVilbiss Healthcare, Teijin Limited, Nidek Medical products, Inc. and Covidien Ltd.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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