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.
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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.
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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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