Global Medical Oxygen Concentrators Market is expected to grow at a CAGR of 8% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Medical Oxygen Concentrators Market by Product (Portable Medical Oxygen Concentrators, Fixed Medical Concentrators), Application (Home care, Non-home care), Technology (Pulse flow, Continuous flow), Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global medical oxygen concentrators market is expected to grow from USD 1.7 billion in 2019 to USD 3.15 billion by 2027, at a CAGR of 8% during the forecast period 2020-2027. North America holds the largest market share, due to growing spending and disposable income of the U.S. population, changing lifestyle, and expanding geriatric population pool. Europe holds the second largest share due to the growing geriatric population and rising prevalence of pulmonary hypertension, asthma, COPD, and fibrosis. The Asia-Pacific market is expected to witness significant growth, owing to the rising demand for portable concentrators, growing awareness about oxygen concentrators, and increasing healthcare expenditure.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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The product segment includes portable medical oxygen concentrators and fixed medical oxygen concentrators. Portable medical oxygen concentrators holds the largest share, owing to ease of use, portability, and reduced weight increase patients’ preference rate. Based on application, the market is segmented into home care and non-home care. Home care segment holds the largest market share, owing to rising preference and spending on healthcare devices in developing as well as developed countries. The technology segment includes pulse flow and continuous flow. The continuous flow segment dominates the market, owing to the prevalence of chronic respiratory conditions and a large number of emergency cases requiring continuous oxygen supply to patients.
The factors driving the market are globally increasing elderly population base, rising incidence of COVID-19 cases, rise in healthcare spending, increasing adoption of smoking and tobacco consumption, increasing government initiatives, and growing COPD prevalence worldwide. The factors restraining the market growth are the high cost of the device and the strict government landscape.
About the report:
The global Medical Oxygen Concentrators market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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