Medical Oxygen Concentrators Market is Foreseen to Expand at a Steady CAGR of 8.5% Till 2024, Increased Cases of COPD to Electrify Demand Globally - TMR

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Jul 15, 2019, 08:00 ET

ALBANY, New York, July 15, 2019 /PRNewswire/ -- The global Medical Oxygen Concentrators Market is expected to experience a notable growth in coming years, states the analyst at Transparency Market Research (TMR). Increasing cases of Chronic Obstructive Pulmonary Disease (COPD) and advancement in technologies are the main aspects fueling the global market. According to recent report by TMR, the global medical oxygen concentrators market is foreseen to expand at a steady CAGR of 8.5% within the forecast period from 2016 to 2024. By the end of 2024, the global medical oxygen concentrators market is likely to be valued around worth US$2.41 bn.

Besides, rising cases of deaths due to increasing number of smokers and increasing level of air pollution are expected to stimulate market demand. This situation presents high development open scopes for the market players, where they can carry awareness programs in regards to the utilization of oxygen concentrators to improve the personal satisfaction. In addition, rising elderly population, which is vulnerable to chronic maladies, will also expand the product portfolio, and hence, driving the medical oxygen concentrators market.

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Increasing chronic obstructive pulmonary disease (COPD) cases combined with surging number of cigarette smokers is expected to fuel the market. Increased production of dust and smoke in different industrial and occupational industries are foreseen to be the major factors affecting the medical oxygen concentrators market. Furthermore, flooding geriatric population that is inclined to certain respiratory issue will further stimulate global medical oxygen concentrators.

Expanding need of giving respiratory solutions or backing to old and neonatal patients, experiencing various respiratory issues will raise the demand regarding the medical oxygen concentrators. Various public and private associations have executed projects to screen, analyze and give compelling solutions for respiratory issue patients. For example, a COPD National Action Plan has been executed in the U.S. to distinguish and diminish load of COPD. Such activities will support medical oxygen concentrators market in upcoming years estimate in the coming years.

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Stress to reduce Cost Burden to Hinder Growth

Rising stress on decreasing entire cost burden of ailments, upgrading patient's personal satisfaction will upsurge the demand in medical oxygen concentrators. Developing financial burden of COPD combined with rising severity of the disease, emergency clinics, admission and readmissions, comprise notable amount of cost over all phases of COPD. Consequently, measures to decrease cost burden of COPD will help the market development.

However, stringent administrative situation is assessed to hamper medical oxygen concentrators market in the upcoming years.

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North America to lead Globally Due to Highest Amount of Revenue in 2018

In terms of geography, North America region, in 2018, lead the global medical oxygen concentrators market with highest market, in terms of revenue, attributable to the emergence of developed home healthcare care administrations, high predominance of respiratory issue, and positive repayment solutions in the U.S. Surging elderly population in North America is likewise one of the most important factors in charge of the regional development in medical oxygen concentrators market. Ideal government activities, are additionally liable to add to the district's advancement.

Asia Pacific is estimated to develop as the most rapidly growing region in the upcoming years. The market in India is rising in the form of dual market. Rising cases of COPDs and other respiratory issue are among the factors behind its rapid development.

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The market is expected to be highly fragmented with the emergence of companies, for example, Philips Healthcare, AirSep Corporation, Drive DeVilbiss Healthcare, Inc., Invacare Corporation, Inogen, Inc., Nidek Medical, and ResMed. Makers are making efforts to improve their market share through systems, through mergers and acquisitions.

This analysis is based on a recent market research report by Transparency Market Research, titled, "Medical Oxygen Concentrators Market Size, Share & Trends Analysis Report by Product (Portable, Stationary), By Application (Non-homecare, Homecare), By Technology (Pulse Dose, Continuous Flow), and Segment Forecasts, 2016 – 2024."

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