LONDON, Oct. 12, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the oxygen concentrators market, companies in the oxygen concentrators market are increasingly investing in technologies such as artificial intelligence and low-cost portable devices to improve the functionality of these oxygen concentrators. There has been a growing demand for portable, low-cost concentrators owing to the pandemic.
For instance, in March 2023, a team of researchers at MIT’s Electrochemical Energy Lab (EEL) launched a low-cost portable concentrator that can be adopted in places with limited infrastructure and high demand. Servotech Power Systems, an India-based manufacturer of LED lights and solar products, is manufacturing the noiseless, lightweight, and portable oxygen concentrator equipment that provides a constant flow of oxygen and can be easily adjusted to meet the needs of the patient.
The oxygen concentrators market consists of sales of oxygen concentrators devices by entities (organizations, sole traders, and partnerships) which refers to medical devices used for supplying oxygen to patients suffering from respiratory diseases. The oxygen concentrator separates nitrogen and oxygen from the air in the environment and provides pure oxygen to the patient. There is no need for constant refilling for an oxygen concentrator as it draws oxygen from the surrounding air.
North America accounts for the largest share in the oxygen concentrators market. Europe is the second-largest region in the oxygen concentrator market. The regions covered in the oxygen concentrators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Business Research Company’s report titled Oxygen Concentrators Global Market Report 2023 – By Type (Portable, Stationary), By Technology (Pulse Dose, Continuous Flow), By Application (Chronic Obstructive Pulmonary Disease (COPD), Lung Cancer, Pneumonia), By End User (Hospitals, Home Care), COVID-19 Implications And Growth covers major oxygen concentrators companies, oxygen concentrators market share by company, oxygen concentrators manufacturers, oxygen concentrators market size, and oxygen concentrators market forecasts. The report also covers the global oxygen concentrators market and its segments.
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The global oxygen concentrators market is expected to grow from $1.92 billion in 2020 to $2.16 billion in 2023 at a compound annual growth rate (CAGR) of 12.7%. The change in growth trend of the oxygen concentrators market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The oxygen concentrators market is expected to reach $2.92 billion in 2025 at a CAGR of 7.8%.
The main types of oxygen concentrators are portable and stationary. Portable oxygen concentrators are smaller, more mobile, affordable, and can be easily moved from one place to another. The different technologies include pulse dose, continuous flow, and others. These oxygen concentrators are used for supplying oxygen for patients suffering from chronic obstructive pulmonary disease (COPD), lung cancer, pneumonia, other respiratory system diseases and are used by hospitals, home care, others.
In May 2023, OxyGo LLC, a manufacturer of portable oxygen concentrators acquired LIFE Corporation for an undisclosed amount. LIFE Corporation is an India-based company that manufactures portable emergency oxygen and CPR administration equipment. Through this acquisition, OxyGo can offer services to compressed gas users, and the company can also expand its oxygen expertise by providing better products and services using LIFE corporation expertise.
Major players in the oxygen concentrators industry are Koninklijke Philips N.V., Invacare Corporation, DeVilbiss Healthcare LLC, Nidek Medical, Inogen, O2 Concepts, Teijin Limited, Supera Anesthesia Innovations, GCE Group, CAIRE Inc., Precision Medical Inc., ResMed, Linde, Longfian Scitech, and OxyGo.
Oxygen Concentrators Global Market Report 2023 – COVID-19 Implications And Growth is one of a series of new reports from The Business Research Company that provide oxygen concentrators market overviews, oxygen concentrators market analyze and forecast market size and growth for the whole market, oxygen concentrators market segments and geographies, oxygen concentrators market trends, oxygen concentrators market drivers, oxygen concentrators market restraints, oxygen concentrators market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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