Global Oxygen Concentrator Market: Overview
An oxygen concentrator distills out oxygen from room air and dispenses the same to a patient. Conventional oxygen supply occurs via prefilled cylinders that have oxygen inserted into them under pressure, and have to be subsequently replaced. Oxygen concentrators derive oxygen from the environment itself, hence logistics are much reduced in their case. However, high concentrations of oxygen as required by some patients cannot be achieved with this equipment.
Oxygen supply is a basic requirement in any healthcare setting. The current COVID-19 pandemic has increased supply pressure for fresh oxygen supply as it causes respiratory distress in severe cases. This will help the global oxygen concentrator market over the forecast period 2020 to 2030, as per TMR. Oxygen concentrators are expected to reduce surplus demand in this scenario and should continue to do so in the future.
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Global Oxygen Concentrator Market: Key Trends and Drivers
Healthcare spending is increasing globally. The global healthcare industry was worth 8.45 trillion USD in 2018. Global healthcare spending is expected to rise at a CAGR of 5% from 2019-2023. Since oxygen concentrators are an important part of any healthcare setting, their market should witness steady growth in the future.
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The current COVID-19 pandemic is also due to increase demand for oxygen therapy. Supplying oxygen cylinders is becoming increasingly difficult, and oxygen concentrators are stepping in to replace them. This growth trend should continue in the future for the oxygen concentrator market.
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Global Oxygen Concentrator Market: Regional Analysis
North America and Europe are currently global leaders in this market given that they have an existing healthcare infrastructure that is under pressure from the current pandemic.
The Asia Pacific region (APAC) is expected to register the fastest growth in the oxygen concentrator market in the future as people demand better healthcare facilities in the aftermath of the COVID-19 pandemic.
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