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.
Global Oxygen Concentrator Market: Competitive Landscape
A number of manufacturers make this equipment. This makes the market scenario fragmented. Some of these players are-
- Chart Industries, Inc. (AirSep)
- Koninklijke Philips N.V.
- Invacare Corporation
- DeVilbiss Healthcare LLC
- Nidek Medical
- O2 Concepts
- Teijin Limited
- Supera Anesthesia Innovations
- GCE Group
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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.
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.
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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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.