Medical Oxygen Concentrators Market | Government Support Proving Beneficial for Growth of Market
The escalating demand for medical oxygen concentrators on the back of the growing threat of the novel coronavirus pandemic may help the medical oxygen concentrators market to gain growth across the forecast period of 2019-2029. The COVID-19 outbreak has cast its ugly shadow on the globe. It has brought increased transmission rates and heightened fatality rates.
Serious or critically infected COVID-19 patients need ventilator and oxygen support. Therefore, with the rise in the number of serious patients, the demand for oxygen concentrators is increasing rapidly. Therefore, this aspect may bring growth opportunities for the medical oxygen concentrators market.
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An oxygen concentrator absorbs air and gives out nitrogen out of it, which leaves a gas stream laden with oxygen. This product is then utilized by people needing restorative oxygen due to low level of oxygen in their blood. The growth of the global medical oxygen concentrators market is likely to be influenced by increased prevalence of respiratory diseases. Patients suffering from various types respiratory diseases, such as intense pneumonia, lung malignancy, emphysema, and bronchitis require the services of oxygen concentrators. These patients are likely to drive the demand for oxygen concentrators in the years to come. These concentrators find use both at clinical settings and home to cater to the need of clients’ oxygen.
How is COVID-19 Bringing Good Growth for Global Medical Oxygen Concentrators Market?
The growing danger of COVID-19 has led many countries to strengthen their healthcare infrastructure. The governments of various countries are now focusing on improving the healthcare infrastructure by releasing emergency health packages. The Indian Government recently released INR 890.32 cr as the second installment of the COVID-19 Emergency Response and Health System Preparedness Package to numerous states and Union Territories. This aid will help in strengthening the procurement of oxygen concentrators and other healthcare facilities.
Demand for oxygen concentrators from the World Health Organization (WHO) and other Non-Profit Organizations for providing help to under developing countries may also bring expansive growth opportunities for the medical oxygen concentrators market. For instance, the WHO and the UK’s Department for International Development (DFID) offered more than 155 medical oxygen concentrators to South Sudan to help the country for tackling COVID-19.
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In addition there has been a surge in the number of people taking up cigarette smoking from both the sexes, which is likely to cause respiratory system related sickness. As such, the rise in the number of smokers is expected to bolster growth of the global medical oxygen concentrators market over the period of analysis.A rise in the generation of smoke and dust in different industrial and occupational sectors is likely to work in favor of the development of the global medical oxygen concentrators market in the years to come. A rise in the number of elderly population who are vulnerable to various types of respiratory issues is likely to drive the demand for medical oxygen concentrators in the forthcoming years.
In addition, a rising number neonatal patients suffering from various types of respiratory anomalies is likely to play an important role in developing the global medical oxygen concentrators market over the tenure of analysis.
Asia Pacific to Serve as Prominent Regional Contributor
The growing prevalence of COVID-19 in densely populated countries like India may bring phenomenal growth opportunities for the medical oxygen concentrators market. In addition, the rising geriatric population may also prove as an enormous growth generating factor for the medical oxygen concentrators market during the forecast period of 2019-2029.
Top Market Competitors Analysis:
Koninklijke Philips N.V., DeVilbiss Healthcare GmbH, Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Inova Labs Inc., NIDEK Medical Products, Inc., Teijin Limited.
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