During the course of the forecast period, the market growth is anticipated to be driven by a rising geriatric population. The diaphragm weakens with age, making it difficult to breathe fully and lowering the body's oxygen level as a result. For instance, the World Health Organization predicts that the number of elderly people in Europe would rise from 894 million in 2019 to 910 million in 2020. By 2020, there will be 19 million persons in Europe who are 85 years or older, and by 2050, there will be 40 million.
The global Medical Oxygen Concentrators Market is estimated to be valued at US$ 1,834 million in 2021 and is expected to exhibit a CAGR of 9.0% during the forecast period (2021-2028).
Prominent Players in the Medical Oxygen Concentrators Industry:
1. Koninklijke Philips NV
Koninklijke Philips N.V. operates as a health technology company in North America and internationally. Koninklijke Philips N.V. was founded in 1891 and is headquartered in Amsterdam, the Netherlands.
2. Inogen Inc.
Inogen, Inc., a medical technology company, develops, manufactures, and markets portable oxygen concentrators to patients, physicians and other clinicians, and third-party payors in the United States and internationally. Inogen, Inc. was incorporated in 2001 and is headquartered in Goleta, California.
3. Invacare Corporation
Invacare Corporation, together with its subsidiaries, designs, manufactures, distributes, and exports medical equipment for use in home health care, retail, and extended care markets worldwide. Invacare Corporation was founded in 1885 and is headquartered in Elyria, Ohio. In June, 2022 Invacare Corporation announced that it has entered into a cooperation agreement with its largest shareholder, Azurite Management LLC (“Azurite”), which currently owns approximately 10.3% of the company.
4. ResMed Inc.
ResMed Inc. develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. ResMed Inc. was founded in 1989 and is headquartered in San Diego, California. The company is operational in more than 140 countries. In November, 2022 ResMed announced it has completed its €958.6 million acquisition of MEDIFOX DAN, a German leader in software solutions for a wide variety of out-of-hospital care providers.
5. Drive DeVilbiss Healthcare LLC
Founded in 1888, Drive DeVilbiss Healthcare manufactures a complete line of medical products, including mobility products, sleep and respiratory products, beds, bariatric products, wheelchairs, sleep surfaces and pressure prevention products. Headquartered in Port Washington, New York.
6. Besco Medical Co. Ltd.
Since 2009, Besco Medical has growing as one of leading manufacturer and exporter of Wheelchairs, Hospital Beds, Bathroom Safety, Walking Aids, Oxygen Concentrators and PPE from China. The company has headquarters situated in Zhengzhou, China.
7. GCE Group
Originally formed in 1987 through the merging of two world leading businesses in gas equipment, the GCE Group has rapidly evolved since its foundation. Through industry mergers and acquisitions, the GCE group now paves the way for high quality gas equipment, under three brands; GCE, GCE Healthcare and GCE Druva. It has headquarters situated in Sweden, Europe.
*Definition- A device called an oxygen concentrator keeps the level of oxygen in a patient's blood steady while administering oxygen therapy at significantly higher concentrations than ambient air.
