The global medical oxygen concentrators market is expected to rise at 8.5 percent CAGR between 2017 and 2024 to a value of USD 2.41 billion by 2024, according to Transparency Market Research. Medical oxygen concentrators are envisaged to gather colossal demand due to their ability to make oxygen available in indifferent environments. The demand could further increase on the back of rising count of people with COPD and other respiratory diseases. Another factor that could improve the demand in the world medical oxygen concentrators market is the escalating percentage of geriatrics among the global population. With a view to enhance the use of medical oxygen concentrators in different conditions, companies have been involving themselves in exhaustive research and development activities. Furthermore, the Federal Aviation Administration (FAA) has already given the green light for the use of portable oxygen concentrators in aircrafts.
The global market is projected to make strong progress in the near future. However, a few challenges that are predicted to show face could arrest market growth during the course. For instance, players may find it difficult to gain approval for their new products or their launch in different countries due to the presence of a tight regulatory framework. Nonetheless, there could be lucrative business prospects available in the global market which are expected to provide a good boost to its growth in the foreseeable future. Increasing population, rising number of asthma and fibrosis cases, and swelling prevalence of lung diseases could raise the demand in the market. Players could also cash in on government initiatives to provide subsidies on diagnostic equipment and improve healthcare infrastructure to increase their shares.