According to a report published by Persistence Market Research, the global oxygen concentrator market is expected to reach a valuation of over $2 billion by the end of 2025. The demand for oxygen concentrators is driven by the rising incidence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and pneumonia. The aging population is also contributing to the growth of this market as the elderly are more prone to respiratory illnesses.
The United States is one of the largest markets for oxygen concentrators in the world. According to a report by Zion Market Research, the US oxygen concentrator market is expected to grow at a compound annual growth rate (CAGR) of 7.4% from 2019 to 2025, reaching a valuation of over $2.4 billion by 2025. The demand for portable oxygen concentrators is also on the rise in the US as they are lightweight and can be easily carried by patients wherever they go.
Europe is also a significant market for oxygen concentrators. According to a report by ResearchAndMarkets, the European oxygen concentrator market is expected to grow at a CAGR of 8.8% from 2020 to 2025. The growth is driven by the increasing incidence of respiratory diseases and the aging population in the region.
The Asia-Pacific region is also witnessing significant growth in the oxygen concentrator market. According to a report by Grand View Research, the Asia-Pacific oxygen concentrator market is expected to grow at a CAGR of 10.6% from 2019 to 2025. The increasing prevalence of respiratory diseases, the rising healthcare expenditure, and the presence of a large pool of patients with COPD and other respiratory illnesses are driving the demand for oxygen concentrators in the region.
The Middle East and Africa region is also expected to witness significant growth in the oxygen concentrator market in the coming years. According to a report by Mordor Intelligence, the Middle East and Africa oxygen concentrator market is expected to grow at a CAGR of 9.1% from 2020 to 2025. The growth is attributed to the increasing prevalence of respiratory diseases and the improving healthcare infrastructure in the region.
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In conclusion, the global market value of the oxygen concentrator is expected to grow significantly in the coming years. The rising incidence of respiratory diseases, the aging population, and the increasing healthcare expenditure are driving the demand for oxygen concentrators worldwide. The market is expected to witness significant growth in all regions, including North America, Europe, Asia-Pacific, and the Middle East and Africa.