Medical Oxygen Concentrators Market size worth over $2.3bn by 2023, with 10.6% CAGR growth forecast expectation: Global Market Insights Inc.
“Global medical oxygen concentrators market share is dominated by dew players namely Inogen Inc., Philips Respironics, and O2 Concepts. Due to the enactment of U.S. Food and Drug Administration Safety and Innovation Act in July 2012, various new players ar”
Medical Oxygen Concentrators Market Size By Product (Portable, Fixed), By Application (Home Care, Non-Home Care), By Technology (Pulse Dose, Continuous Flow) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, China, South Africa, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023
Global Medical Oxygen Concentrators Market was evaluated at $975.4 million for 2015 with CAGR of 10.6% during forecast period. Increasing occurrence of respiratory & pulmonary disorders and growing old age population suffering from respiratory disorders is predicted to fuel the industry growth.
These oxygen concentrators supply oxygen to patients in high concentrations. They are used in treating respiratory diseases like sarcoidosis, fibrosis, bronchitis, asthma, pulmonary hypertension and chronic obstructive pulmonary disease.
Medical Oxygen Concentrators are segmented into two types – non-portable and portable. Owing to many advantages, portable equipments contributed greater than 50% of total revenue for 2014. Portable oxygen concentrators segment is predicted to register CAGR of 12.5% and touch $1.3 billion by end of forecast timeframe. The growth of the segment is credited to increasing choice for lightweight portable concentrators which can be used at airports, offices and flights.
On basis of technology, the industry is segmented into two types- continuous flow technology and pulse dose technology. Continuous flow technology dominated the technology segment by contributing about 53.1% of total revenue for 2015. Technological breakthroughs have resulted in new product innovation of this segment. Further, growing occurrence of continual breathing problems and current utilization of respiratory device for oxygen treatments is further set to influence the industry growth.
Pulse dose technology offers patients with ease of use, enhanced efficacy and high mobility. The technology is widely utilized for portable oxygen concentrators and is reliable & safe as pulse dose instrument is fitted with sensor having ability to identify the next inhalation. It is predicted to register CAGR of 11.6% during the forecast period.
Europe Medical Oxygen Concentrators Market Size, by Product, 2012 – 2023 (USD Million)
Medical oxygen concentrators are more in demand from non-homecare and home care segments. Home care segment contributed more than 50% of total revenue share for 2014 and is predicted to contribute more than $1.5 billion by end of forecast period. Since COPD (Chronic obstructive pulmonary disease) is generally diagnosed in old & middle aged persons, physicians often recommend oxygen treatments along with home care medical oxygen concentrators. Further, device features like price efficacy, low maintenance cost and constant supply of oxygen to patients is predicted to propel the use of home care oxygen concentrators during the forecast period.
Non-home care medical oxygen concentrators segment is predicted to touch $724 million by end of forecast period. Key factors contributing to expansion of this segment are growing occurrence of COPD along with respiratory ailments like asthma, growing old age population and occupational lung ailments.
North America is predicted to dominate the global medical oxygen concentrators market with total revenue size surpassing $901 million by end of forecast period. The growth of the industry in the region is credited to the factors like developed home healthcare infrastructure, favorable U.S. compensation policies and high occurrence of respiratory ailments. Further, favorable government policies like presence of FAA (federal aviation administrative) that regulate portable medical oxygen concentrator use during air journey and growing occurrence of COPD owing to unhealthy lifestyle can fuel the industry growth in the region.
UK and Germany contributed more than 61% of the total revenue share of Europe medical oxygen concentrators market in 2015. Growing concerns for supply of pure oxygen and continuously improving compensation policies are predicted to fuel the utilization of l oxygen concentrators in Germany. All these factors will contribute to the industry growth in the region.
APAC medical oxygen concentrator market is predicted to register CAGR of 12.6% during forecast timeframe. Large patient pool, growing disposable incomes of patients and enhanced healthcare infrastructure are predicted to contribute to the industry expansion in the region.
Key industry players profiled in the report include Nidek Medical Products Incorporation, AirSep Corporation, DeVilbiss Healthcare, Philips Healthcare, Teijin Limited, Covidien Limited, O2 Concepts, Inogen Incorporation, Innova Labs Incorporation and Invacare Corporation.
Mergers & acquisition is a key business strategy implemented by industry players to reduce competition and maintain their industry domination.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.