Medical Oxygen Concentrators Market Is Predicted to Be Valued at US$2.41 Bn by 2024
Global Medical Oxygen Concentrators Market: Snapshot
The global market for medical oxygen concentrators is mainly fuelled by the growing prevalence of COPD globally. The swift rise in the patient pool ailing from other lung diseases such as smoking-related lung conditions, asthma, and lung cancer is leading to an increasing demand for oxygen supply units. Oxygen supply units such as medical oxygen concentrators display widespread demand due to advantages of portability and uninterrupted oxygen supply. In addition, favorable government policies area also boosting the uptake of medical oxygen concentrators.
On the other hand, however, a large number of oxygen concentrators that have continuous flow technology mechanism account for huge wastage of energy and oxygen even when not in use. Furthermore, the high cost of portable oxygen concentrators is limiting their adoption in emerging economies.
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The global market for medical oxygen concentrators is predicted to be valued at US$2.41 bn by 2024, expanding at a CAGR of 8.5% between 2016 and 2024. The market was valued at US$1.25 bn in 2016.
Portable Medical Oxygen Concentrators to Continue to Remain Attractive
The report studies the medical oxygen concentrators market based on a few parameters, viz. modality, technology, end-user, and geography. Depending on modality, this market is bifurcated into portable and stationary. In 2015, portable oxygen concentrators displayed the leading demand due to attributes of easy to carry, light weight, small size, and function on rechargeable lithium batteries. Portable oxygen concentrators can be used for individuals of any age without disrupting their everyday activities. Due to several advantages of portable oxygen concentrators, they are likely to acquire the leading market share over the forecast period. Stationary oxygen concentrators, on the other hand, operate on alternating current and are suitable to be used while at home.
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By technology, continuous flow technology and pulse flow technology are the segments into which the medical oxygen concentrators market is divided. Vis-à-vis growth rate, pulse flow technology currently leads the medical oxygen concentrators market. This is because pulse flow technology discharges concentrated oxygen only during inhalation. As such, continuous working of oxygen concentrators is not required which helps save considerable power. By end user, home care, hospitals, and ambulatory surgical centers are the key segments into which the medical oxygen concentrators market is divided. Among them, the home care segment currently accounts for the leading revenue contribution to the overall market.
Ultra-modern Healthcare Facilities and High Awareness among Patients Make North America Dominant
Geography-wise, the global market for medical oxygen concentrators could be segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Vis-à-vis volume, North America displayed the leading demand for medical oxygen concentrators in 2015 due to significant use of portable oxygen concentrators for home care needs. In the years ahead too, the region is likely to continue to hold dominance. Europe is the second-leading market owing to substantial awareness among consumers regarding advantages of oxygen concentrators over their conventional counterparts.
Asia Pacific and Latin America collectively held 31.4% share in the global medical oxygen concentrators market in 2015, and are perceived as high potential regions due to unmet medical demand.
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Leading players in the global medical oxygen concentrators market include Chart Industries Inc., Invacare Corporation, Resmed Inc., Precision Medical Inc., O2 Concepts LLC, Inogen Inc., Koninklijke Philips N.V., Drive DeVilbiss Healthcare LLC, Besco Medical Co.Ltd., and GCE Group.