The increasing number of patients requiring Long-Term Therapy, high unmet needs for oxygen in developing and underdeveloped countries are key factors contributing to high CAGR of Medical Oxygen Concentrators during the forecast period.
According to the current analysis of Reports and Data, the global Medical Oxygen Concentrators market was valued at USD 1717.0 Million in 2018 and is expected to reach USD 3078.3 Million by the year 2026, at a CAGR of 7.6%. The key factors driving the growth of medical oxygen concentrators market are the increasing prevalence of Chronic Obstructive Pulmonary Disease and technological advancements. According to the WHO, there were about 251 million cases of COPD in 2016, globally, and 3.17 million deaths due to the same in 2015. The main cause of this is the high level of air pollution and the growing number of smokers. The growing awareness regarding the use of these products in order to significantly enhance the quality of life provides favorable growth opportunities for the market. In addition to this, the growing geriatric population, which is highly susceptible to chronic diseases, will also augment the demand of the product, thereby accelerating the global market.
The Medical oxygen concentrators industry is much fragmented and includes a large number of manufacturing giants and emerging players. The emerging players have a good opportunity to enter the Medical Oxygen Concentrates industry, owing to developments in the industry and high demand from end-use industries. Industry leaders are adopting strategies such as a merger, acquisitions, expansion, and partnership to maintain their position in the industry. For instance, in April 2019, Inogen, Inc. launched One G5 portable product in the US. The Inogen One G5 is superior to other portable products presently available in the US homecare market, which is designed for use within the homecare setting.
Key companies profiled in the report include
Chart Industries, Koninklijke Philips N.V., Invacare Corporation, Devilbiss Healthcare LLC, Nidek Medic, among others.
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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Medical Oxygen Concentrators market.
The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.
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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.
The key geographical regions analyzed in the market report are:
- North America (U.S.A., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Medical Oxygen Concentrators Market Segmentation based on Types:
Product (Revenue, USD Million; 2016–2026)
- Portable oxygen concentrators
- Stationary oxygen concentrators
Application (Revenue, USD Million; 2016–2026)
- Homecare
- Non-Homecare
Technology (Revenue, USD Million; 2016–2026)
- Continuous Flow
- Pulse Dose
Further key findings from the report suggest
- Continuous flow technology segment led the global industry in 2018 with 80% of the share; owing to rapid technological and product advancements
- As of 2018, Portable product segment dominates the industry with a revenue of USD 1201.9 million and is also expected to register the highest CAGR over the forecasted years. The growing demand for lightweight and portable concentrators, growing geriatric population, and increasing incidences of COPD in the young population are the key factors driving the demand for portable medical oxygen concentrators.
- Homecare was the dominant application segment in 2018 owing to the increased geriatric population, the prevalence of COPD, and the need for homecare O2 therapies
- O2 concentrators provide a sustainable and cost-effective source of medical oxygen to health facilities with reliable power. An O2 concentrator is a medical device that draws in air from the environment and passes it through molecular sieve beds to concentrate room O2 to therapeutic levels for delivery to the patient. The therapy for the treatment of hypoxaemia involves the delivery of concentrated O2 to the patient to improve and stabilize blood saturation levels. It is critical to understand its indications and clinical use.
- O2 is critical to the treatment of hypoxaemia associated with serious conditions contributing to the global burden of maternal, newborn and child mortality. Hypoxaemia is the major fatal complication of pneumonia; the leading infectious cause of death in children under 5 years of age worldwide.
- In addition, paediatric deaths that result from other common serious conditions such as birth asphyxia, low birth weight, meningitis, sepsis, acute asthma and malaria add to the substantial burden of hypoxaemia. Increasing the availability of supplemental O2 promises to improve health outcomes and survival. Nonetheless, many hypoxaemic children in LRS still lack access to oxygen therapy. Oxygen is often unavailable in primary health clinics or smaller remote hospitals and is often lacking in district hospitals
- North America dominates the global market with a revenue of USD 687.9 million in 2018 and is anticipated to maintain its dominance over the forecast period. This is growth is attributed to the developed home care and healthcare services and favorable reimbursement policies in the region
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