Medical Oxygen Concentrators Market: Snapshot
The global medical oxygen concentrators market is currently being driven by the rising number of COPD patients across the world. The number of patients suffering from lung cancer, asthma, smoking-related lung disorders, and other respiratory illnesses is also increasing at a swift rate, further boosting the overall demand for oxygen supply units and especially medical oxygen concentrators. These units are also considered more advantageous due to their portability and the fact that they can provide an uninterrupted supply of oxygen. Government reimbursement policies are also being increasingly favorable to the global medical oxygen concentrators market and the adoption rate of these units. The market also credits the increasing geriatric population as one of the leading demographics in need of constant oxygen supply. However, the global medical oxygen concentrators market is being restrained by the large number of oxygen concentrators with continuous flow technology, which essentially waste oxygen and electricity when not in use. The high cost of portable oxygen concentrators is also making it difficult for emerging economies to adopt them at a faster rate.
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The global medical oxygen concentrators market is projected to reach US$2.41 bn in 2024. It is expected to expand at a CAGR of 8.5% from 2016 to 2024, and was valued at US$1.25 bn in 2016.
Consumers Show Greater Preference for Portable Medical Oxygen Concentrators
In terms of modality, the global medical oxygen concentrators market is segmented into portable and stationary oxygen concentrators. Portable oxygen concentrators were leading the market in terms of demand in 2015. Portable oxygen concentrators are easy to carry, light in weight, work on rechargeable lithium batteries, and are small in size. They are designed for an individual of any age being able to carry a unit along his/her daily activities while receiving a concentrated supply of oxygen. The technology used in portable oxygen concentrators is largely known as pulse technology. Stationary oxygen concentrators work on continuous flow technology and consequently require a continuous electricity supply. These are generally used by patients during the night or at their homes. Due to the several advantages posited by the use of portable oxygen concentrators, it is expected that they will continue to acquire the leading share in the global oxygen concentrators market during the forecast period.
According to technology, pulse flow technology leads the global medical oxygen concentrators market in terms of growth rate currently. This technology releases concentrated oxygen only when the patient inhales. Thus it does not base itself on continuous working of the oxygen concentrators and reduces overall consumption of power, allowing units with pulse flow technology to work on rechargeable lithium batteries. Among the end users of the global medical oxygen concentrators market, the home care segment has so far been the leading revenue generator.
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Geriatric and COPD Population in North America Puts Region in Lead
In terms of geography, the global medical oxygen concentrators market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America contributed the leading volume of demand in the global oxygen concentrators market for 2015, owing to an increasing use of portable oxygen concentrators at home. This region is likely to remain in the lead over the coming years. Europe places second in terms of demand in the global medical oxygen concentrators market, owing to an increasing level of awareness over use of oxygen concentrators over conventional oxygen supply units. Latin America and Asia Pacific collectively contributed to 31.4% of share in the global medical oxygen concentrators market for 2015 and are positioned as high potential locations in terms of untapped regions.
Leading players in the global medical oxygen concentrators market so fat have been Chart Industries, Inc., Inogen, Inc., Invacare Corporation, Koninklijke Philips N.V., Resmed Inc., Drive DeVilbiss Healthcare LLC., Precision Medical, Inc., Besco Medical Co. Ltd., O2 Concepts LLC, and GCE Group.