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
Published Date: May 2016 | 86 Pages | Report ID: GMI449 Report Format: PDF
Medical Oxygen Concentrators Market size was in excess of USD 975 million for 2015, more than 10% growth anticipated.
U.S. Medical Oxygen Concentrators Market Size, by Product, 2012 - 2023 (USD Mn)
Increasing aging population is one of the pivotal factors driving the global medical oxygen concentrators market share. According to the UN estimates, geriatric population is set to reach from over 800 million in 2012 to more than 2 billion by 2050. Geriatric population is at more risk of acquiring various respiratory disorders such as asthma, pulmonary hypertension, COPD, and fibrosis, should boost the medical oxygen concentrators demand.
Tremendous rise in chronic pulmonary and respiratory disorder prevalence should also drive global medical oxygen concentrators market over the coming years. As per Survey by National Health Interview in 2008, in the U.S., over 23 million people have asthma, and around 13.6 million adults are diagnosed with COPD. This extensive COPD patient pool will act as strong customer base for medical oxygen concentrators market.
Favorable reimbursement and Medicare for home oxygen concentrators as well as government initiatives for encouraging use of oxygen concentrators should reinforce industry growth. Furthermore, government initiatives such as organizing awareness programs to educate masses regarding respiratory disorders have led to increased patient awareness levels. For instance, the National Heart, Lung, and Blood Institute develops educational programs, and launched COPD Learn More Breathe Better (LMBB) campaign to raise awareness and educate the public about COPD.
COPD is primarily activated by prolong exposure to harmful chemical fumes, air pollutants, dust & smoking. High smoking prevalence along with pollution indicators have significantly led to rise in number of COPD patients resulting into increased demand for medical oxygen concentrators. However, presence of stringent regulatory requirements and time consuming approval process tend to limit medical oxygen concentrators market growth.
Medical Oxygen Concentrators Market, By Product
Fixed medical oxygen concentrators market was in excess of USD 490 million for 2015, holding the largest industry share. Growing elderly population especially over 70 years, are more prone to respiratory diseases, will boost fixed medical oxygen concentrators industry growth over the projected timeframe.
Portable medical oxygen concentrators market is forecast to witness highest gains over the forecast period, with estimated market size to exceed USD 1.2 bn. Strong preference for lightweight and easy to move concentrators, that are useful at offices, airports, and shopping complexes aid demand.
Medical Oxygen Concentrators Market, By Application
Home care medical oxygen concentrators market generated revenue of more than USD 500 million for 2015, and is looked upon as lucrative investment option due to its healthy CAGR forecast. In case of elderly and middle-aged COPD patients, oxygen therapy in combination home oxygen concentrators is widely recommended by doctors. Homecare medical oxygen concentrators are cost effective, maintenance-efficient, with continuous oxygen supply capabilities for severely affected COPD patients. This has led to growing demand for homecare medical oxygen concentrators over the forecast period.
Non-home care medical oxygen concentrators market is projected to exceed USD 700 million by 2023, owing to factors such as rising elderly population base and growing prevalence of such asthma, COPD, and other respiratory disorders along with occupational lung diseases.
Medical Oxygen Concentrators Market, By Technology
Continuous flow technology contributed to over 53% of medical oxygen concentrators market share in 2015. Introduction of new products in response to frequent technology innovation, rising chronic respiratory disease prevalence, and high adoption of technologically advanced products for oxygen therapies will boost medical oxygen concentrators industry growth.
Pulse dose technology is set to witness 11.6% CAGR from 2016 to 2023. It is popularly used along with portable oxygen concentrators, since its improved technology is more reliable and safe as compared to continuous flow technology. These devices have built-in sensors fir inhalation detection.
Medical Oxygen Concentrators Market, By Region
U.S. medical oxygen concentrators market share held the largest industry revenue share, with 2023 revenue target in excess of USD 900 million. Increasing prevalence of respiratory diseases along with growing home healthcare adoption coupled with favorable reimbursement in the U.S will subsequently boost the product demand over the forecast timeframe. Moreover, implementation of regulations for usage of medical oxygen concentrators will fuel industry growth. For instance, FAA has strictly authorized the usage of portable oxygen concentrators while travelling by airways. Apart from this, adoption of unhealthy lifestyle resulting into high incidence of COPD will stimulate medical oxygen concentrators market gains.
Germany and U.K together held maximum revenue of the Europe medical oxygen concentrators market share, contributing over 61% revenue in 2015. Medical oxygen concentrators usage rates have increased in these countries due to growing concern for supply of pure oxygen, supported by favorable reimbursement policies.
India medical oxygen concentrators market trend has witnessed rise in elderly population from 57 million in 1991, and anticipated to continue to 324 million by 2050. Growing standard of living, and access to better healthcare should drive growth.
Competitive Market Share
Key market players such as Inogen, O2 Concepts and Philips Respironics dominate the overall medical oxygen concentrators market share. The industry is witnessing entry of new players due to introduction of 2012 USFDA Safety & Innovation Act. Various players such as Teijen, Invacare, Covidien, AirSep, Nidek Medical, and DeVilbiss Healthcare, have their presence across multiple levels of the industry ecosystem.
Medical Oxygen Concentrators Industry Background
Supplier leverage in global medical oxygen concentrators market is expected to remain at lower levels, since switching of suppliers frequently may hamper production quality. The key raw material suppliers of medical oxygen concentrators market include manufacturers of electronic components, metals, and plastics. The industry is also garnered by various regulatory authorities such as FAA & FDA. Portable medical oxygen concentrators need FAA compliance for device labels.
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