Medical Oxygen Concentrators Market Size By Product (Portable, Fixed), By Application (Home Care, Non-Home Care), By Technology (Pulse Flow, Continuous Flow), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, China, Brazil, South Africa), Application Potential, Competitive Market Share & Forecast, 2018 – 2024
Published Date: Apr 2018 | 120 Pages | Report ID: GMI449 | Authors: Sumant Ugalmugale Report Format: PDF
Medical Oxygen Concentrators Market size was valued at USD 1.3 billion in 2017 and is expected to witness more than 8.9% CAGR from 2018 to 2024.
U.S. Medical Oxygen Concentrators Market, By Product, 2013 – 2024 (USD Million)
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Growing chronic obstructive pulmonary disease (COPD) prevalence coupled with escalating number of cigarette smokers drives medical oxygen concentrators market. Augmented production of smoke and dust in various occupational and industrial sectors along with rising healthcare expenditure are factors boosting business growth. Surging elderly population base that is prone to COPD further propels medical oxygen concentrators market growth. Growing number of individuals living with COPD diagnosis above age of 40 and rising life-expectancy coupled with improving socio-economic settings will boost industry growth.
Increasing need of providing respiratory solution or support to patients ranging from neonates to elderly that are suffering from numerous respiratory anomalies increases demand for medical oxygen concentrators. Number of private and public organizations have implemented programs to monitor, diagnose and provide effective solutions to the needy such aspects are projected to fuel business growth over the coming years.
Rising emphasis on reducing total cost burden of diseases, enhancing patient’s quality of life will upsurge industry size. Growing economic burden of COPD coupled with increase in disease severity, hospital admissions and readmissions constitute significant bulk of cost across all stages of COPD thus, fuelling business growth. However, stringent regulatory landscape is anticipated to hamper industry growth in coming years.
Medical Oxygen Concentrators Market, By Product
Portable segment held largest market share that is 51.0% in 2017 and is projected to grow at a CAGR of 10.8% over the forecast timeline. This market share is attributable to increasing demand for portable solutions coupled with technological advances that include pressure swing adsorption (PSA) and membrane technology. Additionally, escalating occurrence of COPD and Federal Aviation Administration (FAA) approved advanced portable oxygen concentrators are factors that further propels business growth.
Fixed segment will grow at a CAGR of 6.8% over the forecast timeframe owing to associated benefits provided such as, easy to use, uninterrupted oxygen flow, and affordable cost. Higher oxygen output and low cost of fixed oxygen concentrators will positively impact the segment growth over coming years.
Medical Oxygen Concentrators Market, By Application
Home care accounted for 64.0% market share in 2017 and will continue to dominate industry in foreseeable future. Advantages of home healthcare services such as providing care appropriate to individual needs; prevents spread of infections in certain cases and also prevents hospital acquired infections thereby, boosts business growth. Increasing patient’s preference of oxygen concentrators at home as it allows patients to recover with rapid pace and provides extra comfort; such factors encourage customer buying behaviour thus propels market growth.
Non-home care segment will grow at a CAGR of 6.3% due to increasing elderly population suffering from chronic diseases and growing demand by hospitals, nursing homes and elderly care centres. Elderly population is prone to numerous chronic disorders such as COPD and requires oxygen concentrator to combat with such situation. Aforementioned will positively impact business growth.
Medical Oxygen Concentrators Market, By Technology
Continuous flow segment dominated the market with revenue of USD 683.1 million in 2017 owing to growing demand for continuous flow oxygen concentrators in chronic conditions such as, chronic bronchitis, emphysema chronic obstructive pulmonary disease (COPD), and cystic fibrosis. High use of continuous flow oxygen concentrators in emergency situations further drives business growth.
Pulse flow segment will grow at 9.9% CAGR on an account of advents in technology. Aforementioned advances include automatic adjustments according to breathing rate, products that can assist and adhere to individual requirements and automatically adjusts to setting. In addition to offer more user-friendly products to customers many firms adopt R&D activities for implementing advanced technology in products thereby, propelling industry growth.
Medical Oxygen Concentrators Market, By Region
U.S. dominated the global medical oxygen concentrators market with 88.1% market share in 2017. Such high market share and growth is attributable to factors such as, escalating prevalence of COPD coupled with changing lifestyle habits. Furthermore, growing elderly population and associated chronic conditions that require oxygen concentrators and rising pollution are aspects projected to boost market growth over the coming years.
Germany medical oxygen concentrators market is anticipated to grow at 6.9% CAGR over forecast timeframe owing to rising COPD prevalence coupled with unhealthy food intake and growing adoption of smoking. Smoking upsurges risk of respiratory diseases thus, increasing demand for medical oxygen concentrators in Germany. Moreover, German government has been undertaking several initiatives to reduce pollution levels in the country and promote public health. Aforementioned reasons fuel industry growth.
Japan medical oxygen concentrators market held 40.1% market share in 2017 due to growing elderly population and rising occurrence of chronic diseases such as, COPD and asthma. Japan has well-developed healthcare infrastructure and robust healthcare insurance system in place. Rise in medical expenditure is anticipated to boost medical oxygen concentrators market growth.
Competitive Market Share
Prominent players of global medical oxygen concentrators market are Chart Industries (AirSep), DeVilbiss Healthcare GmbH (Drive DeVilbiss International), Inogen, Inova Labs (ResMed), Invacare, Koninklijke Philips N.V. Philips Healthcare, NIDEK Medical Products, O2 Concepts, Teijin Limited, Yuwell (Jiangsu Yuyue Medical Equipment & Supply). Strategic acquisitions and new product launch are the key market growth strategies implemented by business players to strengthen their geographic range and uphold position in industry.
For instance, in November 2016, Chart Industries announced launch of New Respiratory Center-of-Excellence in Canton U.S. to manufacture and deliver innovative respiratory products. This will enhance the firm’s BioMedical business.
Medical Oxygen Concentrators Industry Background
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Emerging economies offer high growth potential as people in emerging economies are facing higher risks of respiratory disorders owing to increased production of smoke and dust in different occupational and industrial sectors. Government and private institution emphasis to curb disorders and diseases associated to respiratory system is driving the demand for medical oxygen concentrators. Moreover, rising role of screening tools in allowing early diagnosis of COPD coupled with better patient outcomes will propel industry growth.
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