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.
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.
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.
Global Medical Oxygen Concentrators Market: Overview
Medical oxygen concentrators are used by patients suffering from COPD and other respiratory diseases. Patients having low level of oxygen in their blood are prescribed to use oxygen concentrators. Oxygen concentrators are to be used only with prescription and cannot be purchased over the counter. Medical oxygen concentrators work either on rechargeable lithium batteries or by continuous electric supply. The medical oxygen concentrators are produces oxygen from the surrounding air. It works on the principle of compression of air by which the concentrators are prevented from overheating. After taking the air from the surrounding nitrogen is removed through the air filters and with adjusted delivery rate purifies oxygen is delivered to the patients with the help of nasal cannula or mask. The global medical oxygen concentrators market is segmented by modality, technology, end users and geography. By modality the global medical oxygen concentrator market is further segmented into portable oxygen concentrators and stationary oxygen concentrators. According to technology the market is segmented further by pulse flow technology and continuous flow technology. By end users the market is segmented into hospitals, home care and ambulatory surgical centers. In terms of geography the global medical oxygen concentrators market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Global Medical Oxygen Concentrators Market: Research Methodologies
The research is a combination of primary and secondary research, conducted for understanding and arriving at trends, used to forecast the expected revenue of the medical oxygen concentrator market in the near future. Primary research formed the bulk of our research efforts with information collected from in-depth interviews and discussions with a number of key industry experts and opinion leaders. Secondary research involved study of company websites, annual reports, press releases, investor presentations, analyst presentation and various international and national databases. The report provides estimated market size in terms of US$ Mn for each by modality, technology, end user, and geography for the period 2014 to 2024, considering the macro and micro environmental factors. The revenue generated from each product was calculated by considering number of products used in the procedures and their market demand as per their use, prevalence rate of disease, number of product launched, annual revenue generated by products of each sub segment, trends in industry, end user trend, and adoption rate across all the geographies.
Global Medical Oxygen Concentrators Market: Scope of the Study
The market report comprises an elaborated executive summary, which includes market snapshot that provides information about various segments of the market. It also provides information and data analysis of the market with respect to market segments based on modality, technology, end-user, and geography. The market overview section of the report analyzes market dynamics such as drivers, restraints and opportunities that influences the medical oxygen concentrators market in the current and future scenario.
Market share analysis among the market players is analyzed to signify the contribution of these players in the market in terms of percentage share. All these factors will help the market players to decide about the business strategies and plans to strengthen their positions in the global market. Based on geography, the market has been analyzed for major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The study also covers detailed country analysis contributing majorly in the monoclonal antibody therapeutics market.
Global Medical Oxygen Concentrators Market: Competitive Landscape
The report also profiles the major players in the market and provides various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. Major companies profiled in the monoclonal antibody therapeutics market are 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, GCE Group and others.
The medical oxygen concentrators market has been segmented as follows:
Medical Oxygen Concentrators Market, by Modality
Medical Oxygen Concentrators Market, by Technology
- Pulse flow technology
- Continuous flow technology
Medical Oxygen Concentrators Market, by End User
- Home Care
- Ambulatory Surgical Centers
Medical Oxygen Concentrators Market, by Geography
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- New Zealand
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- Rest of MEA