Published: Jun, 2018
Significant shares within the global medical oxygen concentrators Market are held by companies such as Chart Industries, Inc., Philips N.V., Koninklijke, and Invacare Corporation. New entrants are expected to go through several challenges while making their mark in this competition market on account of the presence of the strong distribution network of the leading players, states Transparency Market Research (TMR) in its latest research report on the global medical oxygen concentrators market. The market is mostly consolidated. Players within the market are vying to launch new technologies so as to gain more market shares.
According to Transparency Market Research, the global medical oxygen concentrators market will showcase a healthy 8.5% CAGR from 2016 to 2024 and be worth US$1.25 bn. In terms of modality, the portable segment is expected to dominate the medical oxygen concentrators market. Geographically, it is North America which will beat Asia Pacific, Europe, and the Middle East and Africa on account of its outstanding medical infrastructure. The region is also known for innovation and early use of advanced technology. Both of these factors will ensure that North America holds significant shares of the market and lead within the medical oxygen concentrators market regional wise.
Ability to Make Oxygen Available in Any Environment Driving Demand for Oxygen Concentrators
According to the lead author of the report, “medical oxygen concentrators are gaining immense popularity on account of their ability to make oxygen available in different environments.” The increasing amount of people who are suffering from various types of chronic obstructive pulmonary diseases and other respiratory diseases will ensure that the demand for medical oxygen concentrators will escalate. As pollution and carbon dioxide, and other harmful gas emission is on the rise on account of rapid industrialization and urbanization, especially across emerging Nations, incidences of asthma and other respiratory diseases with increased which in turn will create a height in the demand for oxygen concentrators. The rapidly increasing percentage of geriatric population all across the globe will also Aid the growth of this market.
Federal Aviation Administration Approves Use of Oxygen Concentrators
Companies within the market are also helping the market to grow by conducting exhaustive research and development so as to come up with innovative and advanced solutions which can helping patients battle respiratory diseases. All these factors are expected to create a favourable environment for growth of the global medical oxygen concentrators market. The use of portable oxygen concentrators in aircraft has been approved by the Federal Aviation Administration, and this is also expected to give the market a push.
Approval Process to Create Delay and Pose a Challenge for Players
On the other hand, it is expected that players are anticipated to go through a difficult process in order to gain approval for their latest products and new product launches in different countries on account of the stringent regulatory framework present across different nations. However, it is expected that the global medical oxygen concentrators market will continue tp grow in the future on account of the increasing incidence of the world population suffering from fibrosis, asthma, lung diseases, and other respiratory diseases and allergies. With growing number of initiatives taken by government to provide subsidies on a diagnostic equipment as well as efforts taken the words of the overall Improvement of the healthcare infrastructure, will directly have a positive impact on the medical oxygen concentrators market.
The information presented in this review is based on a TMR report, titled “Medical Oxygen Concentrators Market (Modality - Portable and Stationary; Technology - Pulse Flow and Continuous Flow; End User - Hospitals, Home Care, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2016 - 2024.”
The global medical oxygen concentrators market has been segmented as presented below:
Global Medical Oxygen Concentrators Market by Modality
Global Medical Oxygen Concentrators Market by Technology
- Pulse Flow
- Continuous Flow
Global Medical Oxygen Concentrators Market by End User
- Home Care
- Ambulatory Surgical Centers
Global Medical Oxygen Concentrators Market by Region
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- New Zealand
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
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