Respiratory diseases are on a rise and this is leading to growth in demand for medical oxygen concentrations market. A number of factors are contributing to this increase in incidence of respiratory illness cases. Lifestyle choices such as smoking and increasing level of pollution are rapidly leading to respiratory system related chronic illnesses. In some cities like that of Delhi, 10 year olds were recently found to be having smoker’s lungs just by breathing in the city. This will lead to growth in the demand for medical oxygen concentrators market.
As per Transparency Market Research, “A growth rate of 8.5%, compounded annually, will be charted by global medical oxygen concentrators market from 2016 to 2024. The growth would lead to a market worth of a hefty USD 1.25 billion by the end of the forecast period. Additionally, technology would hold key to future growth.”
It is significant to note here that increase in chronic obstructive pulmonary disease (COPD) is paving way for a higher growth trajectory over the coming few years. In 2016, it was found that about 251 million people were suffering from the condition. Besides, it is significant to note that 90% deaths that happen due to the progressive life threatening lung disease are noted in low and middle income countries. Smoking and indoor pollution can both put people at risk.
Diseases such as COVID-19 are also leading to a sharp rise in demand for these concentrators. Worldwide, so far, more than 1 million cases have been confirmed and about 0.2 million have lost their lives. As the pandemic continues to rage through the planet, demand for medical supplies and equipment are in a massive shortfall. The respiratory illness demands all relevant equipment in huge quantities.
Asia Pacific to Emerge as a Lucrative Player in the Global Medical Oxygen Concentrators Market over the Forecast Period
Countries in the Asia Pacific region are doing well economically and are directing efforts towards improving the healthcare infrastructure and outcomes. Some of the countries that are at the forefront of this projected growth are India and China. Therefore, it does not surprise anyone that the region will be a hotbed of lucrative opportunities over the stated assessment period for the market and most players would clamor to make the most of it. A large patient pool also goes in favor of the region.
North America and Europe will also lay claim to a prominent market share. A rapidly ageing population – that would have one in every four people occupying the age group of 65 and above – and a decent number of smokers are leading the regions on to a high growth trajectory. Besides, the pandemic is also coming down heavy on the two regions due to a massive geriatric demographic. A significant demand for medical oxygen concentrators is arising from these regions as well.
Highly Competitive Vendor Landscape of the Global Medical Oxygen Concentrators Market to be Driven Forward by Technological Advancement
Top players marking the global medical oxygen concentrators market are Philips N.V., Chart Industries, Inc., Invacare Corporation, and Koninklijke. These hold a sizeable share of the market. Other players are O2 Concepts LLC, Precision Medical Inc., Inogen Inc., Besco Medical Co.Ltd., and Drive DeVilbiss Healthcare LLC. A number of players are being noted expanding footprint in new markets. These are resorting to entering alliances such as mergers and acquisitions. New product launches are also critical in the overall growth story.
As per Transparency Market Research, “It is worth noting here that due to a certain extent of consolidation in the market, level of competitiveness is quite high. And, technology holds a prominent place in the market, determining market share for individual players.”
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