Medical Oxygen Concentrators Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, China, South Africa, Brazil), Application Development status, Price Trend, Competitive Market Share & Forecast, 2016 – 2023.
Portable oxygen concentrators (POC) are gaining popularity due to miniature design, noiseless, and easy to use nature. Examples of such POC available in the medical oxygen concentrators market include Inogen One series, and EverGo, SeQuel Eclipse 5 by Philips Respironics.
These products make use of advanced technology lithium rechargeable batteries allowing the patients the freedom to move.
Medical Oxygen Concentrators Market size is estimated to exceed USD 2 billion by 2023; according to a new research report.
The elderly population, having high risk of respiratory disorders, and rising need for user-friendly and technologically advanced products should boost medical oxygen concentrators market penetration. The global industry is dominated by fixed medical oxygen concentrators with over USD 450 million in 2015 revenue.
The already established market in the Europe and U.S. should witness steady growth, while high growth in Asia Pacific countries such as China and Japan will drive the market.
Pulse dose technology should be key technology setting up a market trend, and contributing over USD 450 million for 2015, which could be USD 1,000 million by 2023. Pulse dose technology is popularly used along with portable oxygen concentrators, being more safe and reliable compared with continuous flow.
The industry is driven by fixed medical oxygen concentrators, due to high penetration of these devices in hospital and clinical settings. The 2015 fixed medical oxygen concentrators market was valued over USD 450 million.
Regulations for usage will add to the industry growth, with the FAA authorizing portable oxygen concentrator usage in air travel.
Significant rise in chronic pulmonary and respiratory disorder prevalence should spur the medical oxygen concentrators market growth over the forecast timeframe. COPD primarily occurs due to long chemical fume, air pollutant, and dust exposure along with smoking.
As per WHO, the primary cause of COPD is tobacco smoke. Increasing smoking population and rising levels of environmental pollution should lead to the growth of oxygen concentrators market.
China, India, and Brazil will offer attractive growth potential, with strong awareness for early diagnosis of respiratory disorders in order to prevent economic burden. Moreover, better access to healthcare with rising income levels should also boost the demand for medical oxygen concentrators.
Presence of underserved population with COPD owing to rapid ageing, and improving access to healthcare in the APAC and LATAM region should act enhance the market growth.
UK medical oxygen concentrators market size was estimated over USD 80 million in 2015, and forecast to grow at CAGR of 9.1% through 2023. Recently, the prevalence of the respiratory diseases in the UK has risen significantly in both children and adults.
About 3 million people in the UK, including more than 1.3 million children, are currently diagnosed as having asthma.
Threat of new entrant is expected to remain moderately high throughout forecast period owing to the introduction of the U.S. FDA Safety and Innovation Act, 2012.
This implementation of act has attracted new manufacturers. Key market players operating in India are Silverline Meditech Private Limited, Nexus Lifecare Pvt.
Ltd, ATICO Medical Pvt. Ltd., Advanced Technocracy Inc., Mediworld, and Goodhealth Inc., among others.
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