Medical Oxygen Concentrators Market size was USD 975.4 million in 2015, with 10.6% CAGR growth forecast expectation from 2016 to 2023; as reported by the latest research from Global Market Insights, Inc.
Increasing demand for safe and user-friendly technologies, and geriatric population growth with long-term respiratory disorders is expected to propel global medical oxygen concentrators market size over the forecast period. The industry is pre-dominantly driven by fixed medical oxygen concentrators with market size exceeding USD 490 million for 2015. In terms of geography, developed markets of the U.S. and Europe will continue witnessing steady demand, while market will largely be driven by Asia Pacific during forecast period.
Pulse dose technology will continue its strong trend, generating over USD 459 million for 2015, and expected to surpass USD 1 billion by 2023. Portable oxygen concentrators widely use pulse dose as it offers a more reliable as well as safe option compared to continuous flow technology as these devices come equipped with sensors capable of detecting incoming inhalations.
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Global medical oxygen concentrators market is majorly driven by the encouraging initiatives and reimbursement policies by regulatory authorities. Government initiatives such as advisory circulars regarding the usage of portable oxygen concentrators compliant with FAA requirements for medical portable electronic devices on aircraft, and mandate to display the manufacturer’s label that indicates the device is FAA regulations compliant should boost the usage rates for medical oxygen concentrator devices.
Furthermore, technological advancements in portable oxygen concentrators owing to rising demand for light-weight and efficient oxygen concentrators should also propel the market growth.
Increasing prevalence of Chronic Obtrusive Pulmonary Disorder (COPD) is expected to propel the growth of the medical oxygen concentrators market during the forecast period. COPD is caused by smoking or prolonged lung irritant exposure which includes chemical fumes, air pollution, and dust, with tobacco smoke being a primary factor. Increasing number of smokers and dropping breathable air quality levels will be a key driving force for oxygen concentrators market growth.
Presence of untapped opportunities in emerging markets of India, China and Brazil are expected to offer potential growth markets. Increasing healthcare expenditure, rising demand for portable medical oxygen concentrators and rising awareness regarding early diagnosis are some of the factors that should attribute to the lucrative growth of the market. Key market players operating in India are Advanced Technocracy Inc., Goodhealth Inc., ATICO Medical Pvt. Ltd., Silverline Meditech Private Limited, Nexus Lifecare Pvt. Ltd., and Mediworld among others.
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Last updated on: 15/09/2016
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