Medical Oxygen Concentrators Market: Business Overview and Global Development Trends
The global medical oxygen concentrators market exhibit a consolidated market structure as some of the leading companies namely Philips N.V., Chart Industries, Inc., Invacare Corporation, and Koninklijke hold large number of shares in the market. Leading players in the market are also investing in mergers and acquisitions and are introducing new products to expand their presence in the market. On the other hand, challenges are huge for the new players entering in the market as the leading players have solid distribution network. Moreover, competition among the leading players is also high with the aim to strengthen their position in the global market. Some of the prominent players in the global medical oxygen concentrators market are O2 Concepts LLC, Precision Medical Inc., Inogen Inc., Besco Medical Co.Ltd., and Drive DeVilbiss Healthcare LLC.
In a recent report published by Transparency Market Research, the global medical oxygen concentrators market is expected to touch US$1.25 bn by the end of 2024. The global market is anticipated to progress at a steady CAGR of 8.5% during the forecast period between 2016 and 2024.
In terms of technology, the pulse flow technology is the most used technology and leads the global market. The pulse flow technology discharges concentrated oxygen only during inhalation that has led its demand. Based on geography, North America led the global market in 2015 and was followed by Europe. The demand for medical oxygen concentrators was high in North America as it can be used for home care needs. In the coming years, this region is likely to maintain its dominance in the global market.
Rising Incidence of Respiratory Diseases to Fuel Demand for Oxygen Concentrators
Growing concentration of carbon dioxide, pollution, and other harmful gases in the environment has resulted in high prevalence of asthma and several other respiratory disorders. Large number of geriatric population is also expected to drive the demand in the medical oxygen concentrators market. Rising incidence of respiratory diseases has drawn attention of various companies that are now working on developing advanced and innovative solutions to treat these diseases. Moreover, the Federal Aviation Administration has approved the use of portable oxygen concentrators in aircraft, which is further expected to drive the demand in the medical oxygen concentrators market.
Stringent Government Policies to Limit Market Growth
High cost of portable oxygen concentrators and huge loss of oxygen and energy when continuous flow technology is used restrict the growth of the market especially in emerging economies. Some of the other restraining factors are strict regulatory policies in healthcare across the global has also limited the growth prospects for the players. This in turn, has limited the growth opportunity for the market as well. However, growing presence of several diseases such as lung diseases, asthma, fibroses, and allergies and several other respiratory disorders are likely to keep up the demand for oxygen concentrators. Moreover, rising government initiatives to improve the healthcare sector and provide subsidies on diagnostic equipment are also expected to benefit the global medical oxygen concentrators market.