The global medical oxygen concentrators market is anticipated to attain a valuation of USD 2.10 billion by 2022, finds Grand View Research, Inc.. The growing geriatric populace and prevalence of respiratory disorders such as chronic obstructive pulmonary disease (COPD) are expected to drive the market over the forecast period (2012 to 2022). Favorable government initiatives like the Federal Aviation Administration (FAA) guidelines to allow the use of portable oxygen concentrators can further augur market growth.
According to a report by the World Health Organization (WHO), 251 million people were afflicted with a type of COPD in 2017. Rising indoor and outdoor pollution levels are likely to cause long-terms asthma. Governments are increasing their healthcare expenditures to tackle these diseases and make oxygen concentrators available for home healthcare. All the above-mentioned factors can influence market for medical oxygen concentrators over the forecast period. Rise in adoption of oxygen therapies to treat respiratory disorders is expected to positively affect market revenues.
Demand for portable oxygen generators due to the emerging home healthcare sector is expected to influence the market. In addition, reimbursement packages covering the cost of medical equipment can also impel the expansion over the forecast period. Moreover, manufacturers are collaborating with athletes to expand their reach and widen their consumer base. This is evident by the partnership between COPD athlete Russell Winwood and Philips Respironics that took place in November 2017. Constant technological breakthroughs are expected to enable discovery of more effective and affordable equipment.
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The global medical oxygen concentrators market is fragmented by product, application, technology, and region. By product, the market is bifurcated into portable and fixed oxygen concentrators. Major applications are bifurcated into home and non home care. Key technologies in the market are pulse dose and continuous flow.
Regions covered in the market report include Latin America, North America, Middle East and Africa (MEA), Asia Pacific (APAC), and Europe. In 2014, North America dominated the medical oxygen concentrators market owing to presence of various medical device manufacturers and sophisticated healthcare infrastructure. The growing geriatric populace and supportive government policies are expected to drive market growth during the forecast period. Initiatives by the FAA to use portable oxygen generators to patients with respiratory problems are expected to positively impact market demand. The Latin America market demand is likely to rise owing to efforts by governments to bring down the high incidence of deaths during surgeries.
The APAC market is anticipated to display robust growth during the forecast period due to a ample development opportunities in India and China. India, in particular, is expected to contribute to demand and revenue due to rising cases of COPDs. In addition, technological growth in portable oxygen concentrators, awareness among patients, and increasing healthcare budgets are other factors projected to drive the market.
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The Europe market for medical oxygen concentrators is predicted immense growth during the forecast period due to preference for oxygen concentrators by cardiologists in non-surgical procedures. The availability of portable oxygen generators, prevalence of COPDs, and changing consumer lifestyles can further drive the regional market. Rising cases of obstructive sleep apnea (OSA) can provide growth opportunities for regional market players.
The MEA market is expected to showcase a significant growth rate in the forthcoming years due to rise in pollution levels and lifestyle diseases. Development of solar-powered oxygen generators to facilitate aid in rural districts in times of power outage can augur market growth. Improvement in hospital infrastructure, purchase of disposable consumables, and rising expendable income of patients can positively influence the market in near future.
Prominent players operating in the medical oxygen concentrators market include Philips Healthcare; Invacare Corporation; Covidien plc; DeVilbiss Healthcare; and AirSep Corporation. Continuous technological innovations are expected to keep the market competitive. For instance, the Inogen at Home oxygen generators are aimed at patients comfortable with home healthcare services. Mergers and acquisitions and development of new products are expected to keep costs low. This is evident by the acquisition of Brightree by ResMed in February 2016 and its previous buyout of Inova Labs in order to extend its product portfolio in remote healthcare solutions.
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