LOS ANGELES, May 14, 2019 (GLOBE NEWSWIRE) — The Global Medical Oxygen Concentrators Market is estimated to grow at CAGR above 7 % over the forecast time frame 2019-2026 and reach the market value around USD 3 billion by 2026.
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The key market boosting factors include increased prevalence of COPD, and other respiratory conditions, along with increasing geriatric populations which are highly sensitive to chronic diseases. COPD and other respiratory diseases are increasing. Further, the market will probably be further driven by constant technological advances.
Global gestational population is forecast to grow by 2.1 billion by 2050, from 962 million in 2017, according to the data published by the United Nations. The market is categorized as portable and stationary concentrations of oxygen based on product type. Due to the increase in population targets, increased cases of COPD, and demand for lightweight and portable concentrators, the portable product segment is expected to have the highest CAGR over the forecast period. These products, like smaller sizes and improved portability, are also likely to increase demand for fixed devices.
The market is classified as homecare and non-homecare on the basis of application. The dominant segment for 2018 was Home Care, which is expected to expand from 2019-2026 at the fastest CAGR. This is due to such factors as the growth and demand for healthcare oxygen therapies and geriatric populations. Home care oxygen concentrations provide independence of use, which makes it possible for patients to easily perform their daily activities, thereby enhancing their demand. Asia Pacific, with a CAGR of 8.3 per cent from 2019 to 2026, is expected to be the fastest growing regional market.
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Increasing Incidence Of Oxygen Concentrations In Respiratory Diseases
Increasing carbon dioxide concentrations, pollution and other harmful gasses have caused significant prevalence of asthma and several other respiratory disorders in the environment. Also in the medical concentrateors market, a large number of geriatric population are expected to drive demand. The increased incidence of respiratory disease has drawn the attention of several companies that are now developing innovative and advanced solutions to these diseases. Furthermore, it is expected that portable aircraft oxygen concentrators will further drive demand in medical oxygen concentre, which was approved by the Federal Aviation Administration.
Stringent Government Policies to Limit Market Growth
The use of continuous flow technology reduces market growth, especially in developing economies, with high cost to portable oxygen concentrators and enormous loss of oxygen and energy. Strict regulatory policies on health care around the world also limit players ‘ prospects of growth are some of the other restrictive factors. The growth chance for the market has been limited in turn. However, increasing demand for oxygen-concentrators is likely to keep up with various other diseases such as pulmonal diseases, asthma, fibrosis and allergies and a variety of other respiratory disorders. Moreover, the global medical oxygen concentrateurs market is expected to benefit from the rising government initiatives to improve the health care sector and provide subsidies to diagnostic equipment.
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Portable equipment led the global market for concentrate medical oxygen in 2018 because of its advantages over fixed equipment.
Due to increasing geriatric population, COPD prevalence and the need for home oxygen therapies, home care was the dominant application segment in 2018.
North America was the world leader in the 2018 revenue of around USD 650 million and is expected to remain in the forecast period.
This is because of growth in home and health services developed and favorable reimbursement policies in the region.
Key Players & Strategies
The presence of Invacare Corporation; Drive DeVilbiss Healthcare, Inc.; Inogen, Inc.; Covidien Ltd.; Philips Healthcare; Nidek Medical; AirSep Corporation; and ResMed is extremely fragmented. Manufacturers seek to increase their market share by means of strategies such as new product development and progress in existing products as well as merger and procurement.
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