Medical Oxygen Concentrators Market Outlook: Increasing geriatric population base to stimulate the industry growth
Advancements in healthcare system along with a strong desire to maintain good health will positively influence medical oxygen concentrators market outlook. The medical expenditure is observing a significant upsurge, one of the several reasons being the elderly population suffering from acute respiratory disorders. As per the UN report, aging population is expected to reach over 2 billion by 2050. The increasing geriatric population base is estimated to be a prime factor driving the medical oxygen concentrators industry trends over the coming years. As per Global Market Insights, Inc., “Medical oxygen concentrators market size is expected to hit USD 2.3 billion by 2023.” Moreover, favorable medical insurance as well as reimbursement policies are expected to offer lucrative avenues for the global industry landscape.
U.S. Medical Oxygen Concentrators Market Size, by Product, 2012 – 2023 (USD Mn)
Portable and fixed medical oxygen concentrators are the two major product segments of the medical oxygen concentrators market. High popularity of lightweight and user friendly concentrators is expected to enhance portable medical oxygen concentrators market value over the coming six years. Furthermore, its prominent use across shopping malls, airports, and offices is projected to fuel the product demand. Favorable government initiatives encouraging the use of FAA (Federal Aviation Administration) compliant portable medical oxygen concentrators in aircraft is further expected to propel the portable medical oxygen concentrators industry growth over the period of 2016-2023.
Get a Sample Copy of this Report:@https://www.gminsights.com/request-sample/detail/449
Fixed medical oxygen concentrators industry, which made significant contributions towards the overall revenue in 2015, is expected to witness a noticeable growth over the next few years, driven by the rapid increase in the aging population susceptible to respiratory disorders.
Medical oxygen concentrators find wide applications in home care and non- home care sectors. Medical oxygen concentrators market is predicted to observe a lucrative growth in the home care sector over the coming six years. Increase in the number of severely affected COPD patients requiring oxygen therapy at home along with the affordability and efficiency of this system will propel the medical oxygen concentrators industry size in home care sector.
High demand for medical oxygen concentrations in non-home care sector due to rising elderly population base susceptible to the occurrence of chronic ailments such as asthma, respiratory ailments, lung disorders, and COPD is expected to push the industry revenue.
On account of the global trends, North America medical oxygen concentrators market, which contributed over 40% towards the overall revenue, is expected to grow significantly over the coming timeframe, driven by factors such as the high occurrence of respiratory ailments, beneficial reimbursement norms, and growing product demand across the home healthcare sector. Furthermore, the high occurrence of COPD due to irregular life patterns is expected to drive the regional growth. U.S. is forecast to be a key regional revenue contributor.
APAC medical oxygen concentrators industry will also observe significant growth over the coming years, owing to the high living standards, rapidly increasing older population base, and better healthcare facilities. China and India are anticipated to be the major regional revenue pockets.
Latin America medical oxygen concentrators market is slated to register a high growth over the next few years, driven by factors such as high investments in healthcare infrastructural expansion, rising awareness among the patients about early diagnosis, and growing popularity of portable medical oxygen concentrators. Brazil is expected to make significant contributions towards the regional share.
Heavy demand for medical oxygen concentrators in Europe, owing to inadequacy of pure oxygen supply accompanied by introduction of beneficial compensation policies by the government will drive the regional growth.UK and Germany are estimated to be the key growth drivers of the region.
Key industry participants include Advanced Technocracy Incorporation, Teijen, O2 Concepts, Philips Respironics, AirSep, Goodhealth Incorporation, DeVilbiss Healthcare, and Covidien Limited.
Author Name : Dhananjay Punekar