Medical Oxygen Concentrators Market Size
Portable homecare oxygen concentrators market to witness phenomenal gains over the years ahead, APAC slated to record the fastest growth
Homecare oxygen concentrators market is witnessing a significant upsurge, driven by the rising number of chronic obstructive pulmonary disease (COPD) patients across the globe. A considerable increase in the number of cigarette smokers and rising exposure to pollution and dust will increase the prevalence of COPD among people. Moreover, the geriatric population is more susceptible to respiratory diseases such as asthma, pulmonary hypertension, fibrosis and are likely to push the growth of homecare oxygen concentrators industry over the years. According to Global Market Insights, Inc., Homecare Oxygen Concentrators Market is projected to witness a CAGR of 12% over the period of 2016-2023 with a revenue target of USD 1.5 billion by 2023.
Product innovation in this market is likely to gain considerable traction with the growing demand for flow technology. Portable oxygen concentrators, liquid oxygen, compressed gas oxygen cylinders are the three trending homecare oxygen concentrators product segments. Compressed gas oxygen cylinder is estimated to generate a revenue of over USD 57 million by 2023, owing to its availability in varied sizes based on the oxygen level requirements. However, the explosion risks associated with these devices coupled with their heavy weight may impede the device market expansion over the coming years.
Germany Homecare Oxygen Concentrators Market size, by product, 2012-2023 (USD Million)
Combating the disadvantages such as heavyweight and complex designs, portable homecare oxygen concentrators are witnessing an appreciable adoption rate. Portable homecare oxygen concentrators industry held a major share of over 75% of the global product landscape, and is projected to register a CAGR of 10% over the period of 2016-2023. The compact size of this device and light weight are the complementing factors attracting major revenue for this market.
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U.S. almost covered 88% of North America’s homecare oxygen concentrators industry share in 2015 and is slated to attain stupendous growth over the years ahead. Increasing incidence of pulmonary diseases, especially across the elderly population is driving the demand for home health care, which in turn is providing ample opportunities to the regional market. Additionally, favorable insurance policies which cover a large portion of device cost is further acting as a catalyst for the growth trajectory path of the homecare oxygen concentrators market.Huge geriatric base, upgraded living standards, and technologically advanced healthcare infrastructure are the key factors behind the rapid expansion of the APAC homecare oxygen concentrators market. China, India, and Japan are expected to be the major revenue pockets of the regional market.
Japan homecare oxygen concentrators industry generated a revenue of USD 52 million in 2015 and is estimated to cross over USD 138 million by 2023. With strategic collaborations and continuous product upgradation, Asia Pacific market is poised to record maximum growth rate in the coming time frame.
Germany dominated the Europe homecare oxygen concentrators market in 2015, accounting for almost 31% of the regional revenue with a market value of USD 54 million. In the coming time frame too, this country is estimated to experience a striking growth curve at a CAGR of 10% over 2016-2023. Sheer consumer demand for upgraded health care services along with a good number of market players’ availability is stimulating the business expansion in this region.
Continuous efforts on improving the product portfolio and mergers & acquisitions are the major strategies adopted by the industry players to sustain their market position. Some of the prominent players of homecare oxygen concentrators market include Teijen, Covidien, Invacare, Precision Medical, and AirSep.
Author Name :Ojaswita Kutepatil
APAC medical oxygen concentrators market to witness remarkable proceeds over 2018-2024, with Japan and China as major revenue pockets
One of the most swiftly expanding medical devices industry verticals, medical oxygen concentrators market, has been gaining a commendable traction, of late. In terms of commercialization, the fraternity enrolled its name in the billion-dollar businesses in 2017 with a registered market share of USD 1.3 billion. The growth has been primarily attributed to two major rationales – cumulative exposure to pollution and industry dust particles along with the increasing number of smoking individuals. The changing lifestyle pattern has led to a massive prevalence of chronic obstructive pulmonary diseases across the globe, driving the medical oxygen concentrators industry share.
U.S. Medical Oxygen Concentrators Market, By Product, 2013 – 2024 (USD Million)
With growing awareness of COPD and the reduction of life expectancy it leads to, oxygen concentrators will be preferred habitually and gradually replace the short life oxygen cylinders. Reportedly, oxygen concentrators use filters to generate medicated oxygen from normal breathing air providing it a greater value in comparison to oxygen cylinders which store limited amount of oxygen. As per a report by Global Market Insights, Inc. the U.S. medical oxygen concentrators market was dominant with 88.1% share in 2017. This high number can be primarily attributed to the continuously varying lifestyle and subsequent increase in COPD cases regionally. Augmented production of smoke from manufacturing plants, lack of healthy routines, and the favorable healthcare policies are some of the other factors pushing the U.S. medical oxygen concentrators industry trends.
The European countries are also witnessing an upsurge in unhealthy food consumption and cigarette smoking. In fact, the increasing prevalence of COPD has also substantially impacted Germany medical oxygen concentrators market trends. The regional share is anticipated to grow at 6.9% CAGR over 2018-2024. Add to it, the incessant efforts by the regional government to curb pollution levels and create health awareness will further boost the Germany market outlook. U.K. is another chief revenue pocket for Europe medical oxygen concentrators market with an anticipated CAGR of 7% over 2018-2024.
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The worldwide increase in the geriatric demography is yet another factor fueling the medical oxygen concentrators industry growth, given the high susceptibility of this population base to respiratory disorders. According to the World Health Organization, the global geriatric population (60 years or above) will nearly double from 900 million in 2015 to 2 billion in 2050. In this regard, the non-home care applications which include health rehabilitation centers and hospitals will witness substantial growth, driven by occupational lung diseases, harmful intake of substances and weak immunity among older patients. As per estimates, medical oxygen concentrators market share from non-home care applications will record a CAGR of 6.3% over the coming six years.
WHO statistics in addition to depicting the massive rise in geriatric population base also reveal that around 80% of the older population by 2050 would be living in low and middle-income economies. In fact, by 2050, around 120 million of this populace will be living in China alone. Another statistic by the United Nations states that nearly 2/3rd of the world’s older people live in developing regions with the numbers growing faster than the developed economies. In 2015, Asia alone was home to 508 million people aged 60 or above, which is almost 56% of the global geriatric population. This figure is projected to go up to 60% in 2030, according to the UN. Not to mention, the aforementioned data vividly outlines the strong contendership Asia Pacific holds in the global medical oxygen concentrators market. China and Japan are touted as the major growth avenues for the APAC belt. While China procured a revenue of USD 70 million in 2017, Japan medical oxygen concentrators market held more than 40% of the APAC share in the same year.
All in all, medical oxygen concentrators industry, subject to humongous investments in recent years, has become highly competitive with manufacturers developing and improving products in a bid to capture sizable market share. Companies are also inclining towards mergers & acquisitions and regional expansion strategies to gain a competitive edge. Spearheading the market share battle are corporations such as Chart Industries, DeVilbiss Healthcare, Inogen, Inova labs, Philips Healthcare, etc.
Author Name : Pankaj Singh