April 13, 2020
According to the research report titled ‘Medical Oxygen Concentrators Market Size By Product, By Application, By Technology, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the medical oxygen concentrators market is expected to be worth USD 2.6 billion by the year 2025.
Rising levels of air pollution has enhanced the frequency of COPD among the population. Increasing focus on improving patient’s quality of life along with escalating healthcare expenditure are prime factors fostering the demand for medical oxygen concentrators. Favorable reimbursement policies and technological advancements in medical oxygen concentrators are driving the market growth. However, strict regulatory scenario for equipment production and usage may act as a restraining factor for the overall market growth.
Based on the product landscape, the report states that fixed medical oxygen concentrators market segment is presumed to expand with a CAGR of 5.5% during 2019-2025. The equipment has a superior oxygen output and is relatively affordable.
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On the other hand, portable segment held a substantial market share in 2018 and will witness similar growth in the subsequent years, primarily due to convenience and easy handling of the product.
Citing the application spectrum, medical oxygen concentrators market from non-home care segment generated USD 520 million in 2018 and is expected to register consistent growth throughout the forecast period. Rising elderly population and increasing usage of medical oxygen concentrators in hospitals, nursing homes, and elderly care centers are aiding the segmental growth.
In terms of technology scope, the report cites that continuous flow segment held 51% revenue share in 2018 and is poised to acquire commendable gains by the year 2025, on account of technological improvements and surging usage of equipment for emergency situations.
As per the regional analysis, the U.S. medical oxygen concentrators industry was worth USD 519.7 million in 2018 and is predicted to grow consistently during the study period. Rising geriatric population who are vulnerable to chronic conditions such as COPD and asthma along with favorable reimbursement scenario are promoting the business scenario in the U.S.
Alternatively, Japan held 39% share in Asia-Pacific medical oxygen concentrators industry in 2018. Rising pollution levels has enhanced the prevalence of chronic diseases in the country. Availability of advanced healthcare infrastructure is augmenting the Japan market share.
The prominent companies operating in medical oxygen concentrators industry are Yuwell, Teijin Ltd., O2 Concepts, NIDEK Medical Products Inc., Koninklijke Philips N.V. Philips Healthcare, Invacare Corp., Inova Labs Inc. (ResMed), Inogen Inc., DeVilbiss Healthcare GmbH and Chart Industries (AirSep) among others.
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