March 17, 2020
According to the report titled ‘North America Medical Oxygen Concentrators Market Size By Product, Application, Technology, Industry Analysis Report, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2025’, available with Market Study Report LLC, North America medical oxygen concentrators market is expected to cross USD 1 billion by the year 2025.
As per the report, rising prevalence of COPD (chronic obstructive pulmonary disorders) in Canada and U.S. is the major factor driving the growth of North America medical oxygen concentrators industry. Increasing consumption of tobacco and rising adoption of unhealthy habits such as smoking are also facilitating the market expansion. However, stringent standards associated with production and use of the medical oxygen concentrators may hinder the market growth.
As per product type, fixed medical oxygen concentrators market segment was worth USD 257 million in 2017 and is presumed to expand substantially during the forecast period. These products are available at relatively low cost and offer better oxygen output.
Based on the application spectrum, North America medical oxygen concentrator market from non-homecare segment is expected to grow with a CAGR of 5.4% during 2018-2025. Increased pervasiveness of respiratory diseases has enhanced the hospitalization rates. This factor, in tandem with rising elderly population is fostering the demand for medical oxygen concentrators from non-homecare applications.
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In terms of technology outlook, continuous flow segment accounted for 52% of total revenue in the year 2017 and is expected to register continuous growth during the projected timeframe. Growing inclination towards using continuous flow medical oxygen concentrators in emergency situations as these equipment are lightweight and convenient is fueling the segmental growth.
Considering the geographical landscape, Canada medical oxygen concentrators industry is set to record a growth rate of 9.6% during the study period. Increasing expenditure towards healthcare sector and growing geriatric population are contributing towards popularity of the product in Canada.
The prominent companies operating in North America medical oxygen concentrators industry are Yuwell, O2 Concepts, Teijin Ltd., NIDEK Medical Products Inc., NGA Spark Plug Co. Ltd., Inova Labs Inc., Invacare Corp., DeVilbiss Healthcare GmbH, and Koninklijke Philips N.V.
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