The global medical oxygen concentrators market size was valued at USD 1.83 billion in 2016 and is anticipated to grow at a CAGR of 12.0% over the forecast period. Increasing prevalence of chronic pulmonary diseases, rising geriatric population base with COPD & other respiratory diseases, and technological advancements are among few factors driving the market growth.
The Asia Pacific is expected to emerge as the fastest growing regional market. It is projected that by 2050, the elderly population would increase to 324 million, therefore demand for the home healthcare services for oxygen therapies would rise over the forecast period.
According to data published by United Nations, the global geriatric population was nearly 809.4 million in 2012 and is expected to double its number by 2050 to reach an estimated population of over 2 billion. A large number of the population above 70 years, who have low immunity levels and are prone to various respiratory disorders such as COPD, asthma, fibrosis, and pulmonary hypertension, are expected to boost the usage rates of these concentrators over the forecast period.
Favorable reimbursements for these concentrators is also expected to positively reinforce the industry growth. Moreover, awareness campaigns such as World COPD Day by the Global Initiative for Chronic Obstructive Lung Disease (GOLD) aimed at educating and empowering patients suffering from COPD are expected to boost the growth. To increase the awareness and diagnosis of COPD, Phillips in collaboration with COPD athlete Russell Winwood developed a motivational content for educating, engaging and empowering COPD patients and caregivers.
Technological innovations in concentrators are further propelling the market growth. Key players are developing or modifying products thereby intensifying the competition. Inogen, one of the leading players, has developed oxygen concentrator, Inogen at Home, for enabling ease in breathing for the patients with COPD using stationary concentrators, bronchitis, and other respiratory disorders. Inogen at Home is a lightweight, quiet and energy efficient permitting 5 liters of continuous oxygen flow per minute.
Portable segment held the largest share in 2016 in terms of revenue. Increasing demand for lightweight and portable concentrators, growing geriatric population base, increasing younger population affected with COPD owing to unhealthy lifestyle such as smoking cigarettes and consuming marijuana are the factors anticipated to drive the market growth over the forecast period.
The same segment is expected to emerge as the fastest growing segment with a lucrative growth rate of 14.0% by 2022. Portable segment is utilized for oxygen therapies for higher oxygen concentrations than the levels of ambient air. This equipment is mostly feasible for travelers due to advantages such as smaller size, improved mobility, and higher oxygen capacity suitable for all circumstances. Increasing prevalence of respiratory disorders such as asthma, COPD, and acute respiratory distress syndrome are expected to boost the usage rates for portable oxygen concentrators over the forecast period.
Various advantages offered by these concentrators include continuous supply of oxygen that increases survival rates, improvements in exercise tolerance, increased stamina, ease of handling, less maintenance, improved battery power, and authorized use of concentrators in airplanes and airports. Whereas, the stationary segment is expected to grow at a steady growth rate of nearly 10.0%. These devices offer a more stable source of oxygen to patients, hands-free operation, and longer tubing as compared to portable oxygen concentrators.
Home care segment dominated the overall market in 2016, in terms of revenue share at over 61% owing to the factors such as increasing geriatric population, growing prevalence of COPD, and rising demand for home healthcare oxygen therapies. Home care oxygen concentrators promote independence and make it easier and safer for the patient to complete their daily activities.
As COPD is mostly diagnosed in middle-aged and older people, in severe cases, doctors recommend oxygen therapies that help with shortness of breath. Home care includes portable and stationary oxygen concentrators, mostly used in home oxygen therapies. The same segment is anticipated to emerge as the fastest growing segment with a lucrative growth rate of 13.4%.
Non-home care medical oxygen concentrators are mainly used in healthcare centers and hospitals. Major factors attributing to the market growth are increasing the prevalence of COPD, respiratory disorders such as asthma, occupational lung diseases and growing geriatric population with weak immunity prone to infectious diseases. The non-home care segment is expected to grow at a steady growth rate.
Continuous flow technology in these concentrators dominated the overall market in 2015 in terms of revenue share at over 53% owing rapid technological advancement pertaining to new product development. Furthermore, increasing prevalence of chronic breathing problems and ongoing use of respiratory equipment for oxygen therapies is attributed to boost the market growth.
Additionally, NSBRI Smart Medical Systems and Technology with their constant innovations such as the development of pressure swing adsorption technology suitable for an astronaut that can fulfill the oxygen requirement in spacecraft is also anticipated to the growth of the market.
Pulse dose technology is anticipated to grow at the fastest growth rate of 13.0% over the forecast period. Pulse dose technology is considered as the “demand flow of oxygen supply”. The patients are provided with high mobility, improved technologies, ease in comfort and increasing efficiencies are few factors which are expected to positively reinforce the pulse dose in oxygen concentrator market growth.
Pulse dose technology is widely used for portable concentrators. This technology is much more safe and reliable than continuous flow technology since pulse dose devices are equipped with a sensor which has the capability to detect the next inhalation. It has been estimated that a pulse dose device has an upper limit of 40 breaths per minute. At the point when breath rate increases up to 40 BPM, the device still delivers a dose in every breath.
North America was the largest market in terms of revenue share in 2014 owing to the presence of developed home healthcare care services, increasing prevalence of respiratory disorders and favorable reimbursement policies in the U.S. Increasing geriatric population in North America is one of the most significant drivers attributing for the regions large share. According to data published by the UN, it has been estimated that in 2014, over 70 million people in North America were above 60 years of age which are prone to various respiratory disorders due to weaker immune system and low oxygen intake capacity.
Furthermore, favorable government initiatives such as the presence of the Federal Aviation Administration (FAA) which authorize the use of portable concentrators during air travel and rising prevalence of severe chronic obstructive pulmonary disease due to unhealthy lifestyle are the factors contributing to the large share. This region has the presence of key players such as SeQual, Inogen, Invacare, Oxus, AirSep, Philips Respironics and Inova Labs Inc.
The Indian market for these concentrators is emerging as a dual market. Increasing prevalence of COPDs’ and other respiratory disorders are some of the factors attributing to the rapid growth rate in the region. Furthermore, increasing healthcare expenditure, rising demand for portable concentrators and rising awareness regarding the technological advancements used in diagnosis are some of the factors attributing to the lucrative growth.
The industry is highly fragmented in nature with participants such as Inova Labs Inc., Teleflex Incorporated, O2 Concepts, DeVilbiss Healthcare, Philips Healthcare, Invacare Corporation, Nidek Medical, Inogen Inc., Covidien Ltd, Teijin Ltd and AirSep Corporation.
Manufacturers are striving hard to increase their market share through the strategies such as the development of new products and the advancements of the existing ones, extensive price competitions and mergers and acquisitions owing to which the competition among existing players is high.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2012 to 2022. For the purpose of this study, Grand View Research has segmented the global medical oxygen concentrators market report on the basis of product, application, technology, and region:
Product Outlook (Revenue, USD Million, 2012 - 2022)
Application Outlook (Revenue, USD Million, 2012 - 2022)
Technology Outlook (Revenue, USD Million, 2012 - 2022
Regional Outlook (Revenue, USD Million, 2012 - 2022)
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