Global Medical Oxygen Concentrators Market is expected to reach USD 2.10 billion by 2022, according to a new study by Grand View Research, Inc. Increasing geriatric population with lower immunity levels prone to various medical conditions such as COPD and other respiratory disorders is expected to remain a key factor driving the medical oxygen concentrators market over the forecast period. Presence of favorable government initiatives including the presence of advisory circulars pertaining to the usage of portable oxygen concentrators which meet the applicable FAA requirements is also expected to drive market growth. Growing healthcare expenditure levels triggering the demand for home healthcare is likely to boost the demand for portable devices.
Home care services were the largest application segment in 2014. Key factors attributing to its large share include the rising demand for home oxygen concentrators that help with shortness of breath and increasing prevalence of COPD. Non home care services are also expected to witness lucrative growth over the forecast period majorly owing to, the ever increasing procedure volume in non home health care settings.
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Further key findings from the study suggest:
- Continuous flow technology based devices were the most revenue generating segment in 2014. Key factors attributing to its market dominance include the product’s ability to supply pure oxygen to users with improved battery power in all circumstances.
- Portable oxygen concentrators are expected to witness lucrative growth of over 13.0% during the forecast period. Factors such as increasing geriatric population, rising prevalence of respiratory diseases, and features such as light weightiness and user friendliness are expected to ensure expedited segment growth.
- Fixed medical oxygen concentrators dominated the overall market, valued at over USD 400.0 million in 2014. High usage rates associated with the product, especially in non home healthcare settings is a key factor accounting to the segment’s market position.
- North America touted the highest market penetration rates in 2014. Presence of sophisticated healthcare infrastructure and favorable reimbursement policies is expected to drive regional market over the forecast period.
- Asia Pacific is identified as the fastest growing oxygen concentrators market. High growth opportunities available in the emerging markets of India and China coupled with rapidly growing disease prevalence levels are some factors expected to drive regional market over the forecast period.
- Key players operating in the medical oxygen concentrators market include Teijin Limited, Invacare Corporation, Devilbiss Healthcare, AirSep Corporation, Inova Labs, Philips Healthcare, Nidek Medical Products, Inogen Inc., O2 Concepts and Covidien Ltd.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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