ALBANY, New York, March 20, 2019
ALBANY, New York, March 20, 2019 /PRNewswire/ -- According to a report by TMR, the medical oxygen concentrators market is projected to reach US$2.41 bn by 2024. Further, it is envisaged to expand at a steady 8.5% CAGR from 2016 to 2024. Based on technology, the global medical oxygen concentrators market is categorized into pulse flow and continuous flow. Among these, the continuous flow medical oxygen concentrators segment will lead the global medical oxygen concentrators market in the forthcoming years. High revenue size can be due to rising demand for continuous flow oxygen concentrators in chronic conditions. Increasing utilization of continuous flow oxygen concentrators in emergencies will boosts the global medical oxygen concentrators market in the upcoming years.
North America was leading with the largest market share in the past few years. This is due to the presence of developed home healthcare services, growing prevalence of respiratory disorders, and favorable reimbursement policies in the US. Rising population in North America is one of the most substantial drivers attributing for the region's large share. Further, the Indian market for these concentrators is emerging; due to rising prevalence of chronic conditions and other respiratory disorders. Furthermore these disorders are factoring the global medical oxygen concentrators market for the rapid growth.
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Growing Chronic Disorders will Boosts Medical oxygen concentrators Market
Rising chronic obstructive pulmonary disease (COPD) occurrences combined with increasing number of smokers will boost the market. Rising emissions of harmful smoke and dust in several industrial and occupational sectors will be the prime growth factor for the global medical oxygen concentrators market. Furthermore, rising number of aged population is prone to several respiratory disorders which will further stimulate growth in the global medical oxygen concentrators market.
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Increasing need of providing respiratory solution to neonatal and elderly patients, suffering from numerous respiratory anomalies will escalate the demand for the market. Numerous private and public companies have applied programs to monitor, diagnose, and provide an effective way out to respiratory disorder patients. Such initiatives will boost the size of the global medical oxygen concentrators market in the forthcoming years.
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Rising emphasis on reducing total cost burden of diseases, and enhancing patient's quality of life will upsurge medical oxygen concentrators business value. Growing economic burden of COPD coupled with increase in disease severity, hospital admissions and readmissions constitute significant bulk of cost across all stages of COPD. Hence, measures taken to reduce cost burden of COPD will boost the market's growth too.
Stringent Regulatory Scenario, the Biggest Challenge for the Market
A stringent regulatory scenario is projected to hinder growth of the global medical oxygen concentrators market in the forthcoming years. However, assistances of fixed medical oxygen concentrators including ease of use and uninterrupted oxygen flow will be the major factors affecting the medical oxygen concentrators market growth. Moreover, higher oxygen output and low cost of fixed oxygen concentrators will boost the demand in the global medical oxygen concentrators market in the upcoming years.
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The global medical oxygen concentrators market is highly fragmented and competitive, says Transparency Market Research based on a recently published report. This is because of the presence of a large number of entrants who are competing to stay on top. In the near term, the global medical oxygen concentrators market is expected to observe an escalated challenge with the passage of various emerging players. In order to stay ahead in the global medical oxygen concentrators market, some of the key players are seen focusing on collaborations, and strategic mergers and acquisitions. They are also investing a considerable amount of money into R&D for better products. Deploying such approaches, some of the firms holding dominant positions in the area are O2 Concepts LLC, Precision Medical Inc., Inogen Inc., Besco Medical Co.Ltd., and Drive DeVilbiss Healthcare LLC.
This review is based on Transparency Market Research's report, titled, "Medical Oxygen Concentrators Market (Modality - Portable Oxygen Concentrators and Stationary Oxygen Concentrators; Technology - Pulse Flow Technology and Continuous Flow Technology; End User - Hospitals, Home Care, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2016 - 2024."
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