Sellbyville, DE -- (SBWIRE) -- 10/09/2018 -- The Medical Oxygen Concentrators Market size is set to exceed USD 2.4 billion by 2024; according to a new research report by Global Market Insights.

Growing elderly population base that is more susceptible to chronic diseases such as COPD and asthma fuels industry growth. Increasing healthcare expenditure coupled with surging adoption rate of unhealthy food intake and lack of exercise are factors projected to impact positively on medical oxygen concentrators market over the forecast timeline.

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Increasing prevalence of smoking and high exposure to dust particles coupled with rising chronic obstructive pulmonary disease (COPD) occurrence drives medical oxygen concentrators market growth. Initiatives taken by government and private institutions to control disorders and diseases related to respiratory system is anticipated to boost market growth. For instance, the 'Bill and Melinda Gates Foundation' that works in association with several country's government for addressing domestic respiratory system complications in the country. The foundation functions to provide oxygen supplying devices in regions having high mortality rates owing to respiratory issue. Additionally, after 2017, the foundation is probably to expand its reach to South Asian and sub- Saharan African regions. Such initiatives are anticipated to propel business growth.

High exposure to dust particles, increasing pollution along with growing number of cigarette smokers are aspects boosting industry growth. However, stringent regulatory scenario hinders medical oxygen concentrators market growth. Regulatory bodies such as the US FDA, the European Medicines Agency, Japanese Pharmaceuticals and Medical Devices Agency have guidelines on classification of medical oxygen concentrators devices; and guidelines on GMP manufacturers of oxygen concentrators and multiple accredited suppliers.

Portable oxygen concentrators accounted for over 50% of industry revenue share in 2017 owing to several advancements that include compact size, increased efficiency, battery life and affordable price. Moreover, rising demand for portable oxygen concentrators and technological advances are anticipated to fuel business growth.

Home care segment held more than 60% of medical oxygen concentrators market in 2017 and will witness similar trend in foreseeable future. The growth is attributable to associated advantages offered at home such as, cost effective solution and suitable care provided according to personal needs as well as increasing patient's preference for home care.

Pulse flow segment will witness over 9.5% growth due to advances in technology coupled with adoption of R&D activities by companies to implement advanced technology in products. Additionally, associated advantages provided by pulse flow such as, automatic adjusting settings, and compact size of the pulse dose oxygen concentrators by lighter weight technology are aspects boosting business growth.

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UK medical oxygen concentrators market will witness more than 7% growth attributed to rising elderly population prone to chronic diseases and growing number of cigarette smokers. Moreover, lack of exercise and rising consumption of unhealthy food intake are some factors that increases chronic conditions risk thus, driving high use of medical oxygen concentrators.

China medical oxygen concentrators market was overused 70 million in 2017 and is anticipated to witness significant growth over the coming years due to increasing air pollution and increasing prevalence of asthma and COPD. Additionally, in big cities of China air pollution is a massive problem which increases the risk of acquiring COPD, thereby increasing demand for medical oxygen concentrators.

Key Players:

Some of the major industry players functional in global medical oxygen concentrators market are Chart Industries (AirSep), DeVilbiss Healthcare GmbH (Drive DeVilbiss International), Inogen, Inova Labs (ResMed), Invacare, Koninklijke Philips N.V. Philips Healthcare, NIDEK Medical Products, O2 Concepts, Teijin Limited, Yuwell (Jiangsu Yuyue Medical Equipment & Supply).

The business players emphasize on acquisitions and launch of platform as well as enhanced medical oxygen concentrators. For instance, in May 2016, O2 Concepts launched Dynamic Network Analysis platform that links all the oxygen concentrators through Verizon network. The DNA platform helps in tracing breathing rates, usage patterns, environmental settings and provides updates to discover new avenues, determine operating efficiency, and enhance system sales.