Medical Oxygen Concentrators Market: Trends & Opportunities with Forecast Up to 2024
Albany, NY -- (SBWire) -- 09/26/2017 --Inogen, Inc., Koninklijke Philips N.V., Chart Industries, Inc., and Invacare Corporation had collectively taken up 65.5% of The Global Medical Oxygen Concentrators Market in 2015, pointing towards a highly consolidated market. Each of the above key players hold a considerable hold over the global medical oxygen concentrators market through a consistent rate of introduction of newer technologies.
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Transparency Market Research states in a research report that the leaders in the global medical oxygen concentrators market take a sizeable portion of the market in terms of value. Their strongly established brand image helps keep their client pool intact and allows them to progress much faster in terms of research and development. Leaders in the global medical oxygen concentrators market also hold solid distribution networks within their core areas, making it even harder for new entrants to generate traction.
The global medical oxygen concentrators market does face a moderate level of threat from substitutes such as oxygen therapy devices and liquid and gaseous oxygen cylinders, further creating a measurable barrier for players to climb. The global medical oxygen concentrators market is projected to reach US$2.41 bn by the end of 2024, after expanding at a CAGR of 8.5% within a forecast period from 2016 to 2024. The market was calculated to reach US$1.25 bn by the end of 2016.
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Demand for Medical Oxygen Concentrators Ramped with COPD Patient Numbers on the Rise
"Chronic obstructive pulmonary disease, according to the WHO, is currently the fourth-leading cause of death, with close to 2.75 mn patients dying every year. COPD is further estimated to become the third-leading cause of death globally by 2030. The CDC adds that more than 16 mn U.S. citizens are currently living with lung cancer, COPD, smoking-related heart diseases, and other respiratory disorders. These numbers are vital to the global medical oxygen concentrators market, as these patients are the core consumers of concentrated oxygen. Their difficulty in breathing compels them to inhale larger volumes of oxygen per breath, thereby giving rise to a greater demand for oxygen suppliers such as medical oxygen concentrators," states a TMR analyst.
The growing geriatric population is similarly providing a heavy demand for medical oxygen concentrators across the world and especially in the developed economies from North America and Europe. The elderly population in emerging economies is expected to rise at an extremely fast pace over the coming years, further fuelling the demand taken up by players from the global medical oxygen concentrators market. The market is also being driven by the overall advantages that these units provide over conventional oxygen units in terms of portability and their ability to constantly filter oxygen through the surrounding air. Additionally, governments are growing highly aware of the massive demand for oxygen supply units and are coming forward with increasingly favorable reimbursement policies for patients, further increasing the overall target audience that can afford medical oxygen concentrators.
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High Cost and Oxygen Wastage Hamper Global Medical Oxygen Concentrators Market
The global medical oxygen concentrators market does not face too many complications in terms of adoption rate and gaining favor in all regions. However, the high cost of medical oxygen concentrators is currently making it difficult to introduce these units into emerging economies. Statistics show that Asia Pacific and Latin America are bound to become high potential regions for the adoption of medical oxygen concentrators owing to their high population densities, swiftly evolving healthcare infrastructure, and the presence of large rural populations often too far away from healthcare support. The reduction of costs of these units could massively benefit players trying to penetrate emerging economies in the long run. The global medical oxygen concentrators market is also facing a certain amount of negativity due to the fact that the units that function on continuous flow technology are in operation even when the patient does not need oxygen, thereby wasting it as well as over-consuming electricity.
"Smaller players are expected to show a significant level of foray into the global medical oxygen concentrators market over the coming years, due to the favorable nature of investments into the section of portable oxygen concentrators. The scope of development in medical oxygen concentrators is extremely high and new entrants could crack the niche egg successfully with the right type of investment in research and development, creating better opportunities for themselves," adds the analyst.
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