The Global Oxygen Concentrators Market was valued at US$ 930.2 million in 2015 and is projected to expand at a CAGR of 7.4% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Products with improved features and benefits would augment the oxygen concentrators market growth in the near future.
Healthcare IT is an emerging field transforming the healthcare sector to a much better patient care industry. Oxygen concentrators can be linked to cloud-systems to aid manufacturers monitor the functioning of the device all the time. O2 Concepts LLC have its oxygen concentrator, Oxlife Independence being monitored via cloud system and receive periodic system updates for optimal battery performance. It is the world’s first smart portable oxygen concentrator, which has both the functions of pulse and continuous oxygen delivery mode.
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Besides products, services pertaining to the use of oxygen concentrators are also improving, wherein the vendors are now offering 24×7 service for the users of oxygen concentrators. This gives an assurance about the reliability of the product compared to oxygen tanks that are difficult to procure and manage. An integrated prodice (product-service) model would benefit the global oxygen concentrators market during the forecast period.
Oxygen concentrators are the most convenient and cost-effective oxygen delivery devices in the market. It doesn’t require refilling as in case of oxygen gas tanks and liquid oxygen cylinders. Moreover, these operate based on electricity as well as battery, making it portable for use. Moreover, an oxygen concentrator is capable of delivering continuous supply of oxygen as it uses air as a source of oxygen.
Incidence of respiratory disorders would propel the demand for oxygen concentrators. According to the World Health Organization (WHO), nearly 235 million world population suffered from asthma in 2012. Long-term asthma can lead to chronic obstructive pulmonary disease (COPD), which is estimated to cause 3 million deaths globally in 2015. Furthermore, oxygen concentrators are more conducive for home use, as portable devices allow use at convenience. On the other hand, as the adoption of oxygen concentrators increases in hospitals across the emerging economies of Asia Pacific and Latin America, the market would further gain traction.
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Key takeaways of the market:
The global oxygen concentrators market is expected to expand at a CAGR of 7.4% during the forecast period (2016–2024), as there exists a major demand especially in Asia Pacific, Latin America, Middle East and Africa markets.
The portable oxygen concentrators segment dominated the global market in 2016 and would continue to owing to growing demand for lightweight and compact concentrators, which can be used at locations such as offices, airports, shopping malls, and also airplanes.
In terms of end users, the home care settings marked a major revenue segment for the global oxygen concentrators market in 2016. This is majorly due to growing home healthcare market and the better technological functions and safety of the oxygen concentrators compared to oxygen tanks.
Asia Pacific is identified to be the most lucrative region for oxygen concentrators, owing to large patient base among whom awareness about such devices and demand for home healthcare is increasing rapidly.
Some of the major players involved in global oxygen concentrators market are Koninklijke Philips N.V., O2 Concepts, LLC, Oxygen to Go, LLC, Inogen, Invacare Corporation, AirSep Corporation, DeVilbiss Healthcare, Teijin Limited, Nidek Medical products, Inc. and Covidien Ltd.