Medical Oxygen Concentrators Market Size over $2.3bn by 2023
Pulse dose technology will continue its strong trend, generating over USD 459 million for 2015, and expected to surpass USD 1 billion by 2023. Portable oxygen concentrators widely use pulse dose as it offers a more reliable as well as safe option compared to continuous flow technology as these devices come equipped with sensors capable of detecting incoming inhalations.
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Global medical oxygen concentrators market is majorly driven by the encouraging initiatives and reimbursement policies by regulatory authorities. Government initiatives such as advisory circulars regarding the usage of portable oxygen concentrators compliant with FAA requirements for medical portable electronic devices on aircraft, and mandate to display the manufacturer’s label that indicates the device is FAA regulations compliant should boost the usage rates for medical oxygen concentrator devices.
Furthermore, technological advancements in portable oxygen concentrators owing to rising demand for light-weight and efficient oxygen concentrators should also propel the market growth.
Increasing prevalence of Chronic Obtrusive Pulmonary Disorder (COPD) is expected to propel the growth of the medical oxygen concentrators market during the forecast period. COPD is caused by smoking or prolonged lung irritant exposure which includes chemical fumes, air pollution, and dust, with tobacco smoke being a primary factor. Increasing number of smokers and dropping breathable air quality levels will be a key driving force for oxygen concentrators market growth.
Presence of untapped opportunities in emerging markets of India, China and Brazil are expected to offer potential growth markets. Increasing healthcare expenditure, rising demand for portable medical oxygen concentrators and rising awareness regarding early diagnosis are some of the factors that should attribute to the lucrative growth of the market. Key market players operating in India are Advanced Technocracy Inc., Goodhealth Inc., ATICO Medical Pvt. Ltd., Silverline Meditech Private Limited, Nexus Lifecare Pvt. Ltd., and Mediworld among others.
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Key insights from the report include:
- Global medical oxygen concentrators market size was USD 975.4 million for 2015, with forecast of 10.6% CAGR by 2023 and reach USD 2.32 billion.
- North America, driven through U.S., accounted for upwards of 40% revenue share in 2015, followed by Europe.
- APAC, especially China, along with LATAM are sought after regional markets in terms of growth opportunities for the next decade.
- Fixed medical oxygen concentrators segment dominated the overall medical market in 2015. The fixed medical oxygen concentrators market size may see to exceed over USD 495.3 million in 2015.
- USFDA Safety and Innovation Act came in force in July 2012. This act is expected to lower the entry barriers and attract new manufacturers to invest in this industry, which will enhance competitive threat.
- Unmet medical needs generated from a rapidly ageing population, and increasing healthcare infrastructure spending across APAC and LATAM should act as a catalyst for the growth.