The global market for medical oxygen concentrators is mainly fuelled by the growing prevalence of COPD globally. The swift rise in the patient pool ailing from other lung diseases such as smoking-related lung conditions, asthma, and lung cancer is leading to an increasing demand for oxygen supply units. Oxygen supply units such as medical oxygen concentrators display widespread demand due to advantages of portability and uninterrupted oxygen supply. In addition, favorable government policies area also boosting the uptake of medical oxygen concentrators.
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On the other hand, however, a large number of oxygen concentrators that have continuous flow technology mechanism account for huge wastage of energy and oxygen even when not in use. Furthermore, the high cost of portable oxygen concentrators is limiting their adoption in emerging economies.
the key players are expected to introduce new technologies and stay ahead of the curve.
As per the evaluations provided in the TMR report, the opportunities in the global medical oxygen concentrators translated into a revenue of US$1.25 bn in 2016, and has projected it to swell up to US$2.41 bn by the end of 2024, with the demand expanding at an impressive CAGR of 8.5% during the forecast period of 2016 to 2024. Throughout the course of the forecast period, the prominent players will ripe the benefits of their brand image and invest on research and development activities to counter the upcoming threats coming from substitutes such as liquid and gaseous oxygen cylinders and oxygen therapy devices.
Based on modality, the report segments the global medical oxygen concentrators market into stationary and portable oxygen concentrators. In 2015, the segment of portable oxygen concentrators provided for the maximum demand as they are small in size as well as lightweight and, hence easy in handling and can function over rechargeable lithium batteries. Technology-wise, the market has been bifurcated into continuous flow technology and pulse flow technology. On the basis of end users, the market has been categorized into home care, hospitals, and ambulatory surgical centers (ASCs).
Geographically, the analysts of the report rate North America as most profitable region, with the developed country of the U.S. the one to concentrate on. The prosperity of the North America medical oxygen concentrators market is a reflection of increased homely usage of portable oxygen concentrators. While Europe currently constitutes for the second maximum demand, Latin America and Asia Pacific collectively provided for a demand share of 31.4% in 2015 and must gain focus of the vendors operating in this market.