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 global market for medical oxygen concentrators is predicted to be valued at US$2.41 bn by 2024, expanding at a CAGR of 8.5% between 2016 and 2024. The market was valued at US$1.25 bn in 2016.
Proficiency to Work under All Conditions Driving Demand
The ability of these devices to provide oxygen under indifferent environment is the primary driver of the global medical oxygen concentrators market. The percentage of geriatrics is escalating among the global population and increasing number of people suffering from various respiratory diseases including COPD are also augmenting the demand for medical oxygen concentrators market. Portable oxygen concentrators have gained the approval from FAA for the usage on airline and R&D activities are underway to further enhance the devices for them to be used under different conditions. The report also highlights growing cases of lung diseases among the urban population, government initiatives to improve healthcare infrastructure and providing subsidies on diagnostic equipment, growing cases of fibrosis and asthma, and radically increasing population in a number of cities are some of the other factors aiding to the demand in the global medical oxygen concentrators market. On the other hand, presence of stringent regulatory framework is obstructing the market from attaining its true potential.