As per the findings of a recent business study by Transparency Market Research (TMR), the total shares in the global medical oxygen concentrators market are distributed among a small pool of players and new entrants are struggling to make a mark against a robust distribution network that the market leaders have already established. The analysts of the report has detected that Inogen, Inc. currently occupies the leading position and along with Invacare Corporation, Koninklijke Philips N.V., and Chart Industries, Inc., the four companies reserved 65.5% of the shares in 2015. While Inogen boasts of its leading position via enhanced technology and aggressive market, Invacase has risen up the ladder by nurturing its supply chain. This moderately consolidated competitive landscape is expected to sustain in the near future too, particularly when the key players are expected to introduce new technologies and stay ahead of the curve.
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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.
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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.
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