An oxygen concentrator is a medical device which is used to deliver oxygen for patients who has a low level of oxygen in their blood. Oxygen concentrators are usually obtained through prescription and it cannot be purchased over the counter. Oxygen concentrators are powered by plugging into an electrical outlet or by the battery. Electric battery powered concentrator is required to be charged by plugging into the outlet. Growing geriatric population base across the world that needs homecare oxygen treatment will increase demand for the product in the coming years. Moreover, people suffering from respiratory diseases such as chronic bronchitis, chronic obstructive pulmonary disease (COPD) and emphysema will further drive medical oxygen concentrators market growth over the forecast period.
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The aging population is the foremost driving factor for the industry in the future years. As per the estimates of UN, geriatric population is expected to reach more than 2 billion by 2050. As the aging population is more prone to acquire various respiratory-related diseases such as COPD, asthma, pulmonary hypertension, and fibrosis which will stimulate demand for medical oxygen concentrators over the forecast period. Government initiatives such as organizing awareness campaign about respiratory disorders. For instance, National Heart, Lung, and Blood Institute are engaged in developing educational programs and has also launched COPD Learn More Breathe Better (LMBB) campaign.
Based on product, the medical oxygen concentrators market is segmented into portable and fixed devices. Based on technology, the market is segmented as a continuous flow and pulse dose. On the basis of application, the market is categorized as home care and non-home care.
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North America held a major revenue share of the global medical oxygen concentrators market in 2017 and the region is anticipated to continue with its regional supremacy over the forecast period. The growth of this regional market is attributed due to increasing prevalence of respiratory diseases coupled with growing adoption of home healthcare. Moreover, favorable reimbursement policies in the U.S. will further drive industry growth. Asia-Pacific is expected to grow at a significant CAGR. Improved standard of living of people and access to enhanced health care facilities will drive business growth.
Some of the key players in the medical oxygen concentrators market include Inogen, O2 Concepts, Philips Respironics, Teijen, Invacare, Covidien, AirSep, Nidek Medical, DeVilbiss Healthcare and Inova Labs. Industry players are majorly focusing on new product development and merger & acquisition strategies in order to gain maximum share in the market.