Global Medical Oxygen Concentrators
Market is expected to reach USD 2.10 billion by 2022, according to
a new study by Grand View Research, Inc. Increasing geriatric population with
lower immunity levels prone to various medical conditions such as COPD and
other respiratory disorders is expected to remain a key factor driving the
medical oxygen concentrators market over the forecast period. Presence of
favorable government initiatives including the presence of advisory circulars
pertaining to the usage of portable oxygen concentrators which meet the
applicable FAA requirements is also expected to drive market growth. Growing
healthcare expenditure levels triggering the demand for home healthcare is
likely to boost the demand for portable devices.
Home care
services were the largest application segment in 2014. Key factors attributing
to its large share include the rising demand for home oxygen concentrators that
help with shortness of breath and increasing prevalence of COPD. Non home care
services are also expected to witness lucrative growth over the forecast period
majorly owing to, the ever increasing procedure volume in non home health care
settings.
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Further key findings from the study suggest:
- Continuous flow technology based devices were the most revenue generating segment in 2014. Key factors attributing to its market dominance include the product’s ability to supply pure oxygen to users with improved battery power in all circumstances.
- Portable oxygen concentrators are expected to witness lucrative growth of over 13.0% during the forecast period. Factors such as increasing geriatric population, rising prevalence of respiratory diseases, and features such as light weightiness and user friendliness are expected to ensure expedited segment growth.
- Fixed medical oxygen concentrators dominated the overall market, valued at over USD 400.0 million in 2014. High usage rates associated with the product, especially in non home healthcare settings is a key factor accounting to the segment’s market position.
- North America touted the highest market penetration rates in 2014. Presence of sophisticated healthcare infrastructure and favorable reimbursement policies is expected to drive regional market over the forecast period.
- Asia Pacific is identified as the fastest growing oxygen concentrators market. High growth opportunities available in the emerging markets of India and China coupled with rapidly growing disease prevalence levels are some factors expected to drive regional market over the forecast period.
- Key players operating in the medical oxygen concentrators market include Teijin Limited, Invacare Corporation, Devilbiss Healthcare, AirSep Corporation, Inova Labs, Philips Healthcare, Nidek Medical Products, Inogen Inc., O2 Concepts and Covidien Ltd.
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Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
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Grand View Research, Inc
Phone: 1-415-349-0058
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Email:
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