OXYGEN CONCENTRATORS MARKET SIZE TO REACH CLOSE TO US$ 2 BILLION BY 2024
Until recently, oxygen cylinders was the gold standard method for oxygen delivery to patients with chronic respiratory disorders or hypoxia. In the last few years, oxygen concentrators has emerged as a more convenient alternative to the cumbersome to use and transport oxygen cylinders. Development in the technology of oxygen concentrators has further supported preference for this device as compared to oxygen cylinders. Increasing inclination of patients towards home therapy in turn is increasing prescription for home use oxygen concentrators. Furthermore, with the continuous and pulse mode of oxygen supply, users can set their preferences and have the desired rate of oxygen supply.
As the device use ambient air for the supply of oxygen, it is much cost effective and safer to use than pressurized oxygen cylinders. The oxygen concentrators market has emerged from nothing to millions in revenue in just few years. Patient can use static oxygen concentrators or portable oxygen concentrators or refill the cylinders using their static oxygen concentrators for ambulatory use. Convenience is where the oxygen concentrators market has gained significant attention and increasing traction from patients with respiratory disorders. Novel wearable devices that will monitor the oxygen levels in patient’s body and when required, the device will deliver required amount of oxygen are no distant dreams now.
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The global oxygen concentrators market was valued at US$ 930.2 million in 2015 and is expected to witness a CAGR of 7.4% during the forecast period (2016 – 2024).
Increasing Product Competitiveness
Market players are competing based on pricing and features, which is now extended to technology. More compact and lightweight oxygen concentrators are being made available in the market. Furthermore, devices with different oxygen supplying capacities are also introduced to target specific demands of users. Devices specific for pediatric patients are now available, which have low flow-rate making them ideal for hospital environments and also home use. In addition, devices with pulse as well as continuous flow mode are now available to eliminate the need to purchase two separate devices. Furthermore, oxygen concentrators are now digitally connected to monitor and ensure efficient functioning of the system. USB connection and cloud-based network connection are a few advancements in the technology. Such product developments and innovations would be favorable for consistent growth of the global oxygen concentrators market.
Digital transformation to underpin the growth of oxygen concentrators market
The global healthcare sector is undergoing a wave of transformation, with digitization being the core focus area of product manufacturers and service providers. Healthcare IT products and systems are in high demand in emerging nations such as India, China, Brazil, Indonesia, and also Israel, as part of the ongoing upgrade of healthcare infrastructure in these countries.Considering the future dynamics in the healthcare industry, manufacturers of oxygen concentrators are also trying to integrate IT with the devices. This is expected to propel growth of oxygen concentrators market in these regions. Oxilife Independence by O2 Concepts LLC is connected on cloud network for the manufacturer/service provider to monitor functioning of the device and provide any upgrade to the system software. This technology aids in ensuring optimal performance of the battery operated oxygen concentrators. Oxilife Independence is the world’s first smart oxygen concentrator.
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COPD incidence acting as the growth propeller for the oxygen concentrators market
Aging population and heightened risk to respiratory disorders would favor growth of oxygen concentrators market in future. Chronic obstructive respiratory disorders (COPD) is the major target or user population of oxygen concentrators market. According to the World Health Organization (WHO), chronic obstructive pulmonary disease (COPD) is estimated to cause 3 million deaths globally in 2015.
• Around 1.2 million people in the U.K. were diagnosed with COPD, accounting for nearly 2% of the country’s population (British Lung foundation, 2016). A large part of the population remains undiagnosed.
• COPD affects 30 million population in the U.S., which accounts for nearly 6.3% of the total U.S. population (COPD Foundation, 2013)
• COPD is more common in the people above 40 years of age
• COPD prevalence in Asia Pacific region was found to be 6.2% in 2015 (Study published in Asia Pacific Family Medicine journal)
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Only a few percentage of these patients are prescribed oxygen concentrators implying the huge potential for the market players. Creating more awareness, especially in emerging economies would augment the demand for oxygen concentrators. A collaborative approach among the companies, government and insurance companies would benefit the industry and help save a lot to the patients and insurance reimbursement providers.
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