New York, NY, April 11, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Medical Oxygen Concentrators Market by Product (Portable, Fixed) by Technology (Continuous Flow, Pulse Dose) by Application (Home Care, Non-home care): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2023”. According to the report, global medical oxygen concentrators market was valued at approximately USD 1,130.52 million in 2017 and is expected to generate revenue of around USD 2,126.00 million by end of 2023, growing at a CAGR of around 11.10% between 2017 and 2023.
Medical oxygen concentrators provide cost-effective oxygen treatment for patients to supplement oxygen and eliminate the need for bulky and heavy oxygen tanks. Personal oxygen concentrator pulls-in regular room air filters out some of the other gases present and delivers concentrated, medical-grade oxygen. Growing incidences of COPD among people will increase demand for the product. COPD causes due to prolonged exposure to harmful fumes of chemical, air pollutants, dust, and smoking. Growing prevalence of smoking among young population coupled with rising pollution levels pollution will further drive medical oxygen concentrators market growth over the forecast timeframe. However, the existence of stringent regulations for medical oxygen concentrators and time-consuming approval process may restrain industry growth.
Browse through 42 Tables & 18 Figures spread over 110 Pages and in-depth TOC on “Global Medical Oxygen Concentrators Market Size 2017: Industry Share, Products, and Forecast, 2023”.
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Oxygen concentrator technologies are focusing on clinical sound therapy. Oxygen therapy is used in the treatment of hypoxaemia, which involves delivery of concentrated oxygen to the patient to improve and stabilize blood oxygen saturation. Guidelines associated with the safe administration of oxygen vary for various applications; flow rate and concentration of oxygen delivered depends on the age and severity of the patient. Usage of oxygen concentrators has been still limited owing to the insufficient maintenance, selection, training, and procurement of high-quality devices.
Based on product, the medical oxygen concentrators market is segmented into portable and fixed. Portable medical oxygen concentrators are anticipated to gain highest revenue share. The growth is attributed due to increased demand for lightweight and safe medical oxygen concentrators.
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On the basis of technology, the market is segmented as a continuous flow and pulse dose. Continuous flow technology held major revenue share. Rising prevalence of COPD globally coupled with increasing adoption rate of technologically advanced products is predicted to drive segment growth. Pulse dose technology is expected to experience high growth rate due to the introduction of enhanced technology products.
Based on application, medical oxygen concentrators market is segmented as home care and non-home care. Home care segment is expected to contribute for highest revenue in 2017. Growing demand for home care oxygen concentrators, as it makes easier for patients suffering from COPD and other respiratory illness to complete their routine activities.
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North America dominates the medical oxygen concentrators market due to rising prevalence of respiratory diseases, the presence of favorable reimbursement in the U.S. and growing adoption of home healthcare facilities. Furthermore, adoption of an unhealthy lifestyle which gives rise to a high incidence rate of COPD will further drive industry growth.
Europe is the second largest regional market and is expected to show significant growth over the forecast period, due to increasing awareness levels among people regarding oxygen therapy devices, growing investment in research and development activities for the production of enhanced homecare products. Smoking is the most important risk factor for COPD in Germany. Growing number of smokers in the region will drive industry growth.
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The Asia-Pacific and Latin America market are anticipated to have the highest CAGR during the forecast period. Rising prevalence of COPD and other respiratory diseases in the region are some of the factors contributing for rapid growth rate in the region. India is one of the most affected countries by COPD. Moreover, growing disposable income of people in the region will stimulate demand for the product. Indian healthcare societies are experiencing rapid growth, due to the advancements in technology.
The Middle East and African region are expected to experience lucrative growth over the forecast period. Rising prevalence of chronic diseases and growing consumer awareness are the foremost factors driving industry growth in the Middle East and African region. Thus, all the aforementioned parameters are expected to propel the medical oxygen concentrators market growth globally.
Some of the key players in sleep apnea devices market include Inogen, O2 Concepts, Philips Respironics, Teijen, Invacare, Covidien, AirSep, Nidek Medical, and DeVilbiss Healthcare. Companies are mostly focusing on the development of new products, mergers & acquisition strategies to gain major revenue share and maintain their foothold in the market.
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This report segments the global medical oxygen concentrators market as follows:
Global Medical Oxygen Concentrators Market: Product Segment Analysis
- Portable
- Fixed
Global Medical Oxygen Concentrators Market: Technology Segment Analysis
- Continuous Flow
- Pulse Dose
Global Medical Oxygen Concentrators Market: Application Segment Analysis
- Home Care
- Non-home care
Global Medical Oxygen Concentrators Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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