ALBANY, New York, January 31, 2017 /PRNewswire/ --
Inogen, Inc., Koninklijke Philips N.V., Chart Industries, Inc.,and Invacare Corporation had collectively taken up 65.5% of the Global Medical Oxygen Concentrators Market in 2015, pointing towards a highly consolidated market. Each of the above key players hold a considerable hold over the global medical
Transparency Market Research states in a research report that the leaders in the global medical oxygen concentrators market take a sizeable portion of the market in terms of value. Their strongly established brand image helps keep their client pool intact and allows them to progress much faster in terms of research and development. Leaders in the global medical oxygen concentrators market also hold solid distribution networks within their core areas, making it even harder for new entrants to generate traction. The global medical oxygen concentrators market does face a moderate level of threat from substitutes such as oxygen therapy devices and liquid and gaseous oxygen cylinders, further creating a measurable barrier for players to climb. The global medical oxygen concentrators market is projected to reach US$2.41 bn by the end of 2024, after expanding at a CAGR of 8.5% within a forecast period from 2016 to 2024. The market was calculated to reach US$1.25 bn by the end of 2016.
Download PDF Brochure of Research Report: http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=3998
Demand for Medical Oxygen Concentrators Ramped with COPD Patient Numbers on the Rise
"Chronic obstructive pulmonary disease, according to the WHO, is currently the fourth-leading cause of death, with close to 2.75 mn patients dying every year. COPD is further estimated to become the third-leading cause of death globally by 2030. The CDC adds that more than 16 mn U.S. citizens are currently living with lung cancer, COPD, smoking-related heart diseases, and other respiratory disorders. These numbers are vital to the global medical oxygen concentrators market, as these patients are the core consumers of concentrated oxygen. Their difficulty in breathing compels them to inhale larger volumes of oxygen per breath, thereby giving rise to a greater demand for oxygen suppliers such as medical oxygen concentrators," states a TMR analyst.
The growing geriatric population is similarly providing a heavy demand for medical oxygen concentrators across the world and especially in the developed economies from North America and Europe. The elderly population in emerging economies is expected to rise at an extremely fast pace over the coming years, further fuelling the demand taken up by players from the global medical oxygen concentrators market. The market is also being driven by the overall advantages that these units provide over conventional oxygen units in terms of portability and their ability to constantly filter oxygen through the surrounding air. Additionally, governments are growing highly aware of the massive demand for oxygen supply units and are coming forward with increasingly favorable reimbursement policies for patients, further increasing the overall target audience that can afford medical oxygen concentrators.
High Cost and Oxygen Wastage Hamper Global Medical Oxygen Concentrators Market
The global medical oxygen concentrators market does not face too many complications in terms of adoption rate and gaining favor in all regions. However, the high cost of medical oxygen concentrators is currently making it difficult to introduce these units into emerging economies. Statistics show that Asia Pacific and Latin America are bound to become high potential regions for the adoption of medical oxygen concentrators owing to their high population densities, swiftly evolving healthcare infrastructure, and the presence of large rural populations often too far away from healthcare support. The reduction of costs of these units could massively benefit players trying to penetrate emerging economies in the long run. The global medical oxygen concentrators market is also facing a certain amount of negativity due to the fact that the units that function on continuous flow technology are in operation even when the patient does not need oxygen, thereby wasting it as well as over-consuming electricity.
"Smaller players are expected to show a significant level of foray into the global medical oxygen concentrators market over the coming years, due to the favorable nature of investments into the section of portable oxygen concentrators. The scope of development in medical oxygen concentrators is extremely high and new entrants could crack the niche egg successfully with the right type of investment in research and development, creating better opportunities for themselves," adds the analyst.
Inquire for Report Customization:
The information presented in this review is based on a Transparency Market Research report, titled, "Medical Oxygen Concentrators Market - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast, 2016 - 2024."
Key segments of the Global Medical Oxygen Concentrators Market
Medical Oxygen Concentrators Market, by Modality
Medical Oxygen Concentrators Market, by Technology
Medical Oxygen Concentrators Market, by End Users
Medical Oxygen Concentrators Market, by Geography
Browse Related Research Report:
Oxygen Therapy Devices Market (Product Type: Oxygen Source Equipment & Oxygen Delivery Devices; Applications: Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnea, Respiratory Distress Syndrome, Cystic Fibrosis, Pneumonia) - North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Hyperbaric Oxygen Therapy (HBOT) Devices Market (Type of Products: Monoplace HBOT Devices, Multiplace HBOT Devices and Topical HBOT Devices & Applications: Wound Healing, Decompression Sickness, Infection Treatment, Gas Embolism and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Medical Gases and Equipment Market (Pure Gases, Gas Mixtures, Oxygen, Nitrous Oxide, Carbon Dioxide-Oxygen, Nitrous Oxide-Oxygen, Manifolds, Vacuum Systems) - Global Industry Analysis, Size, Share, Growth and Forecast - 2018
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
Contact Us: Transparency Market Research 90 State Street, Suite 700 Albany, NY 12207 Tel: +1-518-618-1030 USA - Canada Toll Free: 866-552-3453 Email: firstname.lastname@example.org
Website: http://www.transparencymarketresearch.com Blog: http://www.tmrblog.com/
SOURCE Transparency Market Research
Subscribe to our Free Newsletters!