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(June 12, 2018)
Global Medical Oxygen Concentrators Market to Expand at 8.5% CAGR with Government Initiatives Providing Subsidies on Diagnostic Equipment
Albany, NY, June 12, 2018 (GLOBE NEWSWIRE) -- TMR prognosticates the global medical oxygen concentrators market to rise at an 8.5% CAGR between 2016 and 2024. By the end of the forecast period, the market could be valued at a US$2.41 bn. In 2016, it was valued at a US$1.25 bn. On the basis of modality, it is projected to witness the lead secured by the portable segment, considering its massive demand in the past few years. In terms of geography, North America could achieve a larger share of the market.
Increasing Incidence of Various Respiratory Diseases Multiplies Demand
Medical oxygen concentrators are envisaged to gather colossal demand due to their ability to make oxygen available in indifferent environments. The demand could further increase on the back of rising count of people with chronic obstructive pulmonary disease (COPD) and other respiratory diseases. Another factor that could improve the demand in the world medical oxygen concentrators market is the escalating percentage of geriatrics among the global population.
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With a view to enhance the use of medical oxygen concentrators in different conditions, companies have been involving themselves in exhaustive research and development activities. Furthermore, the Federal Aviation Administration (FAA) has already given the green light for the use of portable oxygen concentrators in aircrafts.
Stringent Regulatory Framework Puts Roadblock in Progress of Market
The international medical oxygen concentrators market is forecasted to make strong progress in the near future. However, a few challenges are predicted to show face that could arrest market growth during the course of the aforementioned forecast period. For instance, players may find it difficult to gain approval for their new products or their launch in different countries due to the presence of tight regulatory framework.
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Nonetheless, there could be lucrative business prospects available in the international medical oxygen concentrators market that are expected to provide a good boost to its growth in the foreseeable future. Increasing population, rising number of asthma and fibrosis cases, and swelling prevalence of lung diseases could raise the demand in the market. Players could also cash in on government initiatives to provide subsidies on diagnostic equipment and improve healthcare infrastructure to increase their shares.
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The global medical oxygen concentrators market is predicted in a report by Transparency Market Research (TMR) to find top four companies, i.e. Chart Industries, Inc., Philips N.V., Koninklijke, and Invacare Corporation accounting for a significant collective share. New entrants may face challenges to outperform market leaders because of their strong distribution network. Invacare is expected to climb up the ladder as it strengthens its supply chain. On the other hand, Inogen could attain a position of strength in the market with the use of improved technology. The competitive landscape could bear a moderately consolidated nature as players launch new technologies in the market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Mr. Nachiket Ghumare
Transparency Market Research
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