Global Medical Oxygen Concentrations Market Philips NV, Chart Industries, Inc. , invekre corporation, and some major companies such as Koniclijk demonstrated consolidated market structure in the form of a large number of shares in the market. Leading players in the market are also investing in mergers and acquisitions and introducing new products to expand their presence in the market. On the other hand, the challenges for new players entering the market are huge as key players have solid distribution networks. Moreover, competition among key players is also high with the aim of strengthening its position in the global market. Some of the key players of global medical oxygen consolers market are O2 Concepts LLC, Precision Medical Inc., Inogen Inc., Besco Medical Co.Ltd. , and Drive DeVilbiss are Healthcare LLC.
In a recent report published by Transparency Market Research, the global medical oxygen concentrates market is expected to touch US$1.25bn by the end of 2024. The global market is expected to progress to a stable CAGR of 8.5% during the forecast between 2016 and 2016. 2024।
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In terms of technology, pulse flow technology is the most used technology and leads the global market. Vascular flow technology only discharges oxygen during breathing which has led to its demand. Based on geography, North America led the global market in 2015 followed by Europe. The demand for medical oxygen concentrations was high in North America as it could be used for home care needs. The sector is likely to continue to dominate the global market in the coming years.
Increasing incidence of respiratory diseases for fuel demand for oxygen concentrations
The spread of asthma and many other respiratory disorders has been high due to the increasing concentration of carbon dioxide, pollution and other harmful gases in the atmosphere. There is also a demand for a large number of geriatrics which increases the demand in the medical oxygen concentrators market. The increasing incidence of respiratory diseases has attracted the attention of various companies who are now working on developing advanced and innovative solutions to treat these diseases. In addition, the Federal Aviation Administration has approved the use of portable oxygen concentrators in aircraft, which is expected to further increase demand in the medical oxygen concentrators market.
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Government Policies to Limit Market Growth
The high cost of portable oxygen concentrations and the huge loss of oxygen and energy when continuous flow technology is used restricts market growth, especially in emerging economies. Some other preventive factors in healthcare globally are strict regulatory policies, which have also limited growth prospects for players. In turn, it has also limited the opportunity for market growth. However, the increasing presence of many diseases such as lung diseases, asthma, fibrosis and allergies and many other respiratory disorders is likely to reduce the amount of oxygen. In addition, the government’s growing initiative to improve the healthcare sector and provide subsidy on diagnostic devices is also expected to benefit the global medical oxygen concentrators market.