Asia Pacific Medical Oxygen Concentrators Market size was valued at USD 284.1 million in 2017 and is expected to witness 10.2% CAGR from 2018 to 2025.
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Increasing geriatric population highly susceptible to suffer from chronic respiratory illnesses will act as high impact rendering factor for growth of Asia Pacific medical oxygen concentrators market over the forecast timeframe. As per the United Nations Population Fund (UNFPA) estimates, one in four people in Asia Pacific will be aged over 60 years by 2050. Elderly people are at high risk of suffering from various respiratory conditions including chronic obstructive pulmonary disorder, pulmonary hypertension and asthma thereby resulting in augmented demand for medical oxygen concentrators in the foreseeable future years.
Increasing healthcare expenditure coupled with numerous initiatives undertaken by public as well as private institutions to curb incidence of respiratory diseases in Asia Pacific will positively impact industry growth. For instance, the Asian Pacific Society of Respirology functions to boost research and spread awareness about health problems in Asia Pacific region. It encourages clinical practice through teaching and promotes exchange of knowledge among respirologists in the Asia-Pacific region accelerating adoption rate of medical oxygen concentrator over the coming years. However, stringent device regulations along with reduced awareness will hamper industry growth to certain extent over the forecast timeframe.
Fixed medical oxygen concentrators market is estimated to grow considerably during the forecast period to reach USD 270.5 million by 2025. Rising number of people suffering from severe respiratory conditions requiring continuous flow of oxygen coupled with high capacity of fixed medical oxygen concentrators will drive industry growth. Asia Pacific is price sensitive market hence cost effectiveness offered by fixed medical oxygen concentrators in comparison to portable ones will further propel growth.
Non-homecare medical oxygen concentrators market accounted for USD 102.3 million in 2017 and is estimated to grow significantly over the coming years. Non-homecare segment comprises of nursing stations, long term care and elderly care centers. Increasing geriatric patient population suffering from chronic conditions in such medical facitlities will drive non-homecare medical oxygen concentrators market during the forecast period.
Continuous flow medical oxygen concentrators technology segment will witness over 9.3% CAGR during the forecast period. Increasing number of tobacco smokers coupled with rising number of severe respiratory disease patients in the region will drive continuous flow medical oxgen concentrators market over the forecast period. Cost-effectiveness offered by such systems will further boost business growth.
China medical oxygen concentrators market recorded USD 69.2 million revenue size in 2017. Increasing geriatric population base, rising number of people suffering from chronic respiratory conditions and growing adoption of unhealthy habits such as cigarette smoking will drive China medical oxygen concentrators market over the coming years. High pollution levels in China will accelerate incidence rate of respiratory disease in coming future, thereby fuelling industry growth.
Few notable industry players operating in Asia Pacific medical oxygen concentrators market include Philips, Inogen, Nidek, Teijin Pharma among others. Companeis are adopting strategies such as novel product development and launch to consolidate their market position as well as broaden product offerings. For instance, in May 2016 Inogen launched Inogen One G4 oxygen concentrator, smallest and lightest oxygen concentrator to fulfil consumer demand for portable systems as well as acquire significant market share.
Medical oxygen concentrators industry evolved during the 1970s. Initially medical oxygen concentrators were developed only for home applications and accounted for larger size. However, ensuing technological advancements led to introduction of easy operative and portable medical oxygen concentrators. After relaxation of fee-on-service payment with monthly payments for these products, the demand for the product escalated subsequently. Major companies such as Inogen, and Philips Respironics entered medical oxygen concentrators market which further increased competitive rivalry. Presently, governments and other organizations are working towards reducing respiratory disease burden in Asia Pacific.Moreover, several measures are undertaken to reduce pollution levels especially in China and create awareness about treatment and screening of respiratory conditions in the region. Aforementioned factors should stimulate growth of Asia Pacific medical oxygen concentrators market in forthcoming years.