North America Medical Oxygen Concentrators Market size was valued at USD 527.0 million in 2017 and is expected to witness 8.0% CAGR from 2018 to 2025.
North America Medical Oxygen Concentrators Market, By Product, 2017 & 2025 (USD Mn)
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Growing elderly population will stimulate the adoption rate of medical oxygen concentrators across North America. The number of elderly population is estimated to grow by 55% till 2030. Geriatric population that are at high risk of acquiring various respiratory disorders such as pulmonary hypertension, chronic obstructive pulmonary disorder and asthma should result in increased demand for medical oxygen concentrators in the foreseeable future years.
Increasing initiatives to prevent and control respiratory disorders will positively impact the industry growth. For instance, the ‘Bill and Melinda Gates Foundation’ works in association with various country’s governments to address the domestic respiratory system problems in the U.S. The foundation plans to offer oxygen supplying devices in the regions having high number of deaths due to respiratory issues which will highly impact demand for medical oxygen concentrators in the region during the upcoming years.
Portable medical oxygen concentrators segment held USD 269.1 million revenue size in 2017. Increasing number of patients are opting for portable devices owing to their light weight and compact nature. This feature allows patients to carry the devices with convenience and independence. Furthermore, the device is particularly suitable for patients during travelling which will further augment portable medical oxygen concentrators market size in the coming years.
Homecare medical oxygen concentrators application segment is forecasted to progress at 8.5% CAGR throughout the projected timeframe. Homecare medical oxygen concentrators offer convenience to the increasing percent of the geriatric population suffering from respiratory disorders that prefer respiratory therapy at home. Ease of communication regarding patient’s health with assistance from digital platforms will further increase segmental share.
Pulse flow medical oxygen concentrators technology segment will witness rapid growth at over 8.0% CAGR. Increasing number of patients are opting for pulse flow devices due to flexibility offered by the devices during various activities. Additionally, technologically advancements in pulse flow medical oxygen concentrators should increase the product adoption in foreseeable future.
U.S. medical oxygen concentrators market recorded USD 464.0 million revenue size in 2017. Changing lifestyle habits such as cigarette smoking and increasing pollution is expected to contribute to increasing prevalence. As reported by CDC, around 36.5 million adults in the U.S. are active tobacco smokers and around 16 million of them live with smoking related diseases. Favorable demographic trends coupled with increasing prevalence of such chronic condition will further impel the U.S. medical oxygen concentrators market over the forecast timeframe.
Some of the major industry players involved in the market include Inogen, Invacare Corportion, ResMed, Philips Respironics, O2 Concepts among other market players. Firms are adopting strategies such as novel product development and launch to enhance their market presence as well as expand their offerings. For instance, in June 2017, Inogen announced that it received the EC Certificate for its portable oxygen concentrator, the Inogen One G4. The certification will broaden market access for innovative portable oxygen concentrator.
Medical oxygen concentrators industry started its evolution during the 1970s when medical oxygen concentrators were initially developed for homecare application. Homecare medical oxygen concentrators were larger in size in the initial days. Subsequent advancements and development of the product led to introduction of easy-to handle and customer friendly medical oxygen concentrators. After relaxation of fee-on-service payment with monthly payments for these products, the product demand significantly increased subsequently across the U.S. Large number of industry players in the U.S. such as Inogen, Invacare and Philips Respironics entered medical oxygen concentrators market that increased industry rivalry. Currently, many countries are implementing initiatives to control and reduce the burden of respiratory diseases. However, increasing elderly population and rising number of smokers will augment the demand and development of North America medical oxygen concentrators industry in the forthcoming years.