An oxygen concentrator is a device used to deliver concentrated oxygen to a patient requiring oxygen therapy. These devices are considered as a safer, easy to use and inexpensive compared to compressed oxygen cylinders. Portable oxygen concentrator acts by increasing the concentration of oxygen by taking a mixture air from its surrounding. Major factors expected to drive the market for oxygen concentrators include its ability to provide oxtgen under all circumstances and worldwide aging population coupled with COPD and other respiratory diseases.
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The older versions of the oxygen concentrators were considered to be unreliable and difficult to use as they were bulky and costly. Over the past years, oxygen concentrators have been evolved as manufacturers are improving the design of them and by manufacturing them with a relatively smaller size & higher mobility. The market for oxygen concentrators has undergone significant changes and improvement with the introduction of portable technology. The devices have become lighter, more powerful and affordable leading to increasing demand in the homecare department.
Increasing worldwide geriatric population means rise in homecare oxygen treatment. People with respiratory conditions such as chronic obstructive pulmonary disease (COPD), chronic bronchitis and emphysema have benefitted greatly with innovations in oxygen concentrator technology. Some of the new and improved versions of the standard large and bulky devices include AirSep’s Lifestyle portable oxygen concentrator, Inogen One G3, VBOX Trooper, EverGo, Invacare XPO2 and iGo.
The demand for lighter technology by consumers and need for better mobility support for the aged rises, new competitors enter the market thereby driving innovations. This has resulted in high-quality devices at lower prices. The global oxygen concentrator market is segmented by types, application and geography. On the basis of types, the global oxygen concentrator market is segmented into portable oxygen concentrator, stationary oxygen concentrator and so on.
On the basis of application, the global oxygen concentrator market is segmented into medical, water treatment, pharmaceutical production, glass manufacture and so on. On the basis of geography, the global oxygen concentrator market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific Excluding Japan oxygen concentrators market is projected to register a significant CAGR during the forecast period. Improving economic conditions is fuelling the growth of the global oxygen concentrators market in Asia Pacific.
The U.S. accounts for the largest share of the global oxygen concentrator market followed by Europe, due to growing consumer awareness rising incidences of COPD and demographic changes. COPD is known to be the fourth leading cause of death in the U.S. and the number has been dangerously rising, increasing the use of respiratory care devices. The change in lifestyle across the globe has led to an alarming rise in smoking population which has also fuelled the growth of the oxygen concentrator market.
The key players of global oxygen concentrator market are Braun and Company, Air Liquide, CareFusion, Chart Industries, Covidien, DeVilbiss Healthcare, Drive Medical, Fanem, Fisher & Paykel Healthcare, Bio-Med Devices, Invacare Philips Healthcare, Jiangxi Teli Anesthesia, Respiration Equipment, Newport Medical Instruments Inc., Respironics, Providence Global Medical, Percussionaire Corporation, Vortran Medical Technology, Intersurgical Ltd., Smiths Medical WinterGreen Research Inc., Eget Hi-Tec Co. Ltd., Race Medical and Beauty Equipments and Maquet.
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