Oxygen Concentrators – A Breath of Fresh Air
Until recently, oxygen cylinders was the gold standard method for oxygen delivery to patients with chronic respiratory disorders or hypoxia. In the last few years, oxygen concentrators has emerged as a more convenient alternative to the cumbersome to use and transport oxygen cylinders. Development in the technology of oxygen concentrators has further supported preference for this device as compared to oxygen cylinders. Increasing inclination of patients towards home therapy in turn is increasing prescription for home use oxygen concentrators. Furthermore, with the continuous and pulse mode of oxygen supply, users can set their preferences and have the desired rate of oxygen supply.
As the device use ambient air for the supply of oxygen, it is much cost effective and safer to use than pressurized oxygen cylinders. The oxygen concentrators market has emerged from nothing to millions in revenue in just few years. Patient can use static oxygen concentrators or portable oxygen concentrators or refill the cylinders using their static oxygen concentrators for ambulatory use. Convenience is where the oxygen concentrators market has gained significant attention and increasing traction from patients with respiratory disorders. Novel wearable devices that will monitor the oxygen levels in patient’s body and when required, the device will deliver required amount of oxygen are no distant dreams now.
The global oxygen concentrators market was valued at US$ 930.2 million in 2015 and is expected to witness a CAGR of 7.4% during the forecast period (2016 – 2024).
Figure 1. Global Oxygen Concentrators Market Share, By Region (%)
Source: Coherent Market Insights Analysis (2017)
Increasing Product Competitiveness
Market players are competing based on pricing and features, which is now extended to technology. More compact and lightweight oxygen concentrators are being made available in the market. Furthermore, devices with different oxygen supplying capacities are also introduced to target specific demands of users. Devices specific for pediatric patients are now available, which have low flow-rate making them ideal for hospital environments and also home use. In addition, devices with pulse as well as continuous flow mode are now available to eliminate the need to purchase two separate devices. Furthermore, oxygen concentrators are now digitally connected to monitor and ensure efficient functioning of the system. USB connection and cloud-based network connection are a few advancements in the technology. Such product developments and innovations would be favorable for consistent growth of the global oxygen concentrators market.
Digital transformation to underpin the growth of oxygen concentrators market
The global healthcare sector is undergoing a wave of transformation, with digitization being the core focus area of product manufacturers and service providers. Healthcare IT products and systems are in high demand in emerging nations such as India, China, Brazil, Indonesia, and also Israel, as part of the ongoing upgrade of healthcare infrastructure in these countries.
Considering the future dynamics in the healthcare industry, manufacturers of oxygen concentrators are also trying to integrate IT with the devices. This is expected to propel growth of oxygen concentrators market in these regions. Oxlife Independence by O2 Concepts LLC is connected on cloud network for the manufacturer/service provider to monitor functioning of the device and provide any upgrade to the system software. This technology aids in ensuring optimal performance of the battery operated oxygen concentrators. Oxlife Independence is the world’s first smart oxygen concentrator.
COPD incidence acting as the growth propeller for the oxygen concentrators market
Aging population and heightened risk to respiratory disorders would favor growth of oxygen concentrators market in future. Chronic obstructive respiratory disorders (COPD) is the major target or user population of oxygen concentrators market. According to the World Health Organization (WHO), chronic obstructive pulmonary disease (COPD) is estimated to cause 3 million deaths globally in 2015.
Only a few percentage of these patients are prescribed oxygen concentrators implying the huge potential for the market players. Creating more awareness, especially in emerging economies would augment the demand for oxygen concentrators. A collaborative approach among the companies, government and insurance companies would benefit the industry and help save a lot to the patients and insurance reimbursement providers.
Oxygen concentrators are widely used to treat patients with deficient supply of oxygen or who lack adequate amount of oxygen in blood. These device can be operated by being plugged into an energy source or using batteries. Oxygen concentrators are better alternative to oxygen cylinders that are heavy to carry everywhere. Oxygen concentrators can either be fixed devices or portable. Therefore, these device can also be used at home. However, a prescription from a registered physician is required to purchase on oxygen concentrator. Patients with severe respiratory disorders (asthma, nocturnal hypoxemia, terminal malignancy and hypoxia) and cardiovascular disease are prescribed oxygen concentrators. Besides, oxygen concentrators are widely used in military or disaster situations where carrying/using oxygen tanks could be perilous, given their highly combustible nature.
Three are defined regulatory guidelines for the prescribers to identify situations wherein they can prescribe an oxygen concentrator. The FDA, EU and Australian Government has guidelines defining the prescribing authority, prescription writing and disorders for which oxygen concentrators can be clinically used. This is to further alleviate the risk of using oxygen concentrators in noncritical conditions. Advanced functions in oxygen concentrators that enable monitoring and controlling time-flow of oxygen makes it attractive for users. Hospitals, who are the major users of this device, have an option of selecting either continuous or pulse dose oxygen concentrators. These variants serve users with different needs and budgets.
Oxygen concentrators are an intense threat for oxygen tanks or cylinders, which have been the standard oxygen delivery mode for decades. Market players are constantly focused towards introducing innovative products in the market, in order to sustain in this highly competitive market. Therefore, we see more light and compact device in the global oxygen concentrators market.
Furthermore, growing pollution leading to increasing incidence of respiratory disorders would augment growth of the global oxygen concentrators market. Also, aging is one of the major factors for respiratory problems and use of oxygen delivery devices is comparatively high in elderly patients. This coupled with growing home healthcare market would drive growth of global oxygen concentrators market during the forecast period (2016–2024).
This report segments the global oxygen concentrators market on the basis of product type, end user, and geography. On the basis of product type, the market is categorized into portable and fixed oxygen concentrators. On the basis of end-user, the global oxygen concentrators market is categorized into hospitals, home care settings and others. For comprehensive understanding of market dynamics, the global oxygen concentrators market is analyzed across key geographical regions namely North America, Europe, Asia Pacific, Latin America, Africa, and Middle East. Each of these regions is analyzed on basis of market findings across major countries in these regions for a macro-level understanding of the market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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