Global Oxygen Concentrators Market, by Product Type (Portable and Stationary), by End User (Hospitals, Ambulatory Surgical Centers, and Homecare Settings), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 1,560.0 million in 2019 and is projected to exhibit a CAGR of 8.1% over the forecast period (2019 - 2027), as highlighted in a new report published by Coherent Market Insights.
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 economies 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 of the healthcare industry, manufacturers of oxygen concentrators are focusing on integrating IT with these devices. This is expected to propel growth of the 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 battery operated oxygen concentrators. Oxlife Independence is the world’s first smart oxygen concentrator.
New product launches is expected to drive growth of this market. For instance, in 2018, ResMed a healthcare company has launched Mobi, its first ResMed-branded portable oxygen concentrator (POC). This concentrator offers balance of oxygen delivery, weight, and battery life so that millions of patients with chronic obstructive pulmonary disease (COPD) or other respiratory conditions can receive oxygen through this device. This portable concentrator can be used for home care as well.
For instance, in January 2015, Air Water Inc. launched its innovative home medical oxygen concentrator ‘Konatsu 3’ SP. The product is lightweight, and has compact design and large wheels, which helps the device to move smoothly.
Moreover, the oxygen concentrators market growth is driven by increasing favorable reimbursement policies. For instance, in December 2014, Inogen, Inc., a medical technology company offering innovative respiratory products for use in homecare settings, announced that Inogen One G3 portable oxygen concentrator received coverage for insurance reimbursement within Germany.
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