Consumer Oxygen Equipment Market Prospects & Upcoming Trends and Opportunities Upto 2024
Oxygen is a colorless and odorless gas necessary for the body to survive. Oxygen therapy is a process to supply oxygen to patients who, due to breathing disorders, are unable to get enough oxygen supply for their body naturally. People who receive oxygen therapy often show improved energy levels and sleep, and better quality of life. Oxygen therapy can be exceptionally beneficial for those who experience low oxygen levels frequently. Regular utilization of oxygen therapy can further allow people to be mobile and active by lowering the breathing disorder. It extends life expectancy remarkably and improves the quality of life.
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Adoption of innovative technologies in medical devices, rise in government expenditure in health care domain, and increase in investment by companies manufacturing homecare products are likely to boost the growth of the global consumer oxygen equipment market during the forecast period. However, high product costs and stringent FDA regulations pertaining to medical devices are some of the factors which could restrain the growth of the global consumer oxygen equipment market during the forecast period.
The global consumer oxygen equipment market is segmented by product and end-user. Based on the product segmentation, the global consumer oxygen equipment market is classified into ambulatory devices and oxygen concentrators. The ambulatory devices involve liquid oxygen system and compressed gas system. The oxygen concentrators are basically devices which consist continuous flow oxygen concentrators and pulse dose oxygen concentrators. In terms of revenue, the oxygen concentrators segment dominated the consumer oxygen equipment market in 2015 owing to improved esthetics and extra safety features. The segment is expected to continue its dominance in the market by 2024 due to increasing technological developments in the lighter & portable oxygen devices, suitable for use at shopping complexes, airports, offices, and in flights. Continuous flow technology dominated the consumer oxygen equipment market in 2015. Pulse dose technology provides patients with improved technology, high mobility, ease of use, and increased efficiency. The technology is much reliable and safer than continuous flow technology, which is the reason the segment is expected to dominate the market over continuous flow technology by 2024.
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Based on the end-user segmentation, the global consumer oxygen equipment market involves hospitals, homecare settings, ambulatory surgical centers, and others. Growing geriatric population, coupled with rising number of long-term oxygen therapy (LTOT) patients, drives the requirement for homecare settings. Therefore, the homecare settings segment is expected to grow in the consumer oxygen equipment market rapidly. In severe cases, doctors mostly recommend for oxygen therapies with home oxygen concentrators. Moreover, equipment features such as low maintenance, cost-effectiveness, and provision for intact oxygen supply to patients are driving the homecare settings segment in the market during the forecast period.
Geographically, the consumer oxygen equipment market has been classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held a large share in the global consumer oxygen equipment market in 2015, which is attributed to the rise in number of COPD patients in the region. The pressure to produce portable, lighter & cheaper equipment which can be used while traveling abroad in turn increased the demand for the consumer oxygen equipment market in North America. Evolution of health insurance system in Europe is expected to contribute considerably to the potential and attractiveness of the Europe consumer oxygen equipment market. The consumer oxygen equipment demand in the U.K. is being driven by the rising levels of smoking. Asia Pacific is considered to be a fast growing region for the consumer oxygen equipment market. Key factors driving the growth in the region include rise in preference for home treatment, high prevalence of respiratory disorders, and improvement in health care system.
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Major players contributing in the global consumer oxygen equipment market are Inova Labs, Inc., Koninklijke Philips N.V., Chart Industries, DeVilbiss Healthcare, Inogen, Invacare Corporation, SeQual, Nidek Medical Products, Inc., Providence Medical, CAIRE Inc., VORTRAN Medical Technology, and Percussionaire Corp.
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