Expansion of the geriatric population along with the prevalence of chronic obstructive pulmonary disorders (COPD) in the developing regions will drive the need for North America medical oxygen concentrators market.
Expansion of the geriatric population along with the prevalence of chronic obstructive pulmonary disorders (COPD) in the developing regions will drive the need for North America medical oxygen concentrators market. This is due to the robust possibility of older individuals to acquire various respiratory disorders. It has been estimated that the population count of the geriatric adults across the region will reach over 55% by 2030. It is also been revealed that COPD is the third and fourth most common cause of death in the U.S. and Canada respectively. Furthermore, the Lung Association of Saskatchewan reported that there are over 5 lakh COPD cases registered for individuals above 35 years of age in Canada.
The rising instances of smoking and consumption of tobacco are believed to have increased the probability of COPD and few other respiratory ailments, adding traction to the penetration of medical oxygen concentrators in the region. As per the CDC, around 14 adults in every 100 indulged in smoking in the U.S in 2017.
As per reports, the North America market size will surpass an annual value of USD 1 billion by 2025.
Increasing presence of portable and fixed concentrator machines
North America Industry share of portable medical oxygen concentrators crossed USD 269.1 million in 2017. This is owing to the rising preference for portable devices as they are lightweight as well as compact. These concentrators can be conveniently carried across by the affected patients and are found to be most suitable for use during traveling.
On the other hand, fixed medical oxygen concentrators offer higher oxygen output and are affordable in comparison to their portable counterparts. On account of these factors, the annual revenue from fixed oxygen concentrators in the North American market surpassed USD 257 million in the same year.
Higher preference for homecare and non-homecare devices
The demand for homecare medical oxygen concentrators in North America is pegged to rise at an 8.5% CAGR through 2025. These oxygen machines provide the comfort of respiratory therapy for the affected geriatric patient pool at home. They also render ease of communication pertaining to the patient’s health by deploying some of the latest digital platforms.
The non-homecare medical oxygen concentrators industry size is anticipated to strike a 5.4% CAGR through the same timeframe. This can be attributed to the jump in the number of healthcare admissions for individuals diagnosed with respiratory diseases and the expansion of the older population in the North American region.
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Demand for pulse and continuous flow concentrators
The deployment of pulse flow technology in medical oxygen concentrator machines has increased their preference among the affected patients. This is due to the technical advancements and the flexibility offered by these devices across various activities. Owing to this, the market value for pulse flow oxygen concentrators could observe a growth rate of more than 8% in the coming years.
On a further note, the continuous flow medical oxygen concentrators industry size in North America reached over 52% of the global remuneration in 2017. This is because these devices are apt for use in emergency cases owing to their convenience and lightweight attributes.
U.S and Canada to lead the regional landscape
U.S. led the medical oxygen concentrators market in North America, collecting over USD 464 million in annual value in 2017 considering the changing lifestyle patterns like the adoption of cigarette smoking and an intense pollution level in the country. The CDC reported that there are around 36.5 million active tobacco smoking adults in the U.S. and more than 16 million individuals suffer from smoking-related ailments. This prevalence of chronic diseases and favorable demographic trends will drive the demand for medical oxygen concentrators market in the region.
Canada ranks second after the U.S. for the optimum use of medical oxygen concentrators in North America and the regional market is expected to grow at a 9.6% CAGR through 2025. This is owing to the growing willingness of consumers in the country to spend on healthcare. As per a statistical report, Canada contributed to over 10.4% of the overall GDP with regard to the healthcare sector. The expansion of the baby boomer population will further increase the regional adoption of the oxygen concentrators.
Competitive dynamics from marketing strategies
Suppliers of medical oxygen concentrators in North America are focused on technological innovations and acquisitions to sustain competition while extending their offerings and increasing their global reach. For instance, Inogen received an EC Certificate for its portable oxygen concentrator, called Inogen One G4 in June 2017.
The ongoing COVID-19 pandemic has also significantly enhanced the need for these firms to come up with novel device launches. Invacare Corporation, Philips Respironics, and ResMed, O2 Concepts are some of the other companies producing and supplying medical oxygen concentrators across America.
The formation of favorable initiatives across various American countries to curb and mitigate the risk of respiratory disorders will add impetus to the development of medical oxygen concentrators. The ‘Bill and Melinda Gates Foundation’ formulated in the U.S is a government-backed plan to approach domestic respiratory system issues. This initiative is consistently working towards offering devices in highly impacted areas to limit the deaths occurred by respiratory concerns.
However, severe regulatory requirements and policies imposed on the American medical oxygen concentrators could hamper the overall market forecast to some extent.
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