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Oxygen Concentrators Market - Drivers and Forecasts by Technavio

13:43 EDT 3 Aug 2017 | Businesswire

Technavio analysts forecast the global oxygen concentrators marketto grow at a CAGR of over 6% during the forecast period, according to their latest report.

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Technavio has published a new report on the global oxygen concentrators market from 2017-2021. (Grap ...

Technavio has published a new report on the global oxygen concentrators market from 2017-2021. (Graphic: Business Wire)

The research study covers the present scenario and growth prospects of the global oxygen concentratorsmarketfor 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.

The market is expected to grow at a moderate pace during the forecast period. The sales of oxygen concentrators are expected to increase globally due to the rise in the complications, which require oxygen therapy. For instance, during an anesthesia procedure, the oxygen level in the body will decrease, which requires oxygen therapy through oxygen concentrators.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global oxygen concentrators market:

  • Increase in online purchases of oxygen concentrators
  • M&A of hospitals for better and new model of healthcare
  • Favorable reimbursement scenario and increasing awareness programs

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Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

Increase in online purchases of oxygen concentrators

Vendors have been increasing online marketing and promotional activities to provide better accessibility to their products and gain more profits. Online marketing services allow vendors to minimize setup, distribution, and operational costs. Many small and large vendors, such as MedicalExpo and IndiaMART sell oxygen concentrators and accessories online.

Srinivas Sashidhar, a lead orthopedics and medical devices research analyst at Technavio, says, “Manufacturers like Koninklijke Philips N.V., Inogen, and Invacare also sell portable and fixed systems and accessories through online platforms. Consumers also can purchase products at their convenience, and on the go. This is a significant advantage for individuals who need products delivered to their home, especially to the older population and those who are receiving post-operative care.”

M&A of hospitals for better and new model of healthcare

The growing acquisitions and collaborations of hospitals will lead to a positive growth of oxygen concentrators market. The large hospitals acquire or merge with medium and small hospitals, which helps them to enhance the quality of the treatment and surgical procedures performed in the hospitals by providing training to the physicians, which will increase the number of skilled professionals.

“Post merging of smaller hospitals with the larger hospitals, the capital allocation, investment, technology, and infrastructure of small hospitals get upgraded. Also, the large hospitals also tie-up with the insurance companies to address the unmet reimbursement issues along with coordinated quality care. This will increase the number of patients undergoing treatment, which, in turn, increases the number of procedures performed,” adds Srinivas.

Favorable reimbursement scenario and increasing awareness programs

The presence of favorable reimbursement scenario for oxygen concentrators as well as government initiatives for encouraging the use of oxygen concentrators reinforce the industry growth. For instance, in 2015, in Manitoba province, Newfoundland province, Quebec province, Ontario province, Saskatchewan province, and British Columbia province, the Health Authority provided financial assistance to eligible residents, who have a medical need for oxygen therapy via the Home Oxygen Program.

Top vendors:

  • Inogen
  • Invacare
  • Koninklijke Philips N.V.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

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