LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global oxygen concentrators market to grow at a CAGR of over 6% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global oxygen concentrators market for 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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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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