The Electric Vehicle (EV) Charging Management Software Platform Market is experiencing a dynamic shift driven by various market factors. One of the primary drivers is the global surge in electric vehicle adoption, fueled by increasing environmental awareness and government initiatives promoting sustainable transportation. A popular approach is centered on technological differentiation. In developing advanced and efficient battery technologies, electric truck manufacturers seek to increase the range of ECVs while improving overall performance. While keeping its lead in technological innovation companies aim at attracting businesses and fleet operators interested in environmentally friendly but still reliable vehicles.
Environmental awareness is one of the main motors in European electric trucks market, which makes manufacturers focus on eco-friendly properties. With a growing focus on sustainability among European countries and the introduction of strict emission norms, electric trucks attract more attention. Manufacturers advocate themselves by emphasizing the environmental advantages of their electric truck models that attract companies who make a priority to decrease carbon footprint. Companies that manage to present their trucks as environmentally friendly vehicles will be able to benefit while the interest for green transportation options rises.
Pricing strategies are also central in determining the market share position for electric trucks within Europe. Even though the electric trucks usually cost more than their traditional counterparts, manufactures strive to achieve economies of scale and cost efficiency in order to make their electric models competitive. Furthermore, other firms take advantage of the incentives and subsidies provided by various European governments in order to provide more competitive prices for potential buyers. The determination of market share position in the area resulting from electric trucks requires balancing initial investments with long-term savings on operational expenses.
In the European electric trucks market, collaborations and partnerships are widespread as manufacturers frequently work with battery suppliers technology companies infrastructure providers among other. These partnerships expedite electric truck innovation and commercialization by sharing resources and knowledge. Besides, partnerships contribute to the development of an integrated ecosystem that consists of charging infrastructure and service offering as well as technological support.
Access to charging infrastructure also forms an important component of market share positioning. The electric truck manufacturers arrange strategically positions where the charging stations are placed and partner with governments as well as private institutions to increase network coverage along transport corridors.
The competition for market share in the European electric trucks segment relies on marketing and brand positioning. In the efforts to develop awareness, markets use targeted marketing campaigns regarding benefits of electric trucks like lower emissions and operational costs as well compliance issues surrounding environmental protection. Communicated effectively, these benefits build a brand reputation and establish trust among customers’ decisions to purchase. Integrating these clean energy sources with EV charging stations becomes essential for creating a sustainable and environmentally friendly charging ecosystem. Software platforms that enable the integration of renewable energy sources into the charging infrastructure are gaining traction, aligning with the broader goals of reducing dependency on non-renewable energy.
Report Attribute/Metric | Details |
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Market Size Value In 2022 | USD 1.37 billion |
Growth Rate | Â 5.90% (2022-2030) |
The Medical oxygen concentrators market size was valued at USD 3.38 billion in 2023 and is projected to grow from USD 3.59 billion in 2024 to USD 5.84 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.26% during the forecast period (2024 - 2032). Increasing prevalence of chronic respiratory diseases and growing geriatric population in developing regions are boosting the market growth.
Medical practitioners often use oxygen concentrators for curative and diagnostic reasons. Medical oxygen gas equipment like oxygen concentrators or compressed oxygen gas cylinders are frequently used in home care settings. Older patients with mobility limitations who require a steady oxygen supply choose these devices. Oxygen therapy has been a popular choice for treating respiratory ailments due to its ability to provide medical attention for acute and permanent patient care. Furthermore, a variety of oxygen delivery tools give patients regulated oxygen. Another choice is medical oxygen gas, high-purity oxygen produced especially for use within the human body during clinical treatments.
The size of the medical oxygen concentrator market is also growing due to encouraging government initiatives and a focus on delivering these devices to all patients who require them. Depending on the need, there are several sizes of oxygen concentrators. Hospital patients receive oxygen-gas therapy to treat chronic health conditions to increase their energy levels, sleep, and quality of life. In medical clinics, oxygen is typically used to treat various severe and chronic disorders. In ambulances, these clinical oxygen chambers are typically used to handle emergencies. The market is also expanding due to the rising elderly population, which has high rates of COPD, pulmonary fibrosis, sleep apnea, pneumonia, serious asthma attacks, cystic fibrosis, and pulmonary embolism.
A policy statement on non-prescription supplementary oxygen has been released by the healthcare advisory board of the Pulmonary Fibrosis Foundation (PFF), the country's premier pulmonary fibrosis (PF) research, education, and advocacy organization. The statement recommends that the patient community only use oxygen delivery devices that have received FDA approval and are recommended by their physician. Without permission from a doctor, people should not buy oxygen supply equipment because doing so could create major health issues. Additionally, oxygen delivery methods without FDA approval could not work as expected. Many persons with PF benefit from and require additional oxygen therapy. Oxygen users frequently prefer Portable oxygen concentrators (POC) so they may continue to be active and mobile. Unfortunately, current POCs have flaws, including short battery life and insufficient oxygen flow.
The global medical oxygen concentrator market is increasing at a rapid pace as the number of patients is growing day by day. According to World Health Organization, chronic obstructive pulmonary disease (COPD) was the third leading cause of death, accounting for 3.23 million deaths in 2019. The research shows that there is an increasing population with respiratory diseases, and they need proper oxygen to breathe. Moreover, an increasing number of patients with long-term oxygen therapy (LTOT), sleep apnea, and asthma is bolstering the growth of the market. Furthermore, favorable government initiatives and an emphasis on providing medical oxygen concentrators to all patients who need them are expanding the medical oxygen concentrator market's size.
Additionally, the growing geriatric population with high incidences of COPD, pulmonary fibrosis, pneumonia, severe asthma attack, cystic fibrosis, sleep apnea, and pulmonary embolism is propelling the market growth.
The medical oxygen concentrators market segmentation, based on product type, portable oxygen concentrators and stationary oxygen concentrators. The portable oxygen concentrators segment is expected to register the highest CAGR from 2022 to 2030. This is because it can be easily carried out everywhere and is helpful to asthma patients. Rising incidences of respiratory disorders such as asthma, COPD, and pneumonia are boosting the market's growth.
Based on technology, the global market segmentation for medical oxygen concentrators includes continuous flow and pulse dose. The continuous flow segment is expected to show the largest market share in 2021, owing to increasing geriatric population and bedridden patients as well as it is cheaper than the pulse flow technology.
August 2019: Inogen, Inc. (US) acquired New Aera, Inc. (US) for USD 70.4 million to incorporate New Aera's Tidal Assist Ventilator System technology into its oxygen concentrators.
The medical oxygen concentrators market data has been segmented by indication into drug chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, and others. The COPD segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The COPD present largest market share owing to the growing geriatric population in developing regions and high consumption of smoking among adolescents and adults. Moreover, in 2019, the National Health Service of the UK reported that smoking is the major cause of developing COPD and that around 9 out of every 10 smokers can develop COPD.
Figure 2: Medical oxygen concentrators market, by Indication, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on end user, the global medical oxygen concentrators industry has been segmented into hospitals and clinics, homecare settings, and others. The homecare settings segment dominated the market in 2021 and is projected to be the fastest-growing segment during the forecast period. This is owing to rising requirements for home healthcare oxygen therapies and high adoption of technologically advanced oxygen concentrators in home care settings owing to an increase in disposable income. In addition, bedridden and elderly people are the major populations using medical oxygen concentrators in homecare settings.
News
The Rove 6TM portable oxygen concentrator will be available in the United States starting, according to Inogen, Inc., a medical technology firm providing cutting-edge respiratory home care equipment. Its estimated service life is the best in its class at eight years. After completing the required regulatory procedures, the Inogen® Rove 6TM was introduced in Europe in December 2022. The projected service life of the Rove 6 has been increased from 5 years to 8 years for each of the Rove 6 devices sold globally. The estimated service life of Inogen One® G5 portable oxygen concentrators in the US has also been increased to eight years, which is the best in its class. The Inogen® Rove 6TM portable oxygen concentrator has six settings and the longest battery life compared to any oxygen concentrator on the market.
By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. North America Medical Oxygen Concentrators Market accounted for the largest market share due to rising respiratory diseases and favorable reimbursement policies, particularly in Canada and US. Furthermore, according to research, Americans have a weak immune system, which leads to the development of respiratory diseases, fueling the market growth.
Further, the major countries studied are: The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: MEDICAL OXYGEN CONCENTRATORS MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe market of Medical Oxygen Concentrators accounts for the second-largest market share due to the growing prevalence of asthma, pulmonary hypertension, fibrosis. Furthermore, the Germany market of Medical Oxygen Concentrators held the largest market share, and the UK market of Medical Oxygen Concentrators was the fastest growing market in the Europe region.
The Asia-Pacific market of Medical Oxygen Concentrators is expected to grow at a significant share from 2022 to 2030, owing to increasing pollution, rising awareness of about the technological advanced medical oxygen concentrators, rising geriatric population. Furthermore, the United Nations Economic and Social Commission for Asia-Pacific announced in July 2022 that there were 630 million people aged 60 or over, accounting for 60% of the world's elderly. Furthermore, it is expected to rise to approximately 1.3 billion in Asia-Pacific by 2050. Moreover, China market of medical oxygen concentrators held the largest market share, and the India market of medical oxygen concentrators was the fastest growing market in the Asia-Pacific region.
Medical Oxygen Concentrators Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the market of medical oxygen concentrators grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the medical oxygen concentrators industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Invacare Corporation (US) is the leading manufacturer and distributor of innovative home and long-term care medical products that encourage recovery and active lifestyles. In October 2019, the company launched the Platinum Mobile Oxygen Concentrator to meet consumers' needs, including both providers and patients.
Also, Inogen, Inc. (US) is a medical technology company that develops, manufactures, and markets portable oxygen concentrators. Its medical oxygen concentrators deliver supplemental long-term oxygen therapy to patients who are suffering from chronic respiratory conditions. In April 2019, the company launched the Inogen One G5 Portable Oxygen Concentrator for use in homecare settings as well as away from home and for travel for medical conditions.
Key Companies in the Medical Oxygen Concentrators Market includes.
Medical Oxygen Concentrators Industry Developments
December 2022: Inogen, Inc. (US) received US Food and Drug Administration approval for the Rove Series portable oxygen concentrators.
November 2019: Drive DeVilbiss Healthcare (US) launched the iGo2 Portable Oxygen Concentrator (POC), which can automatically adjust the dosage of oxygen.
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