The market trends in the Electric Vehicle (EV) Charging Management Software Platform market have been evolving rapidly, reflecting the dynamic landscape of the automotive industry. As the demand for electric vehicles continues to surge globally, the need for efficient and scalable charging solutions has become paramount. Comprehensive EV Charging Management Software Platform implementation is a major trend in this market. These platforms have an important role in improving the charging infrastructure through real-time interface, billing management and user authentication.
Another important trend transforming the market is integration of smart technologies. Advanced technologies such as Artificial Intelligence (AI) and IoT are being adopted by EV Charging Management Software Platforms to improve the overall charging experience. It facilitates predictive maintenance, energy optimization and improved user experience. The inclusion of AI allows the software to conduct an analysis by using historical charging data, predict peak usage times and allocate resources effectively for a smooth process in charge.
However, interoperability is becoming a pivotal aspect in the EV Charging Management Software Platform market. The increase in the number of EV producers and charging station operators creates a high demand for platforms capable of integrating seamlessly into various hardware as well as software systems. This trend seeks to provide convenient and ubiquitous charging station as any EV owner can plug in their vehicle at a compatible facility, irrespective of the manufacturer.
With the rising demand of sustainable practices, there is a clear trend towards integrated renewable energy within EV Charging Management Software Platforms. Several market actors are integrating functionalities that allow solar and wind power sources to be integrated into the charging infrastructure. This not only reflects the global trend of clean energy but also helps to mitigate carbon footprint which is synonymous with electric vehicle charging.
However, with the growing maturity of market standard for EV charging management software platforms cyber security is gaining importance. As IoT devices continue to proliferate and customers become reliant on digital platforms for charging transactions, ensuring security of user data as well the infrastructure has now taken top priority. The players on the market are investing in strong cybersecurity to ensure that they deter any threats and keep EV owner’s trust intact.
There has been a noticeable spike in partnerships and collaborations between software providers, automakers, and charging infrastructure firms. These partnerships aim at building solutions that serve the whole EV industry which entails placing vehicle manufacturing and charging station operation. Such collaborations are necessary to simplify the user interface, ensure interoperability and enhance innovation in the EV Charging Management Software Platform industry.
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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