Homecare Oxygen Concentrators Market Size By Product (Portable Oxygen Concentrators, Compressed Gas Oxygen Cylinders, Liquid Oxygen) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Brazil, Mexico, South Africa), Application Development Potential, Competitive Market Share & Forecast, 2018 - 2024
Homecare Oxygen Concentrators Market will exceed USD 1.7 billion by 2024; as per a new research report.
The homecare oxygen concentrators market will experience high CAGR of over 10% during forecast timeframe due to increasing burden of respiratory diseases such as chronic pulmonary disorders, bronchitis and asthma. In 2017, around 16 million Americans were diagnosed with COPD requiring critical care and continuous long-term home oxygen therapy hence, escalating the demand for homecare oxygen concentrators.
In addition to the above-mentioned factor, growth of the industry is also be attributed to the growing geriatric population being more susceptible to chronic disorders. According to Japan Census Report, in 2017, Japan’s elderly population was around 26.7% of the total population that will increase the demand for homecare oxygen therapies as prevalence of respiratory disorders is high amongst this population. Moreover, medical insurance providers have also developed reimbursement policies for geriatric population resolving the affordability issues and propelling industry growth.
Rising government initiatives will also influence the homecare oxygen concentrators market positively. Initiatives such as organizing awareness programs to educate masses regarding respiratory disorders have led to increased patient awareness levels. For instance, the National Heart, Lung, and Blood Institute develops educational programs, and launched COPD Learn More Breathe Better (LMBB) campaign to raise awareness and educate the public about COPD that will boost the industry growth considerably.
Portable home oxygen concentrators segment had a momentous of USD 646.4 million in 2017 owing to high preference for these concentrators by the geriatric population that requires continuous home oxygen therapy. Moreover, certain initiatives that improve the quality of oxygen concentrators being used for homecare by associations such as National Home Oxygen Patients Association have accelerated the business growth.
U.S. homecare oxygen concentrators market will grow at a CAGR of 9.6% during the forecast period due to increasing prevalence of respiratory diseases. Rising number of cigarette smokers and growing pollution rates are responsible for respiratory diseases amongst the individuals stimulating the overall market growth.
Germany market growth is attributed to high technology adoption rates and it held a market share of around USD 37 million in 2017. Major industry players involved in manufacturing of homecare oxygen concentrators have integrated advanced technology within these concentrators that enables the release of appropriate amounts of oxygen in the patient’s body; thereby, escalating the demand for home oxygen concentrators.
Some of the notable players operating in home oxygen concentrators market are Precision Medical, Inc, Besco Medical Co, Air Water Inc., Yuwell, Longifian Scitech Co, BOC Healthcare, Chart Industries, Drive DeVilbiss Healthcare Inc., Inogen Inc, Inova Labs, Invacare Corporation, NIDEK Medical Product, Inc, O2 Concepts, Philips Healthcare, Teijin Limited.
Homecare oxygen concentrators market is slightly oligopolistic in nature with a few companies dominating the market with high revenues. Initiative steps and strategic decisions undertaken by such companies have helped them to sustain the competition by maintaining the market share. For instance, in December 2015, Inogen, Inc. released Inogen G3 oxygen concentrator, an improved Inogen One G3 that include 25% additional oxygen production at the same size and weight, with reduced sound levels. Development of such new products will improvise the product offerings thereby generating high profits for the company.