Homecare Oxygen Concentrators Market to Exceed USD 1.7 Billion by 2024

Homecare oxygen concentrators’ market size is set to exceed USD 1.7 billion by 2024, witnessing a CAGR of over 10 percent owing to increasing geriatric population that is more to chronic respiratory diseases. In China alone, there were around 22.6 million people in the age group of 70-80 years and above. Elderly people have low immunity undergoing surgical procedures show high preference for home oxygen therapy augment demand for home oxygen concentrators. Increasing nicotine addiction amongst the adult population is a major factor driving homecare oxygen concentrators’ industry growth. According to CDC, around 37.8 million Americans smoke cigarettes out of which 16 million suffer from respiratory disorders resulting from continuous smoking. Secretion of tar and harmful compounds other than nicotine in the lungs have resulted in damaged respiratory tract enhancing the demand for home oxygen therapies thereby stimulate business growth. Increase in healthcare expenditures in developing countries such as China and India have propelled the industry growth in recent past. Rising disposable income will enhance the homecare expenditure capabilities of the population increasing the demand for homecare oxygen concentrators market.

However, stringent government regulations on the home oxygen concentrators for maintaining the quality and efficiency of these concentrators will act as a barrier for some small manufacturing companies. The set regulations may increase the cost acting as an entry barrier for other manufacturing companies that will reduce the availability of oxygen concentrator devices thereby restraining the industry growth. Portable oxygen concentrators’ business segment accounted for market value of over USD 646 million in 2017 due to growing number of baby boomers’ population that is more susceptible to chronic conditions such as asthma, COPD and requires continuous home oxygen. With increase in geriatric population with chronic conditions, the demand for various homecare oxygen concentrators will certainly increase over the projection years.

US held the largest market share of USD 297 million in 2017 owing to high disposable income. The population with high income has high affordability for home healthcare services. Moreover, growing geriatric population being susceptible to chronic respiratory disorders will increase the demand for portable oxygen concentrators. Aforementioned factors along with extended use of home oxygen concentrators while travelling will stimulate industry growth. Germany homecare oxygen concentrator market will grow at a CAGR of 9.1 percent owing to high advanced technology adoption rates that will aid modifications in the home oxygen concentrators. Also, technological advancements have improved the battery life of home oxygen concentrators will increase its demand.

Some of the major industry players operating in home infusion therapy 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. Key industry players undertake certain strategic initiatives to maintain their market position. For instance, In June 2015, Precision Medical developed a new oxygen concentrator PM4130 EasyPulse POC3 that is integrated with advanced technology. New modifications have enabled release of appropriate amount if oxygen in the patient’s body. This initiative step has helped the company to generate revenue and sustain in market competition. – Global Market Insights