The global homecare oxygen concentrators market was valued at USD 1.3 Billion in 2021 and it is anticipated to grow up to USD 2.5 Billion by 2031, at a CAGR of 6.8% during the forecast period.
Homecare oxygen concentrators are medical devices designed for delivering supplementary oxygen to patients with breathing complications outside the healthcare facilities. Homecare oxygen concentrators filters surrounding air and compress it to the required density to deliver purified oxygen for medical purpose. These are used in the treatment of numerous respiratory diseases including emphysema, asthma, bronchitis, intense pneumonia, COPD and lung malignancy among others requiring oxygen therapy.
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Market Trends and Drivers
Homecare oxygen concentrators market growth is driven by the increasing prevalence of chronic respiratory diseases, especially, in developed countries. Increasing prevalence rate is owing to several risk factors such as sedentary lifestyle, smoking habits and environmental exposure among others. The chronic obstructive pulmonary disease (COPD) and asthma are among the leading respiratory diseases across the world. For instance, as per the World Health Organization, nearly 3.23 million deaths were caused due to the COPD, globally, in 2019. Thus, increasing need for additional oxygen supply in COPD treatment will augment the market statistics. Furthermore, booming elderly population base highly prone to numerous chronic respiratory diseases across the developed regions will positively impact the demand for homecare oxygen concentrators in the future. All these factors are expected to positively impact the homecare oxygen concentrators demand during the forecast timeframe.
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Major Players in the Global Homecare Oxygen Concentrators Market
The key players in the homecare oxygen concentrators market are Precision Medical Inc., Besco Medical Co., Air Water Inc., Yuwell, Longfian Scitech Co., BOC Healthcare, Chart Industries, Drive DeVibiss Healthcare Inc., Inogen Inc., and Inova Labs Inc., among others.
COVID-19 Impact
The COVID-19 outbreak has positively impacted the homecare oxygen concentrators industry in 2020. During the pandemic, these oxygen concentrators were increasingly used to supply additional oxygen to patients accessing treatment at home or suffering from COVID-19 associated respiratory conditions. Further, introduction of effective treatment and preventive vaccines led to declined infection rate across the globe. This has lowered the demand for homecare oxygen concentrators in 2021 compared to 2020. However, the market will continue to foresee momentous growth during the forecast period with increasing prevalence of several other respiratory diseases.
Recent Developments
In July 2022, OMRON Healthcare, has launched its latest oxygen delivery device, the OMRON medical molecular sieve oxygen concentrator providing continuous supply of high purity Oxygen (5L per minute) with more than 90% high concentration output.
In June 2021, Servotech Power Systems to launch medical grade oxygen concentrators. The company plans to roll out 1,00,000 concentrators by March 2022. The oxygen concentrators, starting from Rs 35,000 onwards, come in two variations – 5 LPM & 10 LPM. Servotech has also extended its range of meaningful associations by partnering with IIT Jammu & IISER Bhopal for technology transfer for manufacturing of oxygen concentrator in India,
In May 2021, OxyGo LLC announced the acquisition of LIFE Corporation, a medical device company involved in manufacturing of portable emergency oxygen and CPR administration equipment. This acquisition enhanced development capabilities of the firm and offered business development opportunities in the market.
In October 2018, NGK SPARK PLUG CO., LTD. announced the acquisition of oxygen related product business of CAIRE Inc. in the U.S., Chart BioMedical (Chengdu) Co., Ltd. in China and Chart BioMedical Limited in the UK to expand their business in portable oxygen concentrators market. This has strengthened the companys product portfolio in the market.
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