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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Market Restraints and Challenges
The key restraints and challenges in the homecare oxygen concentrators market is the lack of trained personnel to operate and maintain the equipment. There is a lack of awareness among patients and caregivers about the use and maintenance of homecare oxygen concentrators, which is a challenge for the market growth. Moreover, the high cost of homecare oxygen concentrators is another factor restraining the market growth.
Global Homecare Oxygen Concentrators Market Segmental Overview
By Product
- Portable oxygen concentrators
- Fixed oxygen concentrators
By Technology
- Continuous flow
- Pulse flow
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Global Homecare Oxygen Concentrators Market by Product
Homecare oxygen concentrators market based on product is classified into portable oxygen concentrators and fixed oxygen concentrators. Portable homecare oxygen concentrators segment was valued at largest revenue share in 2021. The segment growth is highly attributable to its mobile nature, user friendly operations and enhanced efficiency. Additionally, increasing launches of portable concentrators due to inclination towards mobile devices among patients will positively impact the segment revenue growth. Thus, expanding availability of portable home oxygen concentrators in the market such as Ever Flo by Philips, Nuvo lite and Nuvo 10 by NIDEK will strengthen the market forecasts.
Global Homecare Oxygen Concentrators Market by Technology
Homecare oxygen concentrators market based on technology is classified into continuous flow and pulse flow. Continuous flow segment is estimated to witness significant CAGR during forecast timeframe. Continuous flow oxygen concentrators allow uninterrupted supply of oxygen at same rate to the patient. Thereby, increasing requirement of continuous flow among patients with COPD or other severe respiratory conditions will stimulate the segment demand. Additionally, several manufacturers of continuous flow homecare oxygen concentrators are adopting advanced technologies to develop new innovative products that will further contribute to the revenue growth.
Geographical Analysis of Global Homecare Oxygen Concentrators Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America homecare oxygen concentrator’s market revenue is poised to grow significant CAGR during the forthcoming years. The substantial growth is primarily attributable to the high prevalence rate of COPD and other respiratory diseases in the region. For instance, as per the American Lung Association, in 2018, around 16.4 million people were reported with one of the types of COPD. Furthermore, smoking, increased tobacco consumption, and environmental changes are contributing to the growing incidence of respiratory diseases. The presence of leading market players offering advanced products to cater increasing burden will propel the regional market expansion.
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.
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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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