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Homecare Oxygen Concentrators Market - By Product (Portable Oxygen Concentrators, Fixed Oxygen Concentrators), By Technology (Continuous Flow, Pulse Flow) – Global Forecast, 2023-2032
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Homecare Oxygen Concentrators Market
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Base Year: 2022
Companies covered: 13
Tables & Figures: 144
Countries covered: 22
Pages: 100
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Homecare Oxygen Concentrators Market Size
Homecare Oxygen Concentrators Market size was valued at USD 1.7 billion in 2022 and is estimated to account for USD 2.8 billion by 2032. Homecare oxygen concentrators are medical devices designed for delivering supplementary oxygen to patients with breathing complications outside the healthcare facilities. Rising government initiatives in developed and developing economies is expected to influence the market growth potential.
For instance, the Department of Health in UAE launched chronic respiratory disease awareness program to enhance early detection rate, disease management and provide quality treatment for respiratory diseases across the country. Such awareness programs provide knowledge about advanced therapies and equipment that are being used in the disease treatment.
Moreover, user friendly nature and convenience associated with the use of advanced oxygen concentrators in personal use will propel the market development. Increasing healthcare spending, improving accessibility of homecare oxygen concentrators in developing countries and favorable policies will further proliferate the industry growth potential in the forthcoming years.
COVID-19 Impact
The COVID-19 outbreak has positively impacted the medical oxygen concentrators industry, which is anticipated to grow at a CAGR of 3.3% during the forecast period. 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 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.
Homecare Oxygen Concentrators Market Trends
The market growth is driven by the increasing prevalence of chronic respiratory diseases, especially, in developed countries which is accelerating the demand for therapeutic respiratory devices. Increasing prevalence rate is owing to several risk factors such as sedentary lifestyle, smoking habits, and environmental exposure among others.
Homecare Oxygen Concentrators Market Analysis
The market by product is categorized into portable oxygen concentrators and fixed oxygen concentrators. The portable homecare oxygen concentrators segment garnered USD 800 million revenue size in the year 2022.
The homecare oxygen concentrators market by technology is categorized into continuous flow and pulse flow. Continuous flow segment is estimated to witness 5.8% CAGR during forecasted timeframe.
U.S. homecare oxygen concentrators market accounted for USD 698 million revenue size in 2022 and is predicted to witness substantial market growth over the analysis timeline.
Homecare Oxygen Concentrators Market Share
The homecare oxygen concentrators industry is consolidated, with major players such as Koninklijke Philips N.V., Precision Medical, and others dominating the market. These companies are focused on continuous product innovation to secure a significant market share. For instance, in October 2019, Precision Medical launched the Live Active Five portable oxygen concentrator. This product was developed to assist patients suffering from COPD and other chronic respiratory illnesses. Thus, such product launches enable the company to expand and build a larger customer base.
Some of the eminent market participants operating in the homecare oxygen concentrators industry include:
Homecare Oxygen Concentrators Industry News:
Homecare oxygen concentrators market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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By Product, 2018-2032 (USD Million)
By Technology, 2018-2032 (USD Million)
The above information is provided for the following regions and countries: