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, China, Japan, Brazil, South Africa), Price Trends, Competitive Market Share & Forecast, 2016 – 2023
Published Date: March 2017 | 75 Pages | Report ID: GMI1205 Report Format: PDF
Homecare Oxygen Concentrators Market size was over USD 600 million in 2015 with expectations to witness over 12.0% CAGR from 2016 to 2023.
Germany Homecare Oxygen Concentrators Market size, by product, 2012-2023 (USD Million)
Growing geriatric population base coupled with favorable reimbursement policies for homecare oxygen concentrators will drive industry growth. Aging population is at greater risk of acquiring respiratory diseases such as COPD, asthma, fibrosis and pulmonary hypertension will also boost homecare oxygen concentrators market size.
Increasing healthcare spending and favorable government initiatives for creating awareness regarding use of homecare oxygen concentrators should stimulate industry growth. The National Blood, Heart and Lung Institute has launched COPD Learn More Breathe Better (LMBB) campaign to create public awareness and educate them about COPD.
Rise in number of cigarette smokers and mounting exposure to dust and pollution should increase incidences of COPD contributing to escalated demand for homecare oxygen concentrators. Product innovations such as pressure swing absorption technology and growing demand for flow technology should boost homecare oxygen concentrators market size.
Presence of strict approval guidelines by U.S. FDA and Federal Aviation Administration (FAA) and time consuming approval process for such devices may restrain homecare oxygen concentrators market growth.
Homecare Oxygen Concentrators Market, By Product
Portable homecare oxygen concentrators held more than 75% of homecare oxygen concentrators market share and anticipated to grow over 10% CAGR over coming years. Light weight of devices, ease of usage and its compactness should attribute to its leading revenue share. AirSep portable oxygen concentrator for homecare is the most compact and the only available wearable portable oxygen concentrator.
Compressed gas oxygen cylinders should witness significant growth prospects to reach USD 57 million by 2023, due to availability of devices in various sizes based on oxygen usage levels. However, heavy weight of cylinders and risk of explosion and fire hazards associated with these devices will impact future adoption rates.
Homecare Oxygen Concentrators Market, By Region
U.S. homecare oxygen concentrators held over 88% of regional revenue growing at over 11% owing to unhealthy lifestyle and new product launches. Availability of various portable oxygen concentrators has increased due to innovative technology and growing patient demand. A large fraction of devices cost is covered by insurance plans such as Medicare and Medicaid. Growing demand for less expensive and user friendly devices should fuel homecare oxygen concentrators market size.
Germany led the Europe homecare oxygen concentrators market size with over USD 54 million in 2015 and is expected to witness 10% CAGR, attributed to the well-established home healthcare, high disposable income and availability of innovative and cost-effective products.
APAC will be the fastest growing region owing to the presence of huge geriatric population base, improved standard of living and developing healthcare infrastructure. Rapid economic development and growing disposable incomes in India and China should boost homecare oxygen concentrators market size.
Competitive Market Share
Some of the key companies operating in homecare oxygen concentrators include Teijen, Invacare, Covidien, AirSep, Precision Medical, Yuwell, BOC Healthcare, Philips Healthcare, Nidek Medical and Drive DeVilbiss Healthcare.
They have their presence across multiple levels of industry ecosystem. The key players enter into strategic agreements with third party providers enabling them to fulfill potential customer requirements. New product launches with improved technology is the most common strategy adopted by the key participants in homecare oxygen concentrators market. For instance, Inogen launched Inogen one G3 oxygen concentrator with less weight, ease of transport and capacity to produce more oxygen per pound.
Homecare Oxygen Concentrators Industry Background
Global homecare oxygen concentrators industry is driven by innovation and strategic collaborations. Industry participants enter into various integration strategies to gain market share. For instance, DeVilbiss Healthcare acquired Sidhil Group Limited in 2017 to expand its existing product portfolio and manufacturing footprint coupled with increasing presence in hospital, long-term care and homecare markets. Technological innovation in homecare oxygen concentrators market will develop better and effective products for patients. Air Water Inc. in 2015, launched Konatsu 3, an innovative, lightweight and compact home medical oxygen concentrator.
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