2017-2024 Industry Insights on Homecare Oxygen Concentrators Market|Key Players: Invacare Corporation, Precision Medical Inc.
Portable oxygen concentrators segment dominated industry with the market value of around USD 646 million in 2017. High market share of portable oxygen concentrators is attributed to the ease and convenience offered by these portable oxygen concentrators. Portable oxygen concentrators are mostly preferred by the geriatric population that suffers from chronic respiratory disorders. During the forecast period, ease and convenience offered by portable concentrators will augment demand.
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Considering the product trends, homecare oxygen concentrator industry is mainly segmented into liquid oxygen, compressed gas oxygen cylinders, and portable oxygen concentrator. Compressed gas homecare oxygen concentrator market will generate a revenue of USD 57 million by 2023, owing to the ample availability of devices in every required size depending on the usage of oxygen.
Liquid homecare oxygen concentrator is predicted to be the fastest growing product segment, which will cross a revenue of USD 125 million by 2023. The primary factor driving this industry is the product capability to store more oxygen in a small space. In addition, its light weight and benefits of zero energy consumption will lead to escalating product demand over 2016-2023.
Compressed gas oxygen cylinders segment is forecast to witness robust growth of over 10% over the forecast period owing to the advantages and benefits offered by these cylinders. Also, compressed gas oxygen cylinders are relatively cheaper than the liquid oxygen and hence are highly preferred.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Inova Labs
• BOC Healthcare
• Inogen Environmental Alliance Inc
• Nidek Medical Products, Inc.
• Drive DeVilbiss Healthcare
• Chart Industries, Inc.
• Invacare Corporation
• Precision Medical Inc.
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 require 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.
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.
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U.S. dominated the North American homecare oxygen concentrators market in 2017 and is estimated to grow with a CAGR of 9.6% during the projection period. High growth rate of oxygen concentrators used for home therapy is attributed to the expanding geriatric population pool suffering from chronic diseases. Furthermore, escalating prevalence of COPD and bronchitis will drive the demand for home oxygen therapy. Portable home oxygen concentrators are more efficient with a long battery life have impacted the industry growth positively.
Medical Oxygen Concentrators Market by Product
o Portable home oxygen concentrators
o Compressed gas oxygen concentrators
o Liquid oxygen
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