Allied Market Research

2024

Homecare Oxygen Concentrators Market

Homecare Oxygen Concentrators Market Size, Share, Competitive Landscape and Trend Analysis Report by Product (Portable Home Oxygen Concentrators, Compressed Gas Oxygen Cylinders, Liquid Oxygen) and by End-Users (Home Care, Non-homecare: Hospitals ICU, Research centres for COPD patients, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: | Roshan Deshmukh
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Homecare oxygen concentrators are a type of medical equipment which is used for delivering oxygen to people who have disorders related to breathing. Oxygen concentrators filter surrounding air, compressing it to the density required, and then to deliver purified medical oxygen into a continuous stream system or pulse-pose delivery system to the patient. The oxygen concentrators are utilized by patients requiring supplemental oxygen for aspiratory issue. For example, bronchitis, emphysema, lung malignancy, and intense pneumonia. The oxygen concentrator works by drawing in the air. Therefore, it separates the oxygen from the other gases using a filter system that allows only the oxygen to pass through the patient.

Covid-19 Scenario analysis:

There has been an increase in the demand for medical supplies to take care of infected population. Respiratory support devices such as atomizers, life-support machines, oxygen generators, and monitors are among the majorly used medical devices in primary clinical treatment. Moreover, COVID-19 has led to a huge surge in demand for medical supplies such as personal protective equipment including masks, gloves, and protective eyeglasses. There is an increase in the need for medical supplies, both from healthcare professionals and civil population for precautionary measures, owing to the rise in number of COVID-19 cases worldwide. Manufacturers of these products have a chance to capitalize this increased demand for medical supplies to ensure adequate and continuous supply of personal protective equipment in the market. Therefore, COVID 19 is expected to have a significant impact on the homecare oxygen concentrators market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:

Trends:

Homecare oxygen concentrators market is projected to record a substantial growth rate over the coming years owing to the growing awareness about these devices among individuals. Various technological advancements have led to the development of lightweight, small, compact, along with top-performance and perfect compliance. The older concentrators were heavy in weight, bulky, which would make it difficult for a patient to get the oxygen needed while travelling or using it outside. The modern oxygen concentrators can be easily carried or transported anywhere. Growing adoption of unhealthy lifestyle such as excessive smoking has surged the number of COPD patients worldwide. According to the World Health Organization (WHO), in 2016, 251 million patients suffered from COPD globally. Moreover, an estimated 3.17 million deaths worldwide due to COPD in 2015. Thus, with increasing incidence of chronic obstructive pulmonary disorder (COPD) coupled with rising concern of better disease management, homecare oxygen concentrators market will foresee robust growth during the forecast period.

Drivers:

Technological advancement:

The benefits offered by the technology will enhance its demand on the global market, such as high mobility, enhanced technologies, improved comfort and increased efficiency. Due to rapid technological and product developments, the continuous flow technology segment led the general market sales growth in 2020. With continued innovations, including the development of a pressurized swing adsorption technology suited for astronauts to meet the demands of spacecraft oxygen, NSBRI Smart Medical Systems and Technology will contribute to further growth. The increasing segment is also driven by the growing prevalence of chronic problems in respiration and the ongoing use of respiratory equipment to treat oxygen.

Ease of use and compatibility with patients allowing free movement:

As the demand for lighter technology by consumers and need for better mobility support for the aged rises, new competitors enter the market, thereby driving innovations. This has resulted in high-quality devices at lower prices.

One of the key features of using an oxygen concentrator is that the patients can be independent and can continue their movement owing to the modern homecare oxygen concentrators. These modern devices can work from both a battery and power source. The benefits of using a modern portable oxygen concentrator for homecare are better mental alertness, enhanced tolerance for physical exercise, better sleep and life in general. It further improves self-esteem, cognition, and mood-performance, and makes travel easier with no boundaries.

Climate change causing increase in Respiratory diseases:

Changes in climate constitute a reality that, according to recent projections, is going to worsen in the coming years. Climate change represents a massive threat to respiratory health, directly promoting or aggravating respiratory diseases, by increasing exposure to risk factors for respiratory diseases. Climate change increases the amount of pollen and allergen produced by each plant, mould proliferation and the concentrations of outdoor ozone and particulate matter at ground level. The main diseases of concern are asthma, rhinosinusitis, chronic obstructive pulmonary disease (COPD) and respiratory tract infections. Increase in COPD patients will result in increase in demand for homecare oxygen concentrators in the global market.

Regional Analysis:

In Asia-Pacific region presence of major industry players in the China and growing geriatric population will favour the China market expansion. As per the World Health Organization (WHO), chronic obstructive pulmonary diseases affect about 100 million Chinese and causes 11.9% deaths in China. Moreover, various government initiatives to spread awareness about respiratory diseases and adoption of advanced treatment methods in the country will propel the market growth.

The U.S. & specifically North America accounts for the largest share of the global oxygen concentrator market, followed by Europe, due to growing consumer awareness, rising incidences of COPD and demographic changes. COPD is known to be the fourth leading cause of death in the U.S. and the number has been dangerously rising, increasing the use of respiratory care devices. The change in lifestyle across the globe has led to an alarming rise in smoking population which has also fuelled the growth of the oxygen concentrator industry.

Restrains:

Product recalls for oxygen concentrator is expected to hamper the market growth. An increasing number of recalls may affect the production capacities of manufacturers and distribution chain. For instance, in October 2017, the U.S. Food and Drug Administration (FDA) issued a class II product recall notice for Pure Oxygen Concentrator, CHAD Drive, Models CH5000, and CH5000S, manufactured by Inovo, Inc., as an aggregate complaint was found to be greater than 35% for low oxygen purity (output oxygen below the published specification), during post-market surveillance of the product.

Key Market players and strategies:

Major market players are adopting various growth strategies such as mergers and acquisitions, new product development and government approvals to remain ahead in the competition. Some of the recent industry developments:

As most of the critical cases of COVID-19 require some form of artificial ventilation, demand for wall-mounted oxygen concentrators and piped/canned oxygen is witnessing a significant rise. The same is evident in the recent movements undertaken by market participants. For instance, Linde, one of the largest medical gas companies, is rapidly increasing its oxygen production.

In January 2018, ResMed announced availability of Mobi, a portable oxygen concentrator across the U.S. Availability of the product enhanced company’s revenue stream by catering to large COPD patient pool in the country

In November 2017, Teijin Limited signed an exclusive distribution agreement with SRETT for the respiratory remote monitoring device, Teleox - a Bluetooth smart enabled device in Japan. This device is compatible with Hi-Sanso 3S, Hi-Sanso 5S, home oxygen therapy devices by Teijin Pharma.

Key benefits of the report:

  • This study presents the analytical depiction of the global homecare oxygen concentrators market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global homecare oxygen concentrator market share.
  • The current market is quantitatively analyzed to highlight the global homecare oxygen concentrator market growth scenario.
  • The report provides a detailed global homecare oxygen concentrator market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Global homecare oxygen concentrators market research report:

  • What are the leading market players active in the homecare oxygen concentrators market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?

Homecare Oxygen Concentrators Market Report Highlights

Aspects Details
Homecare Oxygen Concentrators Market By Product
By Product
  • Portable Home Oxygen Concentrators
    • Stationary Oxygen Concentrators
    • Portable Oxygen Concentrators
  • Compressed Gas Oxygen Cylinders
  • Liquid Oxygen
Homecare Oxygen Concentrators Market By End-Users
By End-Users
  • Home Care
  • Non-homecare: Hospitals & ICU
  • Research centres for COPD patients
  • Others
Homecare Oxygen Concentrators Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
Key Market Players
Key Market Players

AirSep Corporation, Longfian Scitech Co., Inogen Inc., Besco Medical Co., Covidien Ltd., Air Water Inc., Yuyue Medical Equipment and Supply Co., Ltd, Precision Medical, Inc., Philips Healthcare, Invacare Corporation

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Homecare Oxygen Concentrators Market

Global Opportunity Analysis and Industry Forecast, 2023-2032