Homecare oxygen concentrator market is poised to generate lucrative revenue over the coming six years, primarily due to the increasing product demand among the growing geriatric population base. The rising prevalence of respiratory and pulmonary disorders among the aging population across the globe will lead to an upsurge in the demand for homecare oxygen concentrators, thereby propelling the industry growth. As per the report by Global Market Insights, Inc., “Worldwide homecare oxygen concentrator market generated a revenue of more than USD 600 million in 2015 and is projected to record an annual growth rate of more than 12% over the period of 2016 to 2023.” Supportive government initiations to promote the usage of oxygen concentrators by creating significant awareness among the people will also stimulate the market size. For instance, the National Blood, Heart and Lung Institute launched a campaign called ‘COPD Learn More Breathe Better’ to spread awareness about COPD.
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.
Germany Homecare Oxygen Concentrators Market size, by product, 2012-2023 (USD Million)
Portable homecare oxygen concentrator market occupied over 75% of the overall volume in 2015 and will record an annual growth rate of more than 10% over the period of 2016 to 2023. It is prominently used for the treatment of COPD and other breathing disorders.
Geographically, Germany homecare oxygen concentrator industry covered a major share of Europe market in 2015 and will exhibit a lucrative growth rate of 10% over the period of 2016 to 2023. The availability of cost-effective and advanced products along with increased per capita income will augment homecare oxygen concentrator market growth in the region.
Japan homecare oxygen concentrator market was worth USD 52 million in 2015 and will generate a revenue of over USD 138 million by 2023, owing to the favorable government support to reduce healthcare costs coupled with increased consumer spending.
U.S. homecare oxygen concentrator industry occupied 88% of the regional share in 2015 and is anticipated to record a CAGR of 11% over 2016 to 2023, primarily driven by the existence of a large patient pool. In addition, growing preference for user friendly and low cost products will also influence the regional growth noticeably.
UK homecare oxygen concentrator market will collect a revenue of around USD 118 million by 2023. The attributing factors toward the industry growth are the availability of advanced healthcare services and the rising prevalence of the aging population.
Key players in homecare oxygen concentrator market are AirSep, Invacare, Teijin, Covidien Ltd., Yuwell, Precision Medical, Inc., Philips Healthcare, Drive (DeVilbiss Healthcare), Nidek Medical, and BOC Healthcare.