A
research study titled, “Homecare Oxygen Concentrators Market by Product,
Technology, and Application - Global Industry Analysis and Forecast to 2025”
published by Crystal Market Research, states that the homecare oxygen
concentrators market is projected to be around $1.6billion by 2025.
Chronic
respiratory diseases are infections of airways and other parts of
lungs.Respiratory disorders are becoming a severe social and health problem in
the elderly population. Hence, growing geriatric population base is propelling
the need for homecare oxygen concentrators, as this age group of people is more
prone towards developing respiratory disorders such as asthma and COPDs.
According toa study“Global Burden of Diseases Study (GBD) published in 2012”
conducted by Global Asthma Network, around 334 million people worldwide were
suffering from Asthma.These chronic respiratory disorders are not completely
curable, though they can be minimized by various available forms of treatments
such as use of oxygen concentrators, liquid oxygen, and oxygen pumps. Homecare
oxygen concentrators market is expected to witness high growth during the
forecast period, due to number of factors such as increase in incidences of
respiratory disorders especially COPDs and asthma, continuous exposure to
pollutants and dust, and changes in lifestyle.
Portable
oxygen concentrators dominated the overall market in 2016. This can be
attributed to number of benefits such as ease of handling and ability to offer
effective care for COPD patients at home. Compressed gas oxygen segment is
poised to witness high growth during the forecast period as they are
availablein different sizes.Moreover, pulse dose technology is preferred in
most of the oxygen concentrators as they are more reliable and safe compared to
other technologies. Therefore, this technology is leading the global market and
is projected to continue its lead over the forecast period. Additionally, the
use of these concentrators is growing rapidly for homecare settings as the
population is aging at global level.
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North
America dominated the global market in 2016.This can be attributed to various
factors such as increasing prevalence of respiratory disorders, rise in
geriatric population, and favorable reimbursement scenario in this region.
Increase demand for homecare oxygen concentrators and affordable medical
devices will further enhance the growth of the market in North America.
Asia-Pacific is expected to grow at highCAGR during the forecast period, due to
presence of huge elderly population, increasing disposable income of people,
and rise in demand for homecare medical devices.
Some
of the key players in marketincludeCovidien, Teijin, Precision Medical,
Invacare, AirSep,Yuwell,BOC Healthcare, Nidek Medical, Drive DeVilbiss
Healthcare, Inogen Inc., and Philips Healthcare.Various players are focusing on
new product development through technological innovations. For instance,in May
2016, Inogen launched Inogen One G4 portable oxygen concentrator,which is
smallest and lightest oxygen concentrator. This helped the company to gain a
competitive edge in the global market.
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Key
Findings of the Research Study:
- Portable
homecare oxygen concentrators accountedfor three-fourth of global market
in 2016, due to compact size and light weight.
- Pulse dose
technology dominated the global market in 2016, owing to being more
reliable and safe as compare to other technologies.
- U.S.
homecare oxygen concentrators segment accounted for more than three fourth
of regional revenue in 2016 due to increasing elderly population and
increasing incidence of respiratory devices.
- Germany
accounted for one-third share of the European market in 2016.
- Countries
such as India and China are poised to experience high growth during the
forecast period, owing to increase in demand for better healthcare
solutions and increasing geriatric population.
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